Lower middle market private equity firm
MPE Partners (Morgenthaler Private Equity)
- HeadquartersCleveland, OH S3
- Founded2012 S5
- Websitempepartners.com
- Last verifiedOctober 28, 2026
At a glance
| Latest fund | MPE Partners IV, $633M (Jun 2023) S6 |
|---|---|
| EBITDA range | $8M to $40M S3 |
| Deal types | Platform, Add-on S4 |
| Geography | North America S3 |
| Sectors | Industrial & Manufacturing, Construction Services, Distribution |
What MPE Partners (Morgenthaler Private Equity) buys
MPE Partners, which also goes by Morgenthaler Private Equity, is a lower middle market buyout firm with offices in Cleveland and Boston. Morgenthaler's former private equity team formed it in 2012. It buys entrepreneur- and family-owned companies and corporate divisions in two areas. The first is high-value manufacturing, such as precision parts, specialty materials and products for food, aerospace and the auto aftermarket. The second is commercial and industrial services, such as utility and infrastructure work, maintenance and repair, building products and distribution. New platforms need $8 million to $40 million of EBITDA and must be in North America.
MPE takes control through buyouts and recapitalizations, often leaving the founder or family with a sizable stake, and then grows each company with add-ons. Add-ons have no size minimum and can be anywhere in the world. Its current fund, MPE Partners IV, closed at its $633 million hard cap in June 2023. A smaller company is most likely to meet MPE as an add-on to platforms such as Delphi Infrastructure Group, Webster Industries or SKB Cases.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Apr 2026 | NANUK Gear ProtectionQuebec maker of molded protective cases, added to SKB Cases | Add-on | Industrial & Manufacturing | Source |
| Feb 2026 | MSHS & Pacific Power GroupPower and propulsion repair and overhaul business sold to Industrial Service Solutions, a Wynnchurch Capital company | Exit | Source | |
| Feb 2026 | 80/20Modular aluminum framing maker sold to Littlejohn & Co. | Exit | Industrial & Manufacturing | Source |
| Nov 2025 | RenoldGlobal industrial chain and torque transmission maker founded in 1879, combined with Webster Industries under a newly recruited CEO | Add-on | Industrial & Manufacturing | Source |
| Jun 2025 | JMF UndergroundPennsylvania underground utility contractor added to Delphi Infrastructure Group, in partnership with its founder | Add-on | Construction Services | Source |
| May 2025 | Central Coated Products and Sun AmericaTwo owner-led food packaging makers merged to form a new platform | Platform | Industrial & Manufacturing | Source |
| Apr 2025 | IntermaticFamily-owned maker of electrical and mechanical controls for lighting, irrigation, HVAC and pools; the CEO stays on | Platform | Industrial & Manufacturing | Source |
| Jan 2025 | SKB CasesProtective case maker founded in 1977; a co-founder invested alongside MPE and management | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S7.
Commercial & Industrial Services
- Appearance Technology Group
- Delphi Infrastructure Group (DIG)
- Ideal Aluminum
- Inkcups
- Mid-States Bolt & Screw
High-Value Manufacturing
- BonaDent
- Central Coated Products & Sun America
- DecoArt
- Garmat USA
- Intermatic
- LACO Industries
- SKB Cases & NANUK
- Teel Plastics
- Waterfront Brands
- Webster Industries & Renold
Past investments: 80/20, MSHS & Pacific Power Group
Greymont’s take
How MPE Partners (Morgenthaler Private Equity) fits a seller
MPE fits owners of established manufacturers and industrial service companies who want a buyer with long experience partnering with family-owned businesses and who are ready for a multi-year build-out. Many of its deals are recapitalizations where the founder or family keeps a meaningful share, as with BonaDent and the Precision Pipeline business that became Delphi Infrastructure Group, and the existing leaders usually stay. MPE will also bring in outside executives when it sees a need: it recruited a new CEO for Webster Industries and an interim CEO for its food packaging platform.
Owners below the $8 million EBITDA floor are most likely to sell as an add-on, the way JMF Underground's founder did in 2025. MPE says it usually aims to sell within five to seven years, so an owner rolling equity should ask about the expected timeline and the likely next buyer.
Questions owners ask
What size companies does MPE Partners invest in?
For a new platform it looks for profitable lower middle market companies in North America with $8 million to $40 million of EBITDA. Add-on acquisitions for its existing companies have no minimum size and can be located anywhere.
Is MPE Partners the same firm as Morgenthaler?
Not exactly. The partners who managed Morgenthaler's private equity investments formed MPE Partners in 2012 as a separate firm. It still uses the Morgenthaler Private Equity name but is not an affiliate of Morgenthaler.
How long does MPE usually own a company?
Its criteria page says it typically looks to realize a gain in five to seven years. In February 2026 it sold 80/20, which it backed in 2021, to Littlejohn & Co., and sold MSHS & Pacific Power Group to a Wynnchurch Capital company.
Does MPE buy service businesses as well as manufacturers?
Yes. Commercial and industrial services is one of its two sectors. Its Delphi Infrastructure Group platform repairs and maintains underground gas, electric, telecom and water lines and has added SabCon Underground, Allegheny Contracting and JMF Underground.
Sources
- S1MPE Partners home page Accessed October 28, 2026
- S2MPE Partners: About Us Accessed October 28, 2026
- S3MPE Partners: Investment Criteria Accessed October 28, 2026
- S4MPE Partners factsheet Accessed October 28, 2026
- S5MPE Partners: Company History Accessed October 28, 2026
- S6MPE Partners Closes Fund IV at $633 Million (July 11, 2023) Accessed October 28, 2026
- S7MPE Partners: Current Portfolio Accessed October 28, 2026
- S8MPE Partners: News Accessed October 28, 2026
- S9MPE Partners portfolio: BonaDent Accessed October 28, 2026
- S10MPE Partners portfolio: Delphi Infrastructure Group Accessed October 28, 2026
- S11MPE Partners and Webster Industries Announce the Acquisition of Renold Plc (November 4, 2025) Accessed October 28, 2026
- S12MPE Partners Forms New Food Packaging Platform (May 1, 2025) Accessed October 28, 2026
- S13MPE Partners and Delphi Infrastructure Group Announce the Acquisition of JMF Underground (June 18, 2025) Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with MPE Partners (Morgenthaler Private Equity). Figures are as reported on the dates shown and may have changed. Request a correction