Lower middle market private equity firm
Madison River Capital
- HeadquartersNew York, NY S2
- Founded2022 S2
- Websitemrivercapital.com
- Last verifiedOctober 27, 2026
At a glance
| Latest fund | Madison River Capital inaugural fund, $370M (Feb 2025) S5 |
|---|---|
| EBITDA range | $5M to $50M S3 |
| Deal types | Platform, Growth S3 |
| Sectors | Healthcare Services, Construction Services, Industrial & Manufacturing, Distribution |
What Madison River Capital buys
Madison River Capital is a New York private equity firm launched in 2022 by the team that ran corporate private equity at Jefferson River Capital, the family office of Tony James. It invests in lower middle market companies in healthcare services, industrials and business services, and it offers both control buyouts and growth capital. Its strategy page points to companies with about $5 million to $50 million of EBITDA, strong margins and free cash flow, and room to grow on their own and through acquisitions.
It closed its first institutional fund at $370 million in February 2025. Its companies include senior therapy and mental health providers, a data center electrical systems integrator and a CNC machine shop, and in July 2026 it added a Miami building restoration contractor and a Salt Lake City electrical equipment rep firm. Operating partners for healthcare and industrials work with management after closing. Madison River does not publish an add-on program, so a company well below its EBITDA floor fits best as a target for a platform with acquisition plans, such as Nexus Power.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Nexus PowerSalt Lake City electrical manufacturer rep and power system design firm; Main Street Capital also invested | Investment | Distribution | Source |
| Jul 2026 | Pro-MaxMiami structural repair, restoration, painting and roofing contractor for condo associations and commercial owners; the co-founders keep leading it | Investment | Construction Services | Source |
| Feb 2025 | Madison River Capital inaugural fundFirst institutional fund closed at $370 million | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services
- Pro-Max
- JDC Power Systems
Healthcare Services
- Enhance Therapies
- Senior Care Therapy
Industrial Services
- Nexus Power
- NE-XT Technologies
Past investments: Follett Higher Education, PM Pediatrics, Array Behavioral Care, Autism Learning Partners, Community Based Care
Greymont’s take
How Madison River Capital fits a seller
Madison River fits founders who want a well-funded partner but intend to keep running the company. In both July 2026 deals the leaders stayed in place: Pro-Max's two co-founders continue as co-presidents, and Nexus Power's CEO stays in charge with a co-founder on the board. In the 2024 Senior Care Therapy deal, the founder and management kept a significant share of the company. That pattern suits an owner looking for growth capital or a partial sale more than a clean exit.
The firm is young as an institution, with one fund and six companies of its own, although its principals worked together at Jefferson River Capital for years before the 2022 launch. An owner should ask whether Madison River is buying control or a minority stake, and how the timeline of its first fund shapes the expected hold period.
Questions owners ask
What size companies does Madison River Capital invest in?
Its strategy page says it typically works with companies that have $5 million to $50 million of EBITDA, plus strong margins and free cash flow. It offers control buyouts as well as growth capital.
What industries does Madison River Capital focus on?
Healthcare services, industrials and business services. Its current companies include senior therapy and mental health providers, a data center electrical integrator, a CNC machining business, a building restoration contractor and an electrical equipment rep firm.
Who is behind Madison River Capital?
The firm was launched in 2022 by the corporate private equity team of Jefferson River Capital, the family office of Tony James. It closed its first institutional fund at $370 million in February 2025.
Do founders stay involved after Madison River invests?
In its announced deals, yes. Pro-Max's co-founders keep leading the company after the July 2026 investment, and Senior Care Therapy's founder and management kept a significant ownership stake after the January 2024 investment.
Sources
- S1Madison River Capital home page Accessed October 27, 2026
- S2Madison River Capital: About Us Accessed October 27, 2026
- S3Madison River Capital: Investment Strategy Accessed October 27, 2026
- S4Madison River Capital: Portfolio Accessed October 27, 2026
- S5Madison River Capital: News (lists the February 18, 2025 fund close and the July 2026 Pro-Max and Nexus Power deals) Accessed October 27, 2026
- S6Madison River Capital: Our Team Accessed October 27, 2026
- S7Pulse 2.0: Madison River Capital Invests In Pro-Max (July 22, 2026) Accessed October 27, 2026
- S8Electrical Trends: ABB Rep Nexus Power Plans for PE-Powered Growth, with the Madison River release text (August 10, 2026) Accessed October 27, 2026
- S9Madison River Capital Makes Strategic Investment Into Senior Care Therapy (PR Newswire, January 10, 2024) 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 River Capital. Figures are as reported on the dates shown and may have changed. Request a correction