Lower middle market private equity firm
Mason Wells
- HeadquartersMilwaukee, WI S1
- Founded1998 S2
- Websitemasonwells.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | Mason Wells Buyout Fund V, $767M (Jun 2020) S6 |
|---|---|
| EBITDA range | $5M to $30M S6 |
| Revenue range | $25M to $300M S3 |
| Deal types | Platform, Add-on S3 |
| Geography | Midwest US, United States, Any location (add-ons) S3 |
| Sectors | Industrial & Manufacturing, Consumer & Food, Accounting & Professional Services |
What Mason Wells buys
Mason Wells is a Milwaukee private equity firm, started in 1998, that has raised $2.4 billion across five buyout funds. It buys majority stakes in profitable, mostly family-owned companies in four areas: consumer packaged goods, engineered products and services, outsourced business services, and packaging materials and converting. It prefers companies based in the Midwest but will look anywhere in the US. Its usual deals are family succession sales, recapitalizations where the owner keeps a slice of the company, and buyouts of corporate divisions alongside the managers who run them.
For a new platform it wants $25 million to $300 million of revenue and at least $5 million of EBITDA. Its 2020 fund announcement put the usual EBITDA range at $5 million to $30 million. It is investing from Fund V, a $767 million fund. A smaller company can still fit as a tuck-in for one of its current businesses. Tuck-ins have no size floor and can be based anywhere, as with the Ohio label maker added to its Armis platform or the Danish molder added to MGS.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | CanworksAustin, Texas digital printer of aluminum beverage cans; the founders and management invested alongside Mason Wells | Platform | Industrial & Manufacturing | Source |
| Sep 2026 | The Cleveland Electric Laboratories CompanyOhio maker of high-temperature thermocouples, founded in 1920; members of management kept a stake | Platform | Industrial & Manufacturing | Source |
| Feb 2026 | Knudsen Plast A/SDanish medical injection molder with a plant in Slovakia, added to MGS Healthcare Manufacturing | Add-on | Industrial & Manufacturing | Source |
| Jan 2026 | Semke Forensic and Pyr-TechExpert witness and forensic engineering firms joined Keystone Experts + Engineers in what the release calls a strategic partnership | Add-on | Accounting & Professional Services | Source |
| Aug 2025 | Calvary IndustriesOhio specialty process chemicals maker bought from the founding Morelock family, which reinvested | Platform | Industrial & Manufacturing | Source |
| Aug 2025 | Structural Concepts CorporationRefrigerated display case maker sold to Hoshizaki USA Holdings for $430 million | Exit | Industrial & Manufacturing | Source |
| May 2025 | L.B. WhiteFarm and construction heating equipment maker sold to Modine Manufacturing | Exit | Industrial & Manufacturing | Source |
| Apr 2025 | Mela WaterWatermelon water brand added to King Juice Company, maker of Calypso lemonades | Add-on | Consumer & Food | Source |
| Mar 2025 | Boogie BoardReusable writing tablet brand added to Buffalo Games | Add-on | Consumer & Food | Source |
| Jan 2025 | Trebnick SystemsSpringboro, Ohio durable label and RFID tag maker added to Industrial Labels Holdings, since renamed Armis | Add-on | Industrial & Manufacturing | Source |
| Jan 2025 | Strato Technology SolutionsRailcar components maker; the owning Foxx family and management invested alongside Mason Wells | Platform | Industrial & Manufacturing | Source |
| Dec 2024 | RJW Logistics GroupBerkshire Partners made a strategic investment; Mason Wells kept a minority stake | Exit | Transportation & Logistics | Source |
Portfolio by sector
From the firm's portfolio page S5.
Consumer Packaged Goods
- Buffalo Games Current
- King Juice Company Current
- Onyx Brands Current
Engineered Products and Services
- Calvary Industries Current
- The Cleveland Electric Laboratories Company Current
- MGS Healthcare Manufacturing Current
- Strato Technology Solutions Current
Outsourced Business Services
- Keystone Experts + Engineers Current
- SWAT Group Current
Packaging Materials and Converting
- Accord Carton Co. Current
- Armis Durable Labels Current
- Canworks Current
- KDV Label Current
- Radius Packaging Current
Greymont’s take
How Mason Wells fits a seller
Mason Wells suits a Midwest family owner of a manufacturing, packaging, consumer products or business services company who wants a succession plan rather than a sale to a competitor. In each of its four newest platforms, Strato, Calvary, Cleveland Electric Labs and Canworks, the owning family, founders or managers invested alongside the firm. The firm always takes majority control, but it says sellers can usually keep 5 to 30 percent, and it leaves daily management to the company while placing at least two of its partners on the board.
The process is meant to be quick: the firm says it can usually offer a letter of intent a few weeks after a first meeting and close within about 60 days of full access. It expects to hold for five to eight years. An owner should ask how large a stake they can roll over and what their role will be once the deal closes.
Questions owners ask
What size company does Mason Wells buy?
For a new platform it looks for $25 million to $300 million of revenue and at least $5 million of EBITDA. Tuck-in acquisitions for companies it already owns can be any size and can be based anywhere, including outside the US.
Do I have to sell 100% of my company to Mason Wells?
No. The firm always takes a majority stake, but its guidance for owners says sellers can typically keep 5 to 30 percent so they share in later growth. In the 2025 Calvary and Strato deals, the owning families invested alongside the firm.
How fast does Mason Wells close, and how long does it hold?
It says it can usually deliver a letter of intent a few weeks after a first meeting and close within 60 days of getting full access to management and company records. It typically holds a company for five to eight years before a sale, merger or recapitalization.
Is Mason Wells still making new investments?
Yes. It is investing from Mason Wells Buyout Fund V, a $767 million fund, and it bought two new platforms in the fall of 2026: The Cleveland Electric Laboratories Company in September and Canworks in October.
Sources
- S1Mason Wells home page Accessed October 26, 2026
- S2Mason Wells: Our Firm Accessed October 26, 2026
- S3Mason Wells: Criteria Accessed October 26, 2026
- S4Mason Wells: For Business Owners (FAQs) Accessed October 26, 2026
- S5Mason Wells: Portfolio Companies Accessed October 26, 2026
- S6Mason Wells closes Buyout Fund V with $767 million available to invest (June 8, 2020) Accessed October 26, 2026
- S7Mason Wells News Accessed October 26, 2026
- S8Mason Wells: Our Strategy Accessed October 26, 2026
- S9Mason Wells Acquires Canworks (October 14, 2026) Accessed October 26, 2026
- S10Mason Wells Acquires Calvary Industries (August 29, 2025) Accessed October 26, 2026
- S11Mason Wells Newsletter 2025, Volume 2 (Strato acquisition) Accessed October 26, 2026
- S12Mason Wells Newsletter 2025, Volume 1 (Boogie Board and Mela Water add-ons) 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 Mason Wells. Figures are as reported on the dates shown and may have changed. Request a correction