Lower middle market private equity firm
New Capital Partners
- HeadquartersBirmingham, AL S4
- Founded2001 S5
- Websitenewcapitalpartners.com
- Last verifiedOctober 28, 2026
At a glance
| EBITDA range | $3M+ S2 |
|---|---|
| Revenue range | $5M to $150M S2 |
| Check size | $5M to $100M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Geography | United States S2 |
| Sectors | Healthcare Services, Software & SaaS, Cybersecurity, Environmental & Waste |
What New Capital Partners buys
New Capital Partners is a Birmingham, Alabama firm, founded in 2001 and staffed by former operators, that invests in founder-owned lower middle market companies. It works in three areas: healthcare technology and services, financial technology and services, and business technology and services. It looks for US companies with $5 million to $150 million of revenue and at least $3 million of EBITDA, healthy margins, a model that can scale and mostly recurring revenue.
NCP leads investments of $5 million to $100 million and will take a majority or minority stake or co-invest with others, providing money for growth and acquisitions. Its current companies include ControlCase, a cybersecurity compliance firm, and ACES Quality Management, a quality control software maker for lenders, and both made add-on acquisitions in 2026. A smaller company is most likely to meet NCP today as an add-on to one of those platforms, since the firm has not announced a new platform since its 2023 investment supporting Ariel Re.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Apr 2026 | CyberNINESCMMC assessor and advisor for defense contractors added to ControlCase | Add-on | Cybersecurity | Source |
| Jan 2026 | BaseCap AnalyticsEnterprise data quality platform for lenders added to ACES Quality Management | Add-on | Software & SaaS | Source |
| Jan 2025 | Medsurant HealthSale of the intraoperative neuromonitoring provider through an auction; buyer not named | Exit | Healthcare Services | Source |
| Jan 2025 | HealthfuseHospital revenue cycle vendor management firm sold to InTandem Capital | Exit | Healthcare Services | Source |
| Jan 2025 | SproutRecognize bought a majority of the IT asset disposition and e-waste firm; NCP kept a minority stake | Exit | Environmental & Waste | Source |
| Jan 2025 | GeoVeraSale of the residential earthquake underwriting business to SageSure closed | Exit | Source |
Portfolio by sector
From the firm's portfolio page S3.
Data Analytics and Informatics
- Precision
IT Security Certification and Compliance
- ControlCase
ITAD
- Sprout
Revenue Cycle Management, Out-of-Network Providers
- Collect Rx
Specialty reinsurer
- Ariel Re
Teletherapy
- DotCom Therapy
Transaction Risk Management Technology
- ACES Quality Management
Past investments: Healthfuse, Medsurant Health, GeoVera
Greymont’s take
How New Capital Partners fits a seller
NCP suits a founder of a tech-enabled services or software business with steady recurring revenue who wants a partner that has run companies before, not just a check. It is flexible on control: when Recognize bought a majority of Sprout in January 2025, NCP kept a minority stake, which shows it is comfortable sitting beside another owner. Its holds tend to be long. It first backed Sprout in 2019 and Healthfuse in 2020, and sold both stakes in 2025.
Its stated focus is technology and services in healthcare, finance and business, so traditional field service companies are a weaker fit. An owner should ask whether NCP is still making new platform investments, since its recent announcements have been add-ons and exits, and how large a stake NCP expects to own.
Questions owners ask
What size companies does New Capital Partners invest in?
It targets US companies with $5 million to $150 million of revenue and $3 million or more of EBITDA, and it leads investments of $5 million to $100 million.
Will NCP take a minority stake?
Yes. Its criteria list majority, minority and co-investment deals. After Recognize bought a majority of Sprout in January 2025, NCP stayed on as a minority investor in the company.
Has NCP made deals recently?
Its recent activity has been add-ons and exits. ControlCase bought CyberNINES in April 2026, ACES Quality Management bought BaseCap Analytics in January 2026, and NCP sold Healthfuse, Medsurant Health and GeoVera in January 2025.
Sources
- S1New Capital Partners home page Accessed October 28, 2026
- S2New Capital Partners: About and Investment Criteria Accessed October 28, 2026
- S3New Capital Partners: Companies Accessed October 28, 2026
- S4New Capital Partners: Contact (Birmingham office) Accessed October 28, 2026
- S5New Capital Partners sells Medsurant Health (January 23, 2025) Accessed October 28, 2026
- S6New Capital Partners Invests in SMR Worldwide, now Sprout (October 23, 2019) Accessed October 28, 2026
- S7New Capital Partners: News + Blog 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 New Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction