Lower middle market private equity firm
New State Capital Partners
- HeadquartersNew Rochelle, NY S2
- Websitenewstatecp.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $2B (as of Jan 2026) S2 |
|---|---|
| EBITDA range | $8M to $40M S4 |
| Check size | Up to $100M S4 |
| Deal types | Platform, Add-on, Minority S2 |
| Sectors | Roofing, Industrial & Manufacturing |
What New State Capital Partners buys
New State Capital Partners is a private equity firm in New Rochelle, New York, with a second office in Newport Beach, California. It manages about $2 billion and buys service businesses, often from founders and other private owners, and sometimes from larger companies selling a division. Recent platforms include Vast Coworking Group, a coworking franchisor carved out of United Franchise Group in March 2026; PAX Services Group, a commercial roofing and building exterior contractor; Universal Plant Services, which repairs rotating equipment at industrial plants; and The Expo Group, a trade show services company. It also partners with independent sponsors, and in January 2026 it launched Forge Select to take non-control stakes in their deals.
In late 2023 the firm said it invests up to $100 million of equity per deal in companies with $8 million to $40 million of EBITDA. Vast was the second platform from its fourth fund. Smaller companies are most likely to meet New State as add-ons: in 2025 PAX bought Hi-Tech Roofing & Sheet Metal in South Florida and Culbertson Company of Virginia.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Mar 2026 | Vast Coworking GroupCoworking franchisor (Venture X, Office Evolution, Intelligent Office) carved out of United Franchise Group; the co-founder stays as CEO | Platform | Source | |
| Apr 2025 | Culbertson Company of VirginiaMid-Atlantic commercial roofing, masonry and restoration contractor founded in 1938, added to PAX Services Group | Add-on | Roofing | Source |
| Mar 2025 | Hi-Tech Roofing & Sheet MetalSouth Florida commercial roofer added to PAX Services Group; the owner and management team stay on | Add-on | Roofing | Source |
Portfolio by sector
From the firm's portfolio page S1.
Aviation services
- New State Aviation Holdings Active (unconfirmed)
Building services
- PAX Services Group
Business services
- Vast Coworking Group
- The Expo Group Active (unconfirmed)
- AFIMAC Global and Agility Recovery Active (unconfirmed)
Industrial services
- Universal Plant Services Active (unconfirmed)
Greymont’s take
How New State Capital Partners fits a seller
New State suits owners of established service businesses who want a buyer that grows by adding companies to a platform. For commercial roofing and building exterior contractors, PAX Services Group has been a steady acquirer, and in the Hi-Tech deal the owner and his management team stayed with the company. New State is also willing to let sellers keep a stake: at The Expo Group, management and the existing owners put a large share of their proceeds back into the business. It handles complex deals too, with three purchases of corporate divisions in 18 months.
The published size range dates from 2023, and the firm now invests from its fourth fund. An owner should ask what EBITDA range New State is targeting today, and whether the business would be a new platform or an add-on to one it already owns.
Questions owners ask
What size companies does New State Capital Partners buy?
In a November 2023 release, New State said it targets services businesses with $8 million to $40 million of EBITDA and can invest up to $100 million of equity in one deal. Smaller businesses have joined its platforms as add-ons.
Does New State buy roofing companies?
Yes, through PAX Services Group, its commercial roofing and building exterior platform based in Millersville, Maryland. PAX bought Hi-Tech Roofing & Sheet Metal in South Florida in March 2025 and Culbertson Company of Virginia in April 2025.
Does New State work with independent sponsors?
Yes. It says it has relationships with more than 1,000 independent sponsors and had closed six deals alongside them by January 2026, when it launched Forge Select to make non-control investments in sponsor-led deals.
Will New State buy a division of a larger company?
Yes. Its March 2026 purchase of Vast Coworking Group from United Franchise Group was its third corporate carve-out in 18 months. In 2024 it also bought the rotating equipment business of Universal Plant Services from Jones Industrial Holdings.
Sources
- S1New State Capital Partners news releases on PR Newswire Accessed October 20, 2026
- S2New State Capital Partners Launches Forge Select (January 26, 2026) Accessed October 20, 2026
- S3New State Capital Partners Acquires Vast Coworking Group (March 3, 2026) Accessed October 20, 2026
- S4New State Capital Partners Acquires Agility Recovery Services (November 30, 2023; investment criteria) Accessed October 20, 2026
- S5PAX Services Group Acquires Hi-Tech Roofing & Sheet Metal (March 27, 2025) Accessed October 20, 2026
- S6PAX Services Group Acquires Culbertson Company of Virginia (April 29, 2025) Accessed October 20, 2026
- S7New State Capital Partners Completes Majority Investment in The Expo Group (September 26, 2024) Accessed October 20, 2026
- S8Universal Plant Services' Rotating Segment Acquired by New State Capital Partners (August 14, 2024) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with New State Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction