Lower middle market private equity firm
New Water Capital
- HeadquartersBoca Raton, FL S1
- Founded2014 S2
- Websitenewwatercap.com
- Last verifiedOctober 19, 2026
At a glance
| EBITDA range | $5M to $20M S1 |
|---|---|
| Revenue range | $30M to $300M S1 |
| Deal types | Platform, Add-on S1 |
| Geography | North America S1 |
| Sectors | Industrial & Manufacturing, Consumer & Food, Distribution |
What New Water Capital buys
New Water Capital is a Boca Raton, Florida firm, founded in 2014, that buys control of lower middle market B2B manufacturers and distributors in North America. It targets $30 million to $300 million of revenue and $5 million to $20 million of EBITDA in industrials, industrial technology, food and beverage, niche engineered products and packaging. It prefers made-to-order producers with sticky customers who buy on quality and delivery rather than on price alone.
The firm leans into complicated situations: family or founder succession, corporate carve-outs, plants that are out of capacity, owned real estate, heavy reliance on one customer, or thin financial reporting. Its site says about 90 percent of its deals have been founder or family transitions, and that its 12 platforms have made 21 add-ons. A smaller manufacturer could join a current platform such as Gravis, Nelson Miller Group or Klosterman. LidWorks, bought in 2026, is held in the firm's third fund.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | LidWorksFamily-owned maker of custom foodservice and beverage lids in Plant City, Florida, founded in 1985; held in Fund III | Platform | Industrial & Manufacturing | Source |
| Mar 2026 | Procon PacificLombard, Illinois distributor of bulk bags and woven bags added to Gravis | Add-on | Distribution | Source |
| Jun 2025 | New England KeyboardMaker of rugged keyboards, membrane switches and control panels, founded in 1986, added to Nelson Miller Group | Add-on | Industrial & Manufacturing | Source |
| Mar 2025 | Dutch Gold HoneyLancaster, Pennsylvania honey and maple producer founded in 1946; the Gamber family kept an investment | Platform | Consumer & Food | Source |
Portfolio by sector
From the firm's portfolio page S4.
B2B Manufacturing
- LidWorks
Food Manufacturing
- Dutch Gold Honey
- Klosterman Baking Company
- Pegasus Food Group
Industrial Manufacturing
- LUXIT Group
- Nelson Miller Group
Industrial Packaging
- Gravis
Greymont’s take
How New Water Capital fits a seller
New Water is a good match for a family or founder who owns a manufacturing or food production business and is planning a succession, especially if the company has a wrinkle that puts off other buyers, such as one dominant customer, a plant at full capacity or limited financial reporting. The firm uses its own operating team and says it spends a lot of time on site, so an owner should expect hands-on involvement in operations after the sale.
Families can stay invested: the Gamber family kept a stake when New Water bought Dutch Gold Honey in 2025. New Water also holds some companies for a long time; LUXIT Group and Pegasus Food Group date to 2017 and 2018. An owner should ask how long the firm expects to hold the business, how much equity they can roll over, and what operating changes are planned for the first year.
Questions owners ask
What size companies does New Water Capital buy?
Its site lists targets of $30 million to $300 million in revenue and $5 million to $20 million in EBITDA, for control investments in North American B2B manufacturing and distribution businesses.
Does New Water Capital buy family-owned businesses?
Yes. Family and founder transitions are one of the situations it names, and its site says roughly 90 percent of its deals have been of that kind. Recent examples are Dutch Gold Honey, started by the Gamber family in 1946, and LidWorks, a family-owned lid maker founded in 1985.
Has New Water Capital sold companies recently?
Its most recent posted exit is Trillium Health Care Products, an Ontario contract maker of over-the-counter medicines, sold to Avista Healthcare Partners in August 2024. Emerald EMS and Custom Made Meals are also marked as exited on its portfolio pages.
Sources
- S1New Water Capital home page Accessed October 19, 2026
- S2New Water Capital: About Us Accessed October 19, 2026
- S3New Water Capital: Focus Accessed October 19, 2026
- S4New Water Capital: Portfolio (with individual company pages for status and fund) Accessed October 19, 2026
- S5New Water Capital: LidWorks portfolio page (NWC Fund III) Accessed October 19, 2026
- S6New Water Capital Acquires LidWorks (PR Newswire, September 9, 2026) Accessed October 19, 2026
- S7New Water Capital Acquires Dutch Gold Honey and Related Businesses (March 3, 2025) Accessed October 19, 2026
- S8New Water Capital Sells Trillium Health Care Products (August 7, 2024) Accessed October 19, 2026
- S9New Water Capital: News & Insights Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with New Water Capital. Figures are as reported on the dates shown and may have changed. Request a correction