Lower middle market private equity firm
May River Capital
- HeadquartersChicago, IL S5
- Founded2012 S1
- Websitemayrivercapital.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $1B (as of Aug 2026) S1 |
|---|---|
| Latest fund | May River Capital Fund III, $500M (Jul 2023) S5 |
| EBITDA range | $4M to $15M S1 |
| Revenue range | Up to $100M S3 |
| Check size | $30M to $90M S1 |
| Deal types | Platform, Add-on S1 |
| Geography | North America S2 |
| Sectors | Industrial & Manufacturing, Distribution |
What May River Capital buys
May River Capital is a Chicago firm that has invested only in lower middle market industrial companies since 2012. It looks for niche leaders whose customers depend on engineered products, certifications or regulatory approvals, and that earn strong margins as a result. Its focus areas are engineered products and instrumentation, advanced manufacturing, technical industrial services and specialty industrial distribution, and flow control (pumps, valves and regulators) is the area where it has the most experience. It buys family and founder-owned companies, corporate carve-outs and businesses whose owners are ready to retire, usually taking a majority stake.
For a new platform it targets $4 million to $15 million of EBITDA, revenue under about $100 million and an equity check of $30 million to $90 million, investing from its $500 million third fund. Add-ons can be any size and can be in the US or overseas. A smaller manufacturer is most likely to meet May River as an add-on to a company it already owns, such as Cashco, Tusk Industrial, Akona or PaperTech.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | DicksonEnvironmental monitoring company sold to Copeland after about eight years of ownership | Exit | Industrial & Manufacturing | Source |
| Jul 2026 | Garner ProductsCalifornia maker of degaussing and data destruction equipment joined Security Engineered Machinery | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | 3B ControlsUK maker of storage tank safety valves added to Cashco | Add-on | Industrial & Manufacturing | Source |
| Jan 2026 | Bake-Best TraysOregon paperboard tray maker added to PaperTech | Add-on | Industrial & Manufacturing | Source |
| Apr 2025 | Tusk IndustrialNew pump platform formed from the Dean, Fybroc and Sethco brands, carved out of CECO Environmental | Platform | Industrial & Manufacturing | Source |
| Jan 2025 | Akona Process SolutionsMerged two portfolio companies, Advanced Material Processing and Automated Handling Solutions, into one platform | Investment | Industrial & Manufacturing | Source |
| Dec 2024 | NDSL Group (Cellwatch)Battery monitoring maker combined with RLE Technologies to form the new platform Parameter | Add-on | Industrial & Manufacturing | Source |
| Nov 2024 | CashcoKansas maker of regulators and control valves; the firm's fourth flow control platform, with management staying on | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Distribution
- Boston Centerless
Industrial & Manufacturing
- Security Engineered Machinery (SEM)
- Tusk Industrial
- Akona Process Solutions
- Cashco
- Parameter
- Unibloc Hygienic Technologies
- PaperTech
- Industrial Flow Solutions
Past investments: Dickson, NSL Analytical
Greymont’s take
How May River Capital fits a seller
May River suits owners of specialized industrial manufacturers or technical service businesses who want a buyer that already knows their niche and will keep the company's name and people. In its recent deals the existing leaders stayed in their jobs, and at Boston Centerless the owner and CEO kept a significant ownership stake. The firm also places its own operating executives in senior roles when that helps, as it did at Cashco.
Much of its activity is add-ons and combinations, so a smaller company may end up inside a larger platform rather than standing alone. May River held Dickson for about eight years before selling it in 2026. An owner who rolls equity into a deal should ask how long the firm plans to hold the platform and how add-on sellers share in the eventual sale.
Questions owners ask
What size company does May River Capital look for?
For a new platform it targets $4 million to $15 million of EBITDA and companies with less than about $100 million of revenue, with equity investments of $30 million to $90 million. Add-on acquisitions can be any size.
Will May River buy a company outside the United States?
Its platforms are usually based in North America, but it actively looks for add-ons overseas. In April 2026 its portfolio company Cashco bought 3B Controls, a United Kingdom maker of storage tank safety equipment.
Does the owner stay involved after selling to May River?
Usually, yes. When Boston Centerless partnered with May River in November 2023, its owner and CEO stayed in his role and kept a significant stake, and Cashco's leadership team stayed on after its 2024 sale.
Sources
- S1May River Capital home page Accessed October 20, 2026
- S2May River Capital: Investment Criteria Accessed October 20, 2026
- S3May River Capital: Investment Approach Accessed October 20, 2026
- S4May River Capital: Portfolio (current and prior) Accessed October 20, 2026
- S5May River Capital Closes Third Fund With $500 Million In Commitments (July 11, 2023) Accessed October 20, 2026
- S6May River Capital News Accessed October 20, 2026
- S7Boston Centerless Partners with May River Capital (November 7, 2023) Accessed October 20, 2026
- S8May River Capital Acquires Cashco (November 13, 2024) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with May River Capital. Figures are as reported on the dates shown and may have changed. Request a correction