Lower middle market private equity and junior capital firm
LNC Partners
- HeadquartersArlington, VA S4
- Founded2012 S5
- Websitelnc-partners.com
- Last verifiedOctober 19, 2026
At a glance
| Latest fund | LNC Partners III - SBIC, $325M (May 2025) S5 |
|---|---|
| EBITDA range | $2M to $10M S2 |
| Revenue range | $5M+ S2 |
| Check size | $10M to $50M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Geography | United States S2 |
| Sectors | IT Services & MSP, Insurance Brokerage, Accounting & Professional Services, Software & SaaS, Healthcare Services |
What LNC Partners buys
LNC Partners is an investor based in Arlington, Virginia, formerly called Leeds Novamark Capital, that has managed more than $1 billion across six funds since 2012. It backs lower middle market companies in business services, software and technology, financial and insurance services, and healthcare services, and it focuses on the US. Its criteria call for at least $5 million of revenue and $2 million to $10 million of EBITDA, with an investment of $10 million to $50 million or more. It looks for recurring revenue, room to grow and low capital needs.
LNC is very flexible on structure. It can buy control, take a minority stake, or provide preferred equity, unitranche or subordinated debt, and it is often the first institutional investor in a founder-led company. Its latest fund, a $325 million SBIC fund, was announced in May 2025. Smaller firms often join LNC companies as add-ons: Cantey Tech has bought several IT providers, and YourPolicy and The Partners Group keep adding insurance agencies.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | E.A. Buck Financial ServicesMinority growth investment in a family-led financial services firm founded in Honolulu; the Buck family keeps control | Minority | Wealth Management | Source |
| Jun 2026 | West PhysicsRecapitalized by Incline Equity Partners; LNC's Fund III reinvested alongside Incline | Exit | Healthcare Services | Source |
| Dec 2025 | Bennie$50 million strategic investment in a New York employee benefits broker | Growth | Insurance Brokerage | Source |
| Sep 2025 | GCG Advisory PartnersRecapitalized with a strategic investment from BharCap Partners | Exit | Wealth Management | Source |
| Jul 2025 | Meridian Insurance GroupMissouri benefits agency added to YourPolicy; the deal closed June 1, 2025 | Add-on | Insurance Brokerage | Source |
| May 2025 | LNC Partners III - SBICClosed at its $325 million hard cap, including SBA leverage | Fund close | Source | |
| Apr 2025 | SmartTech ConsultingSouth Carolina IT provider added to Cantey Tech Consulting | Add-on | IT Services & MSP | Source |
| Mar 2025 | Touchstone GolfGolf club management company with more than 40 clubs joins KemperSports | Add-on | Source | |
| Jan 2025 | First Fidelity Financial Group of AtlantaAtlanta advisory firm added to GCG Advisory Partners | Add-on | Wealth Management | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business and Information Services
- Cantey Tech Consulting
- OutSolve
- West Physics
- Terra Dotta
- BWG Strategy
- KemperSports
- Stretch Zone
- Penn Power Group
- Kaizen Collision Center
Financial and Insurance Services
- Bennie
- Virtus
- YourPolicy
- The Partners Group
- CrossLink Professional Tax Solutions
Niche Manufacturing and Distribution
- Team Air Distributing
- Narcote
Greymont’s take
How LNC Partners fits a seller
LNC suits owners who want capital and help but are not ready to give up control. Its October 2026 investment in E.A. Buck Financial Services left the founding family in control, and its deals can mix equity and debt so an owner keeps a larger share. It also buys control: at OutSolve it bought out two shareholders who were no longer active in the business, then sold a majority stake to Riverside in 2022.
Owners of IT managed service providers, insurance agencies and benefits brokers have a second path, which is selling to an LNC company such as Cantey Tech, YourPolicy or The Partners Group as an add-on. Because LNC often invests next to other sponsors, an owner should ask who will hold control after closing, how much of LNC's money comes as debt, and what rights a minority investor has when the company is sold.
Questions owners ask
What size company does LNC Partners invest in?
Its criteria call for at least $5 million of revenue and $2 million to $10 million of EBITDA, with investments of $10 million to $50 million or more. It says it will look outside those limits for add-ons and growth deals.
Can I keep control of my company if LNC invests?
In some deals, yes. LNC offers minority equity, preferred equity and debt as well as control buyouts. In its October 2026 minority investment in E.A. Buck Financial Services, the Buck family kept control and the existing leadership team stayed in charge.
Does LNC Partners invest in IT managed service providers?
Yes. It owns Cantey Tech Consulting, a managed service provider for small and mid-sized businesses in the Southeast, which bought Network Computing Group in May 2024 and SmartTech Consulting in April 2025.
What fund is LNC investing from?
LNC Partners III, a licensed Small Business Investment Company fund, closed at its $325 million hard cap including SBA leverage, as announced in May 2025. It continues LNC's mix of control equity, minority equity and debt for smaller companies.
Sources
- S1LNC Partners home page Accessed October 19, 2026
- S2LNC Partners: About (company criteria and investment parameters) Accessed October 19, 2026
- S3LNC Partners: Portfolio Companies Accessed October 19, 2026
- S4LNC Partners: Contact (Arlington, VA office) Accessed October 19, 2026
- S5LNC Partners Closes $325 Million Fund III (May 19, 2025) Accessed October 19, 2026
- S6LNC Partners: News Accessed October 19, 2026
- S7PR Newswire: Republic Capital Group Advises E.A. Buck Financial Services on Strategic Minority Investment from LNC Partners (October 14, 2026) Accessed October 19, 2026
- S8LNC Partners Makes Strategic Investment in Bennie (December 9, 2025) Accessed October 19, 2026
- S9Business Wire: Bennie Receives $50 Million Strategic Investment from LNC Partners (December 9, 2025) Accessed October 19, 2026
- S10LNC Partners: 2025 Year in Review (January 16, 2026) Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with LNC Partners. Figures are as reported on the dates shown and may have changed. Request a correction