Lower middle market private equity firm
LFM Capital
- HeadquartersNashville, TN S1
- Founded2014 S2
- Websitelfmcapital.com
- Last verifiedOctober 29, 2026
At a glance
| Assets under management | $1B (as of Oct 2024) S6 |
|---|---|
| Latest fund | LFM Capital Partners IV, $462M (Oct 2024) S6 |
| EBITDA range | $3M+ S7 |
| Deal types | Platform, Add-on S4 |
| Geography | United States, Canada S1 |
| Sectors | Industrial & Manufacturing |
What LFM Capital buys
LFM Capital is a Nashville private equity firm started in 2014 by former operators and engineers, and manufacturing is the only thing it invests in. Its press releases say it takes lead or control stakes in US lower middle market manufacturers and industrial services companies with at least $3 million of EBITDA and enterprise values of roughly $15 million to $125 million. Its current companies make products such as steel cable reels, packaging automation equipment, circuit board assemblies, quilting machines, tractor attachments and air conditioning kits for classic cars.
The firm closed its fourth fund, LFM Capital Partners IV, at $462 million in October 2024, which lifted its total capital above $1 billion. Its home page counts 26 platform investments and 36 add-ons so far. Smaller manufacturers often meet LFM as add-ons: Excelis, American Automation Group, Weller Metalworks and SisTech have all bought companies to grow. LFM says it works both with owners who want to keep running the business and with owners who want to step back and need help choosing the next leader.
Recent deals
Announced in the 24 months before October 29, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Alta Data TechnologiesNew Mexico maker of avionics data interface products, added to SisTech | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | L&R IndustriesMissouri maker of steel cable reels for fiber, data center and utility customers; third platform in Fund IV | Platform | Industrial & Manufacturing | Source |
| Mar 2026 | PowerBuilt Material Handling SolutionsCustom lift assist and material handling automation, added to American Automation Group as a founder succession | Add-on | Industrial & Manufacturing | Source |
| Oct 2025 | Vintage AirSan Antonio maker of aftermarket air conditioning systems for classic vehicles | Platform | Industrial & Manufacturing | Source |
| Oct 2025 | SteelProMississippi structural steel fabricator sold to Accelevation | Exit | Industrial & Manufacturing | Source |
| Oct 2025 | SESCO (Systems Engineering and Sales Co.)Transformer installation and oil processing equipment supplier, added to the grid reliability platform built on ZTZ | Add-on | Industrial & Manufacturing | Source |
| Sep 2025 | ZTZ Services InternationalOnline transformer monitoring provider that launched an electric grid reliability platform, with CP Energy Holdings as a minority partner | Platform | Industrial & Manufacturing | Source |
| Sep 2025 | OAI + RainierVisual display and tent maker sold to The Look Company; LFM kept a large minority stake and still owns Eclipse | Exit | Industrial & Manufacturing | Source |
| Jul 2025 | Bergari SolutionsMinnesota maker of custom exhaust and emissions systems for backup generators; tenth platform in Fund III | Platform | Industrial & Manufacturing | Source |
| Apr 2025 | Marcy LaboratoriesIllinois contract manufacturer for fragrance brands, backed alongside its management team | Platform | Industrial & Manufacturing | Source |
| Jan 2025 | Marks MachineryGeorgia maker of replacement parts for beverage filling lines, added to Excelis | Add-on | Industrial & Manufacturing | Source |
| Jan 2025 | AccelevationData center infrastructure products and services company sold to Olympus Partners | Exit | Industrial & Manufacturing | Source |
| Dec 2024 | Kraken AutomationOntario packaging conveyance and case packing systems firm, added as SureKap rebranded to Excelis | Add-on | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Industrial & Manufacturing
- Alloy
- American Automation Group
- APQS
- AttachCo
- Bergari
- Current Tools
- Diamabrush
- Eclipse Outdoor
- Excelis Packaging Automation
- Heartland
- L&R Industries
- Marcy Laboratories
- NACS (ShopSabre and Langmuir Systems)
- Novex
- SisTech Manufacturing
- Vintage Air
- Weller Metalworks
- ZTZ Services and SESCO
Past investments: Accelevation, Rainier, SteelPro, PSI Control Solutions, Pratt (trailers and chassis), Vektek, Eckhart, Fecon, Medix, EDSCO
Greymont’s take
How LFM Capital fits a seller
LFM suits owners of profitable manufacturing businesses who want a buyer that knows the shop floor. Its team includes former plant and corporate operators, and its releases describe hands-on work on lean production, equipment, hiring and follow-on acquisitions. Founders planning to retire are a common case: PowerBuilt's founder described the March 2026 sale as a deliberate handoff, and LFM's site says it helps departing owners pick their successor.
A sale to LFM is usually a control deal, either as a new platform or as an add-on to a company it already owns. Its recent exits came two to four years after it invested: Accelevation was bought in 2022 and sold to Olympus Partners in January 2025, and Rainier was bought in 2021 and sold in September 2025. An owner should ask how long LFM expects to hold the business, whether it plans more acquisitions around it, and what role the owner would keep after closing.
Questions owners ask
What size company does LFM Capital buy?
Its press releases set a floor of $3 million of EBITDA and a target enterprise value of about $15 million to $125 million. It also buys add-ons for existing platforms, such as Marks Machinery for Excelis in January 2025 and Alta Data Technologies for SisTech in October 2026.
Does LFM invest outside manufacturing?
Rarely. Its home page says manufacturing is all it does, though its releases also mention industrial services, and some holdings pair products with installation and field support, such as the ZTZ and SESCO electric grid platform formed in 2025.
Has LFM raised a new fund recently?
Yes. It closed LFM Capital Partners IV with $462 million of commitments in October 2024, its largest fund so far, and L&R Industries in April 2026 was the third platform investment made from that fund.
Who has LFM sold its companies to?
Recent buyers include Olympus Partners for Accelevation in January 2025, The Look Company for OAI + Rainier in September 2025, where LFM kept a large minority stake, and Accelevation itself for SteelPro in October 2025.
Sources
- S1LFM Capital home page Accessed October 29, 2026
- S2LFM Capital: About Accessed October 29, 2026
- S3LFM Capital: Focus Accessed October 29, 2026
- S4LFM Capital: Portfolio Accessed October 29, 2026
- S5LFM Capital: News Accessed October 29, 2026
- S6LFM Capital Announces Closing of Fourth Fund (October 10, 2024) Accessed October 29, 2026
- S7LFM Capital Adds New Portfolio Company: L&R Industries (April 22, 2026) Accessed October 29, 2026
- S8LFM Capital Adds to Industrial Automation Platform with PowerBuilt (March 17, 2026) Accessed October 29, 2026
- S9LFM Capital Completes Sale of Accelevation (January 2, 2025) Accessed October 29, 2026
- S10LFM Capital sale of OAI + Rainier to The Look Company (September 4, 2025) Accessed October 29, 2026
- S11LFM Capital sitemap (list of news releases) 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 LFM Capital. Figures are as reported on the dates shown and may have changed. Request a correction