Lower middle market private equity firm
Iron Path Capital
- HeadquartersNashville, TN S5
- Founded2021 S4
- Websiteironpathcapital.com
- Last verifiedOctober 27, 2026
At a glance
| Latest fund | Iron Path Capital Fund II, $450M (October 2026) S6 |
|---|---|
| EBITDA range | $5M to $15M S2 |
| Deal types | Platform, Add-on S5 |
| Sectors | Industrial & Manufacturing, Healthcare Services, Environmental & Waste |
What Iron Path Capital buys
Iron Path Capital was founded in 2021 by Rob Reistetter and Scott Mraz, who worked together at Quad-C, and has offices in Nashville and Charlottesville, Virginia. It takes control of lower middle market companies with $5 million to $15 million of EBITDA and high recurring cash flow. Its current focus is technical businesses that sell into heavily regulated markets: specialty chemicals and materials, engineered products, and technical services such as testing, inspection, lab work and maintenance. It also owns healthcare services platforms in interventional pain care, urgent care and pathology.
The firm closed Fund II at $450 million in October 2026, up from $273 million for Fund I in 2024. A smaller company is most likely to meet Iron Path as an add-on, as when PRO-SET bought UNICHEM and CPIhealth bought an Indiana pain practice in 2026. Iron Path also launches new platforms with an industry executive at the helm and then buys owner-led firms, as it began doing in 2026 with Aetherion in commercial water treatment.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| October 2026 | Iron Path Capital Fund IIClosed above its hard cap at $450 million within five months | Fund close | Source | |
| Sep 2026 | AetherionNew water treatment platform for mid-sized commercial and industrial facilities, led by LaMarr Barnes | Platform | Source | |
| Apr 2026 | Midwest Interventional Spine Specialists and Serenity Surgical CenterTwo northwest Indiana pain clinics and a surgery center added to CPIhealth | Add-on | Healthcare Services | Source |
| Jan 2026 | Universal Chemicals and Coatings (UNICHEM)Second-generation family-owned coatings and adhesives maker; PRO-SET's third acquisition | Add-on | Industrial & Manufacturing | Source |
| Dec 2025 | Wessex Resins and AdhesivesUK epoxy maker and long-time European licensee added to PRO-SET | Add-on | Industrial & Manufacturing | Source |
| Jun 2025 | Gougeon BrothersFamily-owned epoxy maker behind WEST SYSTEM and PRO-SET; first deal in an advanced materials platform | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Healthcare Services
- Capitol Pain Institute (CPIhealth)
- Emergence Health
- Versant Diagnostics
Specialty Industrials
- Nalas Engineering Services
- Aetherion
- PRO-SET Formulated Resin Systems
- TruTech Servo Motors & Systems
- PureTech Scientific
- VION Biosciences
Greymont’s take
How Iron Path Capital fits a seller
Iron Path fits owners of specialty chemical, coatings, materials, testing or technical service businesses with about $5 million of EBITDA or more, and owners of smaller firms in those niches that could join an existing platform. Its Full Immersion Operations team works inside portfolio companies on talent, growth planning, cost, new products and acquisitions, so a seller should expect a hands-on partner. Founders have stayed involved after selling: CPIhealth's founding physician is still quoted on its 2026 deal, and Iron Path called the Gougeon family company deal a growth partnership. Healthcare owners should note that the Fund II announcement names only specialty chemicals, engineered products and technical services. They should ask whether Iron Path is still starting new healthcare platforms or only adding to CPIhealth, Emergence Health and Versant.
Questions owners ask
What size company does Iron Path Capital invest in?
Its strategy page targets lower middle market companies generating $5 million to $15 million of EBITDA with high recurring cash flow. Smaller businesses can still join as add-ons to platforms such as PRO-SET or CPIhealth.
Does Iron Path still invest in healthcare?
It owns CPIhealth, Emergence Health and Versant Diagnostics, and CPIhealth made an acquisition in April 2026. The October 2026 Fund II announcement, however, lists only specialty chemicals and materials, engineered products and technical services as the focus.
Who founded Iron Path Capital?
Rob Reistetter and Scott Mraz co-founded it in 2021. Reistetter spent about 14 years at Quad-C, where he helped start the healthcare group, and Mraz was president of NuSil Technology, a Quad-C portfolio company.
Sources
- S1Iron Path Capital home page Accessed October 27, 2026
- S2Iron Path Capital: Strategy and Investment Criteria Accessed October 27, 2026
- S3Iron Path Capital: Investment Portfolio Accessed October 27, 2026
- S4Iron Path Capital: Team Accessed October 27, 2026
- S5Iron Path Capital Closes Fund I, Exceeds Target at $273 Million (July 2, 2024) Accessed October 27, 2026
- S6Foley & Lardner: Foley Advises Iron Path Capital in Close of Oversubscribed $450 Million Fund II (October 6, 2026) Accessed October 27, 2026
- S7Aetherion Launches to Bring Enterprise-Grade Water Treatment to Mid-Sized Facilities (EIN Presswire, September 17, 2026) Accessed October 27, 2026
- S8Iron Path Capital: Media Center Accessed October 27, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Iron Path Capital. Figures are as reported on the dates shown and may have changed. Request a correction