Lower middle market private equity firm
MP Next Capital
Formerly Milestone Partners
- HeadquartersVillanova, PA S5
- Websitempnextcapital.com
- Last verifiedNovember 3, 2026
At a glance
| EBITDA range | $5M to $30M S2 |
|---|---|
| Revenue range | $10M to $150M S2 |
| Check size | $10M to $60M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | North America S2 |
| Sectors | Software & SaaS |
What MP Next Capital buys
MP Next Capital, known until January 2026 as Milestone Partners, is a lower middle market private equity firm in Villanova, Pennsylvania, outside Philadelphia. It now makes control investments only in technology-enabled services: financial solutions such as payments and specialty insurance, vertical software, information and analytics services, marketing and customer engagement, and business services. It looks for founder-led or bootstrapped companies in North America with $10 million to more than $150 million of revenue or ARR, $5 million to more than $30 million of EBITDA, recurring revenue and high margins.
It writes equity checks of $10 million to $60 million for control buyouts, majority recapitalizations and add-on acquisitions. The firm says it has deployed $1.2 billion, including co-investment, across 34 platforms and add-ons over more than 20 years. Recent deals have used a vehicle set up for each company, with outside co-investors, as in the October 2025 purchase of Set Forth. With a $5 million EBITDA floor, a smaller company is most likely to reach MP Next as an add-on to a current holding.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2025 | Set Forth (FORTH)Majority investment in a Schaumburg, Illinois CRM and payment processing provider for debt settlement and specialty finance firms; the co-founders keep a significant stake | Platform | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S4.
CRM and Payment Processing Provider
- Set Forth
Current (legacy Milestone holding)
- RedZone Robotics
- mTAB
Payment Processing Provider
- CDE Services
Specialty Auto Insurance
- Drive Assurance
Specialty P&C Insurance
- Insure Homes
Vehicle Warranty Finance
- Olive.com
Past investments: G5, USAuto Sales, EnterpriseDB, eCommission, Heights Finance, Mariner Finance, Freestyle Solutions, Bodybuilding.com
Greymont’s take
How MP Next Capital fits a seller
MP Next suits the founder of a profitable tech-enabled services business, especially in payments, specialty insurance or vertical software, who is ready to sell control but keep a meaningful stake. In the Set Forth deal the co-founders and management kept a significant share and stayed on to run the company, and the firm says it works with an in-house team and outside operating partners on pricing, sales, data and technology. Its record also runs long, with dozens of former holdings from its Milestone Partners years.
Because recent deals have been funded through vehicles set up for a single company, with outside investors such as Headway Capital, an owner should ask who supplies the equity, how much of it is committed at signing, and how long MP Next expects to own the business before selling.
Questions owners ask
Is MP Next Capital the same firm as Milestone Partners?
Yes. Milestone Partners announced in January 2026 that it had rebranded as MP Next Capital, narrowing a generalist lower middle market strategy to technology-enabled services. The old milestonepartners.com address now forwards to mpnextcapital.com.
What size company does MP Next Capital invest in?
Its criteria call for $10 million to more than $150 million of revenue or ARR and $5 million to more than $30 million of EBITDA, with equity investments of $10 million to $60 million.
Does the founder keep a stake after MP Next invests?
Often. In its October 2025 majority investment in Set Forth, the two co-founders and the management team kept a significant equity stake and continued to run the company.
Sources
- S1MP Next Capital home page Accessed November 3, 2026
- S2MP Next Capital: About and Investment Criteria Accessed November 3, 2026
- S3MP Next Capital: Our Approach Accessed November 3, 2026
- S4MP Next Capital: All Investments Accessed November 3, 2026
- S5Milestone Partners Rebrands to MP Next Capital (January 21, 2026) Accessed November 3, 2026
- S6Milestone Partners Invests with Set Forth, LLC (October 28, 2025) Accessed November 3, 2026
- S7Headway backs Milestone Partners to invest in Set Forth (October 28, 2025) Accessed November 3, 2026
- S8MP Next Capital: Set Forth investment page Accessed November 3, 2026
- S9MP Next Capital: CDE Services investment page Accessed November 3, 2026
- S10MP Next Capital: News Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with MP Next Capital. Figures are as reported on the dates shown and may have changed. Request a correction