Subordinated debt and minority equity investor (SBIC)
Medallion Capital
- HeadquartersExcelsior, MN S1
- Founded1979 S3
- Websitemedallioncapital.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $2M+ S2 |
|---|---|
| Revenue range | $5M+ S2 |
| Check size | $2M to $10M S2 |
| Deal types | Minority, Growth S2 |
| Geography | United States S2 |
| Sectors | Industrial & Manufacturing, Construction Services, Consumer & Food, Distribution |
What Medallion Capital buys
Medallion Capital is an Excelsior, Minnesota investor, founded in 1979, that calls itself the nation's oldest SBIC. It usually does not buy a company outright. It backs an independent sponsor, a private equity firm or an owner with $2 million to $10 million of subordinated debt, often with a minority equity stake beside it. The notes run three to seven years, do not amortize, and can mix current and deferred interest. It holds one evergreen license rather than a fund with a fixed end date.
It looks for US small businesses with at least $5 million of revenue and $2 million of EBITDA, a defined niche, stable results and a clear exit. It also wants a sophisticated equity investor in the deal, so an owner usually meets it through a sponsor's buyout, a recapitalization or an acquisition. Its core sectors are manufacturing, business services and construction, healthcare and public safety, technology, and food and consumer products. SBIC rules bar foreign-owned businesses, real estate and farmland.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| 2026 | Tri-Tech ForensicsSubordinated debt and an equity co-investment in the recapitalization of a Leland, North Carolina maker of crime scene and evidence collection products | Investment | Source | |
| 2025 | Actron EntitiesSubordinated debt and an equity co-investment in a Clearwater, Florida aerospace and defense machining company | Investment | Industrial & Manufacturing | Source |
| 2025 | Dynamic RubberSenior subordinated debt and an equity co-investment in a Mount Prospect, Illinois inflatable seal maker | Investment | Industrial & Manufacturing | Source |
| 2025 | Local Web LeadsSubordinated debt and an equity co-investment in an Austin digital advertising and lead generation agency | Investment | Source | |
| 2025 | Resolution Pet BrandsSubordinated debt and an equity co-investment so the New York pet treat platform could buy an all-natural treat brand | Investment | Consumer & Food | Source |
| 2025 | Sidus SolutionsSubordinated debt and an equity co-investment in a San Diego maker of subsea and topside surveillance systems | Investment | Industrial & Manufacturing | Source |
| 2025 | True View Windows & GlassSenior subordinated debt so the Phoenix glass company could buy Roadrunner Glass Company | Investment | Construction Services | Source |
| 2025 | 3P Processing2018 investment in a Wichita aircraft part processor, marked realized | Exit | Industrial & Manufacturing | Source |
| 2025 | Trudela Holdings2020 investment in a Dallas-Fort Worth HVAC service rollup, marked realized | Exit | HVAC, Plumbing & Electrical | Source |
| 2025 | Filter Holdings2017 investment in a specialty filter bag maker, marked realized | Exit | Industrial & Manufacturing | Source |
| 2025 | Tulsa Power / Reel Power2009 investment in a maker of tubing and cable handling equipment, marked realized | Exit | Industrial & Manufacturing | Source |
| 2025 | American Window Film2023 subordinated debt for a window film and building wrap company, marked realized | Exit | Source | |
| 2025 | Senior Care Services Provider2018 buyout financing, with another SBIC, for an unnamed elder care company, marked realized | Exit | Healthcare Services | Source |
| 2025 | ADSCO2016 investment in a publisher for law enforcement and community agencies, marked realized | Exit | Source | |
| 2025 | Advantage Surveillance2019 investment in a private investigation firm, marked realized | Exit | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services & Construction Related
- Capital Building Maintenance
- Columbia Fire
- Diamond Graphics
- Local Web Leads
- PirTano Construction
- True View Windows & Glass
- XeteX
Food & Consumer Products
- Gilman Cheese
- Quaker Bakery Brands
- Resolution Pet Brands
- Turtle Fur
- Twelve South
Healthcare & Public Safety
- Nuance Medical
- Tri-Tech Forensics
Manufacturing & Industrial
- Actron Entities
- Advanced Glass Industries
- All Metals Industries
- American Precision Technologies
- Bay Standard Manufacturing
- Connecticut Electric Manufacturing
- Denali Communications
- Driver Industrial
- Dynamic Rubber
- Federal Tool & Engineering
- Green Diamond Performance Materials
- Klesk Metal Stamping
- Metric Marine & Industrial
- Pacific Coast Feather Cushion Company
- Sidus Solutions
- Vantage Vehicle International
Greymont’s take
How Medallion Capital fits a seller
Medallion is most relevant to an owner selling to an independent sponsor or a small private equity firm, because it often supplies the junior layer of the buyer's financing. It is not a stand-alone buyer: its criteria call for a sophisticated equity investor in the deal. An owner who wants a recapitalization should expect to bring in, or already have, that kind of partner.
Its evergreen license means it is not racing a fund deadline, and it has stayed in some companies for many years, such as Quaker Bakery Brands since 2017. Subordinated notes still add debt that the company must service, even if some interest can be deferred. Ask how much interest is paid in cash, how long the note runs, whether Medallion will take equity, and how its position ranks against the senior lender.
Questions owners ask
Does Medallion Capital buy companies outright?
No. It provides subordinated debt, often with a minority equity co-investment, and its criteria call for a sophisticated equity investor in each deal. Its 2026 Tri-Tech Forensics investment supported a recapitalization in that way.
What size of company does Medallion Capital back?
It looks for at least $5 million of revenue and $2 million of EBITDA, and it writes checks of $2 million to $10 million, though it says not every business will meet every criterion.
Why does Medallion Capital say it is more patient than other lenders?
It operates under a single evergreen SBIC license rather than a fund with a fixed term, so it says it is not tied to traditional fund timelines. Its notes typically run three to seven years.
Are there companies Medallion Capital cannot invest in?
Yes. As a licensed SBIC it says it cannot invest in foreign-owned businesses, real estate, farmland or project financing. Otherwise it describes itself as industry-agnostic beyond its five core sectors.
Sources
- S1Medallion Capital home page Accessed November 5, 2026
- S2Medallion Capital: Partnering with Us (criteria and structure) Accessed November 5, 2026
- S3Medallion Capital: About Us Accessed November 5, 2026
- S4Medallion Capital: Our Portfolio Accessed November 5, 2026
- S5Medallion Capital: Tri-Tech Forensics (invested 2026) Accessed November 5, 2026
- S6Medallion Financial: Mezzanine Loans Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Medallion Capital. Figures are as reported on the dates shown and may have changed. Request a correction