Long-term private investment firm (no fixed fund life)
Leelanau Private Capital
- HeadquartersBirmingham, MI S1
- Founded2020 S4
- Websiteleelanaupc.com
- Last verifiedOctober 29, 2026
At a glance
| EBITDA range | $2M to $20M S2 |
|---|---|
| Revenue range | $10M to $200M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | Midwest US, Mid-Atlantic US, Southern US, Mountain West US S2 |
| Sectors | Construction Services, Distribution, Industrial & Manufacturing |
What Leelanau Private Capital buys
Leelanau Private Capital is a Birmingham, Michigan investment firm, with a second office in Cincinnati, that Steve LaBarre founded in 2020 after 14 years at Strength Capital Partners. It says it is not private equity: it has no fund timeline or set holding period, keeps debt light, and takes control of a small number of companies it plans to own for the long run. Its deals are control buyouts in which the seller rolls over part of the equity, and it prefers to keep the existing management team.
It looks for $10 million to $200 million of revenue and $2 million to $20 million of EBITDA in the Midwest, Mid-Atlantic, South and Mountain West. Target industries are construction and contracting, distribution, manufacturing and services, and its nine current companies are nearly all building trades: glazing, masonry, concrete, retaining walls, cement walls, fencing, structural steel and stone. It rules out startups, turnarounds, oil and gas, retail, Tier 1 automotive and healthcare that depends on reimbursement, and it does add-ons only when they can be fully integrated.
Recent deals
Announced in the 24 months before October 29, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jan 2025 | Capital StoneworksMajority stake in a Bridgeport, Michigan stone fabricator and supplier with its own Indiana limestone quarry, bought from its founders | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Construction Services
- Titanus Cement Wall Co Current
- Builder's Stone & Masonry Current
- Glasco Corporation Current
- Chippewa Concrete Services Current
- Glass Concepts Current
- SiteScapes Current
Distribution
- Eastern Wholesale Fence Current
- Smede-Son Steel & Supply Current
Industrial & Manufacturing
- Capital Stoneworks Current
Greymont’s take
How Leelanau Private Capital fits a seller
Leelanau suits owners of construction, contracting and building-products businesses who want to take some money off the table but are not ready to step away, and who would rather not sell to a buyer that plans to resell in four or five years. Because it has no fund deadline and avoids heavy debt, a sale to Leelanau looks more like bringing in a long-term partner than a classic leveraged buyout. In January 2025 it bought a majority stake in Capital Stoneworks, a Michigan stone company its founders started in 2004.
Since sellers roll over part of their equity, an owner should ask how large that stake will be, how and when it can be sold later given there is no set exit date, and how Leelanau's own investors expect to be paid back over time. Owners should also ask how their business would fit with Leelanau's other building-trades companies.
Questions owners ask
Is Leelanau Private Capital a private equity fund?
Not by its own description. It invests long-term capital with no fund timeline or required holding period, and it says it avoids loading heavy debt onto the companies it buys.
What size companies does Leelanau buy?
Its focus is companies with $10 million to $200 million of revenue and $2 million to $20 million of EBITDA, located in the Midwest, Mid-Atlantic, South or Mountain West.
What kinds of businesses does Leelanau avoid?
It does not consider startups, turnarounds, healthcare businesses that rely on reimbursement, oil and gas focused companies, retail, or Tier 1 automotive suppliers.
Do owners keep a stake when Leelanau invests?
Its preferred structure is a control buyout with seller rollover, so owners usually keep part of the equity, and it prefers to partner with the existing management team.
Sources
- S1Leelanau Private Capital home page Accessed October 29, 2026
- S2Leelanau Private Capital: About, philosophy and focus criteria Accessed October 29, 2026
- S3Leelanau Private Capital: Investments Accessed October 29, 2026
- S4Leelanau Private Capital: Steve LaBarre Accessed October 29, 2026
- S5Calder Capital: Majority Stake in Capital Stoneworks Acquired by Leelanau Private Capital (January 21, 2025) Accessed October 29, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Leelanau Private Capital. Figures are as reported on the dates shown and may have changed. Request a correction