Liftout Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	$4M to $15M S1
Deal types	Platform, Add-on S1
Geography	North America S2
Sectors	Accounting & Professional Services, Construction Services

What Liftout Capital buys

Liftout Capital is a Denver investment holding company run by Eric Wolf, a co-founder of Bow River Capital, and Bo Sutton, a former Bow River director. It buys control of founder-owned services businesses with $4 million to $15 million of EBITDA through control recapitalizations. Its target list has two halves. Industrial services covers utility services, testing and inspection, facility services, engineering and construction, water and wastewater, residential services and transportation. Business services covers human capital management, legal, training, outsourcing, specialty consulting, compliance and information services. It looks across North America.

Liftout says plainly that it is not a private equity fund. As a holding company it has no fund clock, so it can set the hold period around what the founder wants, and it calls itself a significant investor in every company it owns. It does not say who supplies its capital. It keeps the portfolio small: AG&E, Franchise Creator and Pay4Leads. AG&E has since bought three smaller engineering and detailing firms, so a company below $4 million of EBITDA is most likely to meet Liftout as an add-on.

Recent deals

Announced in the 24 months before October 26, 2026.

Date	Company	Type	Sector	Source
Jul 2026	United Structural DesignStructural engineering firm added to AG&E, opening offices in Phoenix and Las Vegas	Add-on	Accounting & Professional Services	Source
Feb 2026	ACME Steel DetailingSalt Lake City area steel detailer added to AG&E; its founder joined AG&E as a principal	Add-on	Accounting & Professional Services	Source
Jul 2025	McCluskey Engineering Corporation (precast design and detailing assets)Naperville, Illinois precast engineering team added to AG&E, giving it a Midwest office	Add-on	Accounting & Professional Services	Source
June 2025	AG&EDallas structural engineering firm focused on data centers, aviation and advanced manufacturing; founder Sanjay Agrawal remains CEO	Platform	Accounting & Professional Services	Source

Portfolio by sector

From the firm's portfolio page S1.

Current Portfolio

AG&E
Franchise Creator
Pay4Leads

Greymont’s take

How Liftout Capital fits a seller

Liftout suits the founder of an engineering, inspection, facility, utility or business services company who wants to sell control but is wary of a fund that must sell again on a fixed timeline. With only three companies, both partners sit on every board, so the founder keeps working with the people who made the deal. AG&E shows the pattern: founder Sanjay Agrawal stayed on as CEO after the June 2025 investment, the firm named 13 new partners, and it has since added firms in Illinois, Utah and the Southwest.

The trade-off is that Liftout publishes very little about its money. An owner should ask where the equity comes from, whether it is committed in advance or raised deal by deal, and what a flexible hold period means in practice, including who might buy the company later and when.

Questions owners ask

Is Liftout Capital a private equity fund?

No. It calls itself an investment holding company and says outright that it is not a private equity fund, which lets it set holding periods around a founder's goals instead of a fund timeline. It does not publish who provides its capital.

What size company does Liftout Capital buy?

Its criteria call for founder-owned services businesses with $4 million to $15 million of EBITDA, bought through control recapitalizations, in industrial services and business services across North America.

What has Liftout Capital bought recently?

Its newest company is AG&E, a Dallas structural engineering firm that announced Liftout's investment in June 2025. AG&E then added McCluskey Engineering's precast design team in July 2025, ACME Steel Detailing in February 2026 and United Structural Design in July 2026.

Sources

S1Liftout Capital home page (overview, investment criteria, current portfolio, team) Accessed October 26, 2026
S2Liftout Capital overview sheet (PDF linked from the home page) Accessed October 26, 2026
S3AG&E announces new partners following strategic investment by Liftout Capital (June 23, 2025) Accessed October 26, 2026
S4AG&E acquires precast design and detailing assets of McCluskey Engineering Corporation (July 11, 2025) Accessed October 26, 2026
S5AG&E acquires Utah-based ACME Steel Detailing (February 2, 2026) Accessed October 26, 2026
S6AG&E continues strategic growth with acquisition of United Structural Design (July 14, 2026) Accessed October 26, 2026
S7Pay4Leads: Who We Are Accessed October 26, 2026

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