Lower middle market private equity firm (independent sponsor)
Madison Lake Capital
- HeadquartersMadison, WI S1
- Websitemadisonlakecapital.com
- Last verifiedOctober 27, 2026
At a glance
| EBITDA range | $3M to $15M S1 |
|---|---|
| Deal types | Platform, Add-on S4 |
| Sectors | Industrial & Manufacturing |
What Madison Lake Capital buys
Madison Lake Capital is a buyout firm in Madison, Wisconsin that works as an independent sponsor, which usually means it raises equity for each deal rather than drawing on a committed fund. It buys lower middle market companies with $3 million to $15 million of EBITDA from owners who are ready for a transition, and it also does divestitures of business units and majority or partial recapitalizations. It calls itself sector agnostic, but names business, construction, maintenance, staffing and utility services, manufacturing, business-to-business technology, and supply chain and distribution as areas of interest.
So far its companies are Midwest and Arizona industrial businesses grouped into three platforms. Machine components started with Gilman Precision in 2024. Industrial fluid power started with Milwaukee Cylinder in January 2025 and added Pneumatic Cylinders & Couplers in September 2026. Industrial coatings added Perfection Industrial Finishing in April 2026, alongside Scotts Industrial Coatings in Green Bay. A smaller manufacturer or finishing shop that fits one of these platforms is most likely to meet the firm as an add-on.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Pneumatic Cylinders & CouplersMaker of aluminum and stainless pneumatic tie-rod cylinders in Machesney Park, Illinois, added to Milwaukee Cylinder | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | Perfection Industrial FinishingArizona metal finishing company with plants in Phoenix and Tucson added to the firm's industrial coatings platform | Add-on | Industrial & Manufacturing | Source |
| Jan 2025 | Milwaukee CylinderHydraulic and pneumatic cylinder maker founded in 1956; first company in a new industrial fluid power platform, with the CEO staying on | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S2.
Industrial & Manufacturing
- Scotts Industrial Coatings
Industrial Coatings platform
- Perfection Industrial Finishing
Industrial Fluid Power Products platform
- Milwaukee Cylinder
- Pneumatic Cylinders & Couplers
Machine Components platform
- Gilman Precision
Greymont’s take
How Madison Lake Capital fits a seller
Madison Lake suits an owner of a steady, profitable industrial or manufacturing business in the Midwest who wants to retire or step back from running it. Its releases describe buying from families and founders and keeping the operating leader: Milwaukee Cylinder's CEO stayed in his role after the January 2025 buyout, and Gilman's chief operating officer took over when the owners sold in 2024. The former owner of Perfection Industrial Finishing praised how smoothly diligence, closing and the handover went in April 2026.
Because it is an independent sponsor, each deal depends on equity and bank debt the firm lines up for that transaction; a local bank provided the senior loan for Gilman. An owner should ask who the equity investors are, how firm the financing is before signing a letter of intent, and how long the firm expects to own the business.
Questions owners ask
What size companies does Madison Lake Capital buy?
Its stated criteria are $3 million to $15 million of EBITDA. It also buys bolt-on companies for its existing platforms, such as Perfection Industrial Finishing in April 2026 and Pneumatic Cylinders & Couplers in September 2026.
What industries does Madison Lake Capital invest in?
It says it is sector agnostic and names business, maintenance, construction, staffing and utility services, manufacturing, business-to-business technology and supply chain businesses. Every company it currently owns is an industrial manufacturer or metal finishing business.
Does management stay after Madison Lake buys a company?
Usually, based on its releases. Milwaukee Cylinder's CEO stayed in his role after the January 2025 buyout, and Gilman's chief operating officer took over leadership when the firm bought that business in August 2024.
Sources
- S1Madison Lake Capital home page (capabilities, industries of interest, deal criteria, address) Accessed October 27, 2026
- S2Madison Lake Capital: Portfolio Companies Accessed October 27, 2026
- S3Madison Lake Capital: News Accessed October 27, 2026
- S4Madison Lake Capital Completes Strategic Bolt-On Acquisition, Expanding Its Industrial Finishings Platform (April 10, 2026) Accessed October 27, 2026
- S5Madison Lake Capital Acquires Milwaukee Cylinder (January 10, 2025) Accessed October 27, 2026
- S6Madison Lake Capital announces acquisition of Gilman Precision (August 3, 2024) Accessed October 27, 2026
- S7Milwaukee Cylinder Acquires Pneumatic Cylinders & Couplers (EIN Presswire, September 16, 2026) Accessed October 27, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Madison Lake Capital. Figures are as reported on the dates shown and may have changed. Request a correction