Lower middle market private equity firm
L2 Capital
- HeadquartersDevon, PA S1
- Founded2011 S6
- Websitel2capital.net
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $4M to $15M S2 |
|---|---|
| Revenue range | $15M to $150M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | North America S2 |
| Sectors | Environmental & Waste, Industrial & Manufacturing, Consumer & Food, Accounting & Professional Services |
What L2 Capital buys
L2 Capital is a private equity firm in Devon, Pennsylvania, with a second office in Miami, that Bob Levine started in 2011. It buys majority stakes in founder-led North American companies, mainly niche manufacturers and business services firms, with $15 million to $150 million of revenue and $4 million to $15 million of EBITDA. The firm says its partners invest their own money. Its approach is hands-on and built on lean methods: a three-year plan written with management, new executives, coaches and board members where needed, and add-on deals to reach new markets.
In practice its holdings are broad. Current companies include Robbins Sports Surfaces (hardwood basketball floors), Ecotone (stream, wetland and shoreline restoration), the Full Spectrum franchise consulting group (iFranchise Group and TopFire Media), YakAttack, Kosmos Q and Rugs Direct. L2 tends to hold for a long time, with some companies owned since 2017. A business below its size range is most likely to meet L2 as an add-on, as FranDevCo did when it joined Full Spectrum in January 2025.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jan 2025 | FranDevCoFranchise sales and development firm from Cornelius, North Carolina, added to Full Spectrum Franchise Consulting | Add-on | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Current Investments
- Robbins Sports Surfaces
- iFranchise / TopFire Media (Full Spectrum Franchise Consulting)
- Kosmos Q
- YakAttack
- Ecotone
- Family Quest Entertainment
- Orion Talent
- Rugs Direct
Past investments: Worldwide Camping Holdings, Aspekt Solutions, reQuire Holdings, LSC Environmental Products, Surface Preparation Technologies, Merit Service Solutions
Greymont’s take
How L2 Capital fits a seller
L2 fits a founder who wants to sell a majority stake but stay involved, and who is open to a more structured, process-driven way of running the company. The firm brings its own operating playbook, executive coaches and independent directors; in late 2024 it added three outside members to the Robbins Sports Surfaces board. Owners should expect new planning routines and reporting, and L2 has brought in new chief executives at several holdings, including Orion Talent in 2024 and Ecotone in 2025.
L2 holds companies longer than many buyers, some for seven years or more, which can suit an owner who rolls over equity and wants time for the plan to work. It also does few deals, with one announced in the last 24 months, so an owner should ask how much capital is set aside for their company and its add-ons, and whether L2 expects the founder or a new CEO to lead.
Questions owners ask
What size companies does L2 Capital buy?
L2 targets founder-led companies with $15 million to $150 million of annual revenue and $4 million to $15 million of EBITDA, and it buys majority stakes through buyouts.
Does L2 Capital invest in environmental services?
Yes. It has owned Ecotone, a Maryland ecological restoration company that works on streams, wetlands and shorelines, since 2021. It also owns Wilkinson Ecological Design, a New England restoration firm, and in July 2025 named one CEO to lead both companies.
Does L2 Capital make add-on acquisitions?
Yes. In January 2025 its franchise consulting group, Full Spectrum Franchise Consulting, bought FranDevCo, a franchise sales firm in Cornelius, North Carolina, and added two franchise industry veterans to its board.
Sources
- S1L2 Capital home page Accessed November 2, 2026
- S2L2 Capital: Investment Criteria Accessed November 2, 2026
- S3L2 Capital: Portfolio Accessed November 2, 2026
- S4L2 Capital: Our Approach Accessed November 2, 2026
- S5L2 Capital: News Accessed November 2, 2026
- S6Bob Levine Announces the Formation of L2 Capital (March 8, 2011) Accessed November 2, 2026
- S7Full Spectrum Franchise Consulting Acquires FranDevCo (January 16, 2025) Accessed November 2, 2026
- S8Ecotone and Wilkinson Ecological Design Name Brian Pellegrini as CEO (July 22, 2025) Accessed November 2, 2026
- S9L2 Capital 2023 Year in Review Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with L2 Capital. Figures are as reported on the dates shown and may have changed. Request a correction