Middle market private investment firm (control equity and structured capital)
Mill Rock Capital
- HeadquartersNew York, NY S5
- Websitemillrock-cap.com
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $10M+ S3 |
|---|---|
| Check size | $50M to $200M S3 |
| Deal types | Platform, Add-on, Minority S3 |
| Geography | North America S3 |
| Sectors | Industrial & Manufacturing, Environmental & Waste, Transportation & Logistics, Distribution |
What Mill Rock Capital buys
Mill Rock Capital is a New York investment firm that backs established industrial and business-to-business companies based in North America. It works in six areas where its partners have run businesses themselves: chemicals, materials and packaging; industrial distribution; metals, including ferrous and nonferrous scrap recycling and processing; outsourced B2B services; specialty manufacturing; and specialty logistics. The firm says it was built with family-owned, owner-operated and founder-led companies in mind.
It invests in two ways. The first is a majority equity buyout, often tied to succession, a management buyout or a corporate carve-out. The second, called Activ Capital, is debt, preferred equity or hybrid capital for owners who want money and support without giving up control. Mill Rock only looks at mature companies, generally with at least about $10 million of EBITDA, and puts in $50 million to $200 million per deal. A smaller company is more likely to meet Mill Rock as an add-on to a holding such as Venture Metals+, Mill Rock Packaging or Asbury Advanced Materials.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Graphit KropfmühlGerman graphite business bought from AMG Critical Materials, completed by Asbury Advanced Materials after an October 2025 signing | Add-on | Industrial & Manufacturing | Source |
| Mar 2026 | InteliNotionAI-enabled regulatory document authoring software added to Tandym Group | Add-on | Software & SaaS | Source |
| Jul 2025 | Entitech SolutionsLife sciences data and systems integration consultancy added to Tandym Group | Add-on | IT Services & MSP | Source |
| Jan 2025 | Thalheimer Brothers and Mega MetalsPhiladelphia nonferrous scrap processor and its Phoenix titanium recycling sister company added to Venture Metals+ | Add-on | Environmental & Waste | Source |
Portfolio by sector
From the firm's portfolio page S3.
Chemicals, Materials & Packaging
- Asbury Advanced Materials (formerly Asbury Carbons)
- Mill Rock Packaging
Industrial Technology & Specialty Manufacturing
- DRT Holdings
Metals & Engineered Materials
- Venture Metals+
Services
- Cisco Industrial Services
- Tandym Group
Transportation & Logistics
- Grammer Logistics
Greymont’s take
How Mill Rock Capital fits a seller
Mill Rock fits owners of larger, steady industrial businesses, such as metal recyclers, packaging and specialty chemical makers, and industrial service companies, who want a partner with hands-on operating experience. Its roughly $10 million EBITDA floor means most smaller owners will meet it through an add-on. Venture Metals+, its Dallas metal recycling platform, bought Philadelphia scrap processor Thalheimer Brothers and its Phoenix titanium affiliate in January 2025, and the Thalheimer CEO kept running both companies.
The firm's Activ Capital option stands out for owners who need growth money or partial liquidity but do not want to sell control. An owner should ask which structure Mill Rock has in mind, how much debt the deal would add, and how long the firm usually holds a company, since its news shows fewer new platforms in recent years than add-ons.
Questions owners ask
What size company does Mill Rock Capital invest in?
Its criteria call for mature companies with EBITDA of generally about $10 million or more, and an investment of $50 million to $200 million, sometimes more. Smaller companies usually fit better as add-ons to its existing holdings.
Can an owner take Mill Rock's money without selling control?
Yes. Besides majority buyouts, Mill Rock offers Activ Capital, which can be senior or subordinated debt, convertible notes, preferred equity or hybrid securities, used for growth, recapitalizations, refinancing or partial liquidity for shareholders.
Does Mill Rock Capital buy recycling companies?
Yes, through its metals vertical, which targets ferrous and nonferrous scrap recycling and processing. Its platform Venture Metals+ added Thalheimer Brothers and Mega Metals in January 2025, giving it seven processing sites in the US and South Korea.
Sources
- S1Mill Rock Capital home page and core verticals Accessed November 2, 2026
- S2Mill Rock Capital: About and Investment Strategy Accessed November 2, 2026
- S3Mill Rock Capital: Investments, Current Investments and Investment Criteria Accessed November 2, 2026
- S4Mill Rock Capital: News Accessed November 2, 2026
- S5Mill Rock Capital Establishes Advanced Materials Growth Platform and Acquires Asbury Carbons (April 5, 2023, New York dateline) Accessed November 2, 2026
- S6Venture Metals+ Acquires Thalheimer Brothers and Mega Metals (January 13, 2025) Accessed November 2, 2026
- S7Tandym Group press room (InteliNotion and Entitech acquisitions) Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Mill Rock Capital. Figures are as reported on the dates shown and may have changed. Request a correction