Lower middle market private equity firm
NMS Capital
- HeadquartersNew York, NY S1
- Founded2010 S1
- Websitenms-capital.com
- Last verifiedOctober 19, 2026
At a glance
| Assets under management | $2B (as of Sep 2026) S5 |
|---|---|
| EBITDA range | $5M to $25M S4 |
| Check size | $25M to $100M S4 |
| Deal types | Platform, Add-on S2 |
| Geography | United States, Canada S4 |
| Sectors | Environmental & Waste, Healthcare Services, HVAC, Plumbing & Electrical, Dental, IT Services & MSP |
What NMS Capital buys
NMS Capital is a New York firm, with a second office in Dallas, that buys majority stakes in growing lower middle market companies in two broad areas: business and industrial services, and healthcare services. The firm traces its start to 2010, when a group of portfolio companies was spun out of Goldman Sachs' merchant banking division, and it passed $2 billion of assets under management in 2026. Its August 2026 overview targets companies with $5 million to $25 million of EBITDA, equity checks of $25 million to $100 million, and ownership of 51% to 90%, which leaves room for founders to keep a stake.
NMS invests by theme. Current themes include environmental and managed waste services, commercial HVAC and other facility services, engineering services, IT and professional services, and healthcare niches such as payor services, specialty staffing and medical equipment repair. It says it keeps debt low, and its companies have completed more than 80 add-on acquisitions. Smaller businesses usually join as add-ons to platforms such as TXP Environmental, Capstone Mechanical, CSL Consulting or Surplus Solutions.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Asurgence MedicalNew surgical equipment repair platform built from family-owned ENDOCORP and Medical Optics | Platform | Healthcare Services | Source |
| Aug 2026 | Boston IndustriesMassachusetts lab instrument repair shop added to Surplus Solutions | Add-on | Source | |
| Jul 2026 | Strive MedicalAgreement to sell the home medical supply company to Cardinal Health | Exit | Healthcare Services | Source |
| Jun 2026 | DCM BioServicesMaryland lab automation service provider added to Surplus Solutions | Add-on | Source | |
| Jan 2026 | Diamond Back Recycling and Sanitary LandfillOdessa, Texas landfill added to TXP Environmental | Add-on | Environmental & Waste | Source |
| Dec 2025 | Axiom MedicalRecapitalization of a workplace injury case management company | Platform | Healthcare Services | Source |
| Oct 2025 | Custom Case ManagementMidwest workers' comp nurse case management firm added to VONA Case Management | Add-on | Healthcare Services | Source |
| Sep 2025 | Northwest EnvironmentalBaltimore managed waste provider; the first investment from Fund V | Platform | Environmental & Waste | Source |
| Jul 2025 | Brownstone Construction GroupSouth Carolina owner's representative firm added to CSL Consulting | Add-on | Construction Services | Source |
| May 2025 | Capstone MechanicalEast Coast commercial HVAC and refrigeration service company, recapitalized alongside its founders | Platform | HVAC, Plumbing & Electrical | Source |
| Apr 2025 | U.S. Urology PartnersExited through a growth investment from General Atlantic | Exit | Healthcare Services | Source |
| Apr 2025 | Certified GenetoolRefurbished lab instrument supplier added to Surplus Solutions | Add-on | Source | |
| Mar 2025 | DCM ServicesSold to Aldaron Partners and True Wind Capital | Exit | Source | |
| Feb 2025 | Charles Pharmacy & SurgicalBronx diabetes supply provider added to Strive Medical | Add-on | Healthcare Services | Source |
| Dec 2024 | Center for Social DynamicsSold to Goldman Sachs Alternatives, with NMS reinvesting alongside the buyer | Exit | Healthcare Services | Source |
| Nov 2024 | CSL ConsultingOwner's representative and project management firm, recapitalized alongside its founders | Platform | Construction Services | Source |
| Nov 2024 | Flourish ResearchClinical trial site network sold to Genstar Capital | Exit | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services
- Avaap
- Capstone Mechanical
- CSL Consulting
- Exo Group
- GrapeTree Medical Staffing
- LDR Site Services
- Northwest Environmental
- Treeways
- TXP Environmental
Healthcare Services
- Asurgence Medical
- CORDENTAL Group
- CSD Autism Services
- Health & Wellness Partners
- Pediatric Developmental Services
- Sentrus
- Surplus Solutions
- U.S. Foot & Ankle Specialists
Greymont’s take
How NMS Capital fits a seller
NMS fits founders who want to take money off the table but keep a real stake and keep running the business. Most of its platform deals are described as recapitalizations done with management, and its target ownership of 51% to 90% leaves room for the seller to roll equity. The firm says daily management stays with the company's own team while NMS works at the board level, and that it avoids loading companies with debt.
Owners of waste hauling, managed waste, commercial HVAC service and healthcare services businesses should take note, since NMS has bought in each of these areas in the past two years. Its holds have averaged four to six years, and recent exits went to larger investors such as Genstar and General Atlantic or to a strategic buyer, Cardinal Health. Ask how much equity you would keep, how and when the next sale is likely to happen, and which operating executive would join your board.
Questions owners ask
Does NMS Capital buy waste and environmental services companies?
Yes. Environmental services is one of its active themes. Northwest Environmental, bought in September 2025, was its third environmental investment and the first from Fund V, and its waste hauler TXP Environmental added the Diamond Back landfill in January 2026.
How much of the company does NMS usually buy?
Its August 2026 overview says it targets majority positions of 51% to 90%, with equity investments of $25 million to $100 million and more available through co-investment from its own investors.
What size company does NMS look for?
Profitable, growing companies that typically have $5 million to $25 million of EBITDA when NMS first invests, are headquartered in the United States or Canada, and have room to grow on their own or through acquisitions.
Does NMS invest in HVAC companies?
Yes. In May 2025 it recapitalized Capstone Mechanical, a commercial HVAC and refrigeration service company on the East Coast, as part of a facility services theme, and committed capital to help it grow through acquisitions.
Sources
- S1NMS Capital home page Accessed October 19, 2026
- S2NMS Capital: About Us Accessed October 19, 2026
- S3NMS Capital: Portfolio Accessed October 19, 2026
- S4NMS Capital Firm Overview (August 5, 2026) Accessed October 19, 2026
- S5NMS Capital Launches Asurgence Medical with Acquisitions of ENDOCORP and Medical Optics (September 17, 2026) Accessed October 19, 2026
- S6NMS Capital Announces Partnership and Investment in Northwest Environmental (September 4, 2025) Accessed October 19, 2026
- S7NMS Capital Announces Partnership and Investment in Capstone Mechanical (May 6, 2025) Accessed October 19, 2026
- S8NMS Capital Announces Establishment of Business Development Role (June 15, 2026) Accessed October 19, 2026
- S9NMS Capital News 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 NMS Capital. Figures are as reported on the dates shown and may have changed. Request a correction