Middle market private equity firm
Kohlberg & Co.
- HeadquartersMount Kisco, NY S2
- Founded1987 S2
- Websitekohlberg.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $18B (as of Oct 2026) S6 |
|---|---|
| Latest fund | Kohlberg Investors X, $4.3B (Sep 2024) S5 |
| EBITDA range | $50M to $250M S3 |
| Deal types | Platform, Add-on S2 |
| Sectors | Healthcare Services, Construction Services, Industrial & Manufacturing, Accounting & Professional Services, Consumer & Food |
What Kohlberg & Co. buys
Kohlberg is a private equity firm in Mount Kisco, New York, founded in 1987, that buys larger middle market companies in two broad areas: healthcare and services. On the healthcare side it backs physician and provider groups, outsourced services for drug and device makers, and medical device manufacturing. On the services side it targets infrastructure work for utilities, power grids and data centers, plus industrial, professional and financial services. Its stated target is a company worth $500 million to $5 billion with $50 million to $250 million of EBITDA. It usually takes majority control, often buying from another private equity owner or carving a division out of a public company.
Kohlberg closed its tenth fund at $4.3 billion in September 2024 and also runs a credit business that lends to companies in its sectors. Each new platform comes out of sector research it calls the White Paper Program. Most owner-run businesses sit well below its size floor, so a smaller company is most likely to meet Kohlberg as an add-on to a platform such as AWP Safety, Riveron or Loenbro.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Advanced Industrial DevicesMajority stake in a maker of motor control and power automation systems, bought from Black Bay Partners; management keeps a significant share | Platform | Industrial & Manufacturing | Source |
| Jul 2026 | DecoPacCake decorating supplier sold to Sentinel Capital Partners | Exit | Consumer & Food | Source |
| Mar 2026 | Cuesta PartnersChicago AI and data advisory firm brought into Riveron; the founders keep significant ownership and keep running it | Add-on | Accounting & Professional Services | Source |
| Jan 2026 | ENTRUST Solutions GroupUtility engineering and consulting platform to be sold to Leidos for about $2.4 billion, after a first investment in 2019 | Exit | Source | |
| Jan 2026 | Catalyst Clinical ResearchOncology-focused contract research organization to be acquired by Worldwide Clinical Trials | Add-on | Source | |
| Dec 2025 | LoenbroMajority stake in an electrical, mechanical and structural services provider for data centers and other critical infrastructure; Braemont Capital and management keep significant equity | Platform | Construction Services | Source |
| Dec 2025 | Teleflex Medical OEM (now INGENYX)$1.5 billion carve-out from Teleflex agreed with Montagu; it closed and relaunched as INGENYX in August 2026 | Platform | Industrial & Manufacturing | Source |
| Jul 2025 | PCI Pharma ServicesNew investment co-led with Bain Capital in the drug development and manufacturing services company, with Kohlberg staying on as a lead investor | Investment | Source | |
| Apr 2025 | RESA PowerMajority stake in an electrical testing and power systems services company, bought from Investcorp; management and employee owners keep a minority stake | Platform | Source | |
| Jan 2025 | GPRSRoark Capital bought control of the subsurface utility locating company; Kohlberg, the prior majority owner, stays a minority investor | Exit | Source | |
| Jan 2025 | Maskwa High VoltageCanadian power grid design and engineering firm added to ENTRUST Solutions Group | Add-on | Source | |
| Jan 2025 | Site Barricades, Integrity Traffic and WS BarricadeThree regional traffic control companies in Texas, Oregon and Colorado added to AWP Safety | Add-on | Construction Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Healthcare
- Cadence
- INGENYX
- Meadows Behavioral Healthcare
- Nelipak
- OB Hospitalist Group
- PCI Pharma Services
- Spire Orthopedic Partners
- Trinity Life Sciences
- United Digestive
- Worldwide Clinical Trials
Services
- Advanced Industrial Devices
- AWP Safety
- BluSky Restoration Contractors
- CLEAResult
- Engage PEO
- Loenbro
- MarketCast Group
- Myers Critical Power Solutions
- Parts Authority
- RESA Power
- Riveron
- Subzero Engineering
- US Infrastructure Company (USIC)
Other
- Elevate Outdoor Collective
- Nellson
- Sara Lee Frozen Bakery
- Senneca
- Spinal Elements
Greymont’s take
How Kohlberg & Co. fits a seller
Kohlberg suits two kinds of owners: those running large, established healthcare or services businesses, and those with smaller firms that fit one of its platforms. A direct sale needs real scale. Its floor is $50 million of EBITDA, and most of its recent platform deals bought companies from other private equity firms or from public companies. Founder-owned businesses usually meet Kohlberg through add-ons. In January 2025, AWP Safety bought three regional traffic control companies in Texas, Oregon and Colorado, and in March 2026 Riveron invested in Cuesta Partners, whose founders kept significant ownership and stayed in charge.
An owner selling to a Kohlberg platform should ask whether the deal is a full sale or a partnership with retained equity, and how far into its hold the platform is. ENTRUST, for example, was sold in 2026 about six years after Kohlberg first invested.
Questions owners ask
How big does a company need to be for Kohlberg to invest directly?
Kohlberg's private equity page sets its target at $50 million to $250 million of EBITDA and $500 million to $5 billion of enterprise value. Smaller businesses usually join as add-ons to one of its existing platforms.
What industries does Kohlberg invest in?
Healthcare and services. Healthcare covers provider services, outsourced services for life sciences companies, and payor and employer services. Services covers infrastructure, industrial, professional and financial services, with recent platforms in power testing, data center construction services and engineered power controls.
Does Kohlberg buy add-on companies for its portfolio?
Yes. The firm counts more than 290 add-on acquisitions since 1987. Recent examples include three traffic control companies bought by AWP Safety in January 2025 and Catalyst Clinical Research, which Worldwide Clinical Trials agreed to buy in January 2026.
Does management keep a stake after Kohlberg invests?
Often, yes. In the October 2026 Advanced Industrial Devices deal the existing management team kept a significant ownership interest, and in the April 2025 RESA Power deal management and employee shareholders kept a minority stake.
Sources
- S1Kohlberg home page Accessed October 20, 2026
- S2Kohlberg: Our Firm Accessed October 20, 2026
- S3Kohlberg: Private Equity (investment criteria and practice areas) Accessed October 20, 2026
- S4Kohlberg: Investments Accessed October 20, 2026
- S5Kohlberg & Company Closes on $4.3 Billion for Kohlberg Investors X (September 13, 2024) Accessed October 20, 2026
- S6Kohlberg Acquires Advanced Industrial Devices (October 6, 2026) Accessed October 20, 2026
- S7AWP Safety Announces Acquisitions of Site Barricades, Integrity Traffic and WS Barricade (January 8, 2025) Accessed October 20, 2026
- S8Teleflex Medical OEM Launches as INGENYX (August 4, 2026) Accessed October 20, 2026
- S9Kohlberg News Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Kohlberg & Co.. Figures are as reported on the dates shown and may have changed. Request a correction