Family office making control private equity investments

Lewis & Clark Capital

At a glance

EBITDA rangeUp to $5M S2
Revenue rangeUp to $100M S2
Deal typesPlatform, Add-on, Minority S2
GeographyUnited States S2
SectorsEnvironmental & Waste, Industrial & Manufacturing, Consumer & Food, Software & SaaS

What Lewis & Clark Capital buys

Lewis & Clark Capital is the investing arm of a St. Louis family office. It was founded by entrepreneur Tom Hillman and is run by former owners and operators, who say they have invested for more than 25 years and worked on over 100 transactions. It buys U.S. businesses with up to $100 million of revenue and up to $5 million of EBITDA in four areas: industrials (manufacturing and distribution), business services, B2B software and hospitality. Most deals are control investments, sometimes with co-investors, and it makes select minority investments.

It looks for private or family businesses that want to grow or need a succession plan, and for small companies that want help with back office work such as accounting, HR, IT and legal, which its parent company supplies as shared services. Current platforms include CMS, a contract manufacturer that added ChemRite Co-Pac in 2025, the Gastronauts restaurant group, and AirCore Environmental, a radon and indoor air quality platform announced in June 2026. A smaller company is likely to meet the firm as an add-on to one of these.

Recent deals

Announced in the 24 months before October 28, 2026.

DateCompanyTypeSectorSource
Jun 2026AirCore EnvironmentalNew indoor air quality platform built on two Florida radon testing and mitigation firms, Radon Mitigation Services in Fort Myers and Radon Professional Services in JacksonvillePlatformEnvironmental & WasteSource
Apr 2025ChemRite Co-PacLannon, Wisconsin contract manufacturer of blended and filled products added to the CMS contract manufacturing platformAdd-onIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S4.

Business Services

  • FTL Finance

Environmental Services

  • AirCore Environmental
  • Radon Mitigation Services (RMS)
  • Radon Professional Services (RPS)

Hospitality

  • Gastronauts
  • Hi-Pointe Drive-In
  • Chicken Out
  • Taco Buddha

Industrials

  • CMS LLC
  • ChemRite Co-Pac
  • PCI Manufacturing

Technology

  • SureCam

Past investments: Ovation Holdings, Benada Aluminum Products, Answers.com, America's Water Heater Rentals

Greymont’s take

How Lewis & Clark Capital fits a seller

Lewis & Clark suits family owners who want a buyer that has run companies itself and who care about what happens to employees and the community after a sale. It invests as a family office rather than from a fund, and it does not publish a hold period, so an owner should ask how long it expects to own the business. Its parent company's shared team can take accounting, HR, IT and legal work off a small company's plate, which helps owners who have been doing those jobs themselves. Recent deals show it building platforms through add-ons: two Florida radon firms joined AirCore, and ChemRite joined CMS. Owners of radon, indoor air quality or contract manufacturing businesses may be add-on candidates. Owners should also ask whether the offer is a control sale or a minority stake, and how much of the shared back office they would be expected to adopt.

Questions owners ask

What size companies does Lewis & Clark Capital invest in?

Its criteria call for companies with revenue of up to $100 million and EBITDA of up to $5 million that are based in the United States and run most of their operations there.

Does Lewis & Clark buy environmental services companies?

Yes. In June 2026 it announced AirCore Environmental, an indoor air quality platform built on two Florida radon testing and mitigation firms in Fort Myers and Jacksonville. AirCore says it buys specialized companies and is expanding into vapor intrusion and other air quality services.

Will Lewis & Clark take a minority stake?

Its main approach is control, including deals done with co-investors, but its published criteria say it also makes select minority investments when the situation fits.

What kinds of situations does Lewis & Clark look for?

Private or family businesses that want to grow or need a succession plan, and small companies that want to hand off back office functions such as accounting, HR, IT and legal to its shared services team.

Sources

  1. S1Lewis & Clark Capital home page Accessed October 28, 2026
  2. S2Lewis & Clark Capital: Investment Criteria Accessed October 28, 2026
  3. S3Lewis & Clark Capital: Philosophy Accessed October 28, 2026
  4. S4Lewis & Clark Capital: Portfolio (active and exited) Accessed October 28, 2026
  5. S5Lewis & Clark Capital: Press and Perspective Accessed October 28, 2026
  6. S6Lewis & Clark Capital: Contact (main office, St. Louis) Accessed October 28, 2026
  7. S7Lewis & Clark Capital: Our Team Accessed October 28, 2026
  8. S8Lewis & Clark Capital Announces the Formation of AirCore Environmental (Business Wire, June 10, 2026; linked from the firm's press page) Accessed October 28, 2026
  9. S9Lewis & Clark Capital Acquires ChemRite Co-Pac (Business Wire, April 15, 2025; linked from the firm's press page) Accessed October 28, 2026
  10. S10AirCore home page Accessed October 28, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Lewis & Clark Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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