Operator-led lower middle market private equity firm
North Branch Capital
- HeadquartersOak Brook, IL S1
- Founded2014 S5
- Websitenorthbranchcap.com
- Last verifiedNovember 3, 2026
At a glance
| Latest fund | North Branch Capital Fund II, $213M (Jul 2023) S5 |
|---|---|
| EBITDA range | $2M to $10M S2 |
| Revenue range | $10M to $100M S2 |
| Deal types | Platform, Add-on S6 |
| Geography | United States, Canada S2 |
| Sectors | Industrial & Manufacturing, Distribution, Construction Services, Landscaping |
What North Branch Capital buys
North Branch Capital is an Oak Brook, Illinois buyout firm founded in April 2014 whose partners bring their own operating experience. It invests in industrial businesses in the US and Canada with $10 million to $100 million of revenue and $2 million to $10 million of EBITDA. It looks in three places: value-added distributors with a service or engineering element, niche manufacturers of engineered, non-commodity products that need little capital spending, and industrial, residential and facility services with repeat revenue. Past platforms include residential HVAC and roofing roll-ups, and current ones range from tree care and junk removal to fall protection and loading dock service.
The firm buys a platform and then adds companies to it. It invests from North Branch Capital Fund II, which closed at $213 million in July 2023, and it counted the Callaway deal in August 2026 as its 50th transaction. A smaller company can meet North Branch as an add-on to platforms such as Summit Hydraulics or Diversified Fall Protection.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Callaway Industrial ServicesMooresville, NC plant maintenance provider (specialized cleaning, painting, flooring, upfits and renovation); closed August 14, 2026 as the fifth Fund II platform | Platform | Construction Services | Source |
| Sep 2026 | STARC SystemsMaker of reusable temporary containment walls sold to Bertram Capital three years after North Branch invested; the CEO and team stay on | Exit | Industrial & Manufacturing | Source |
| Sep 2025 | Rabine Doors & DocksChicago-area commercial door and loading dock service company founded in 2019; closed June 30, 2025 with plans to expand across the Midwest | Platform | Construction Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Current
- Callaway Industrial Services
- Rabine Doors & Docks
- Vertical Forestry
- ControlByWeb
- Allied Junk Partners
- JMAC Supply
- Summit Hydraulics
- Diversified Fall Protection
- Associated Luxury Hotels International
Past investments: STARC Systems, Circuit Check, Infinity Home Services, Heartland Home Services, Motion Solutions
Greymont’s take
How North Branch Capital fits a seller
North Branch fits owners of industrial service, distribution or specialty manufacturing businesses anywhere in the US or Canada who want hands-on help rather than a passive investor. Its partners have operating backgrounds and offer support with planning, supply chain, systems, margins and add-on deals. Leadership usually continues after a sale: when North Branch sold STARC Systems in 2026, the CEO and his team stayed in place, and the firm kept a stake after selling Infinity Home Services and Heartland Home Services.
An owner should ask whether the company would be a new Fund II platform or an add-on to an existing one, since that decides who sets strategy after closing. It is also worth asking about the expected hold, because past holds have run from just over a year to about eight years.
Questions owners ask
What size companies does North Branch Capital invest in?
It targets industrial businesses in the US and Canada with $10 million to $100 million of revenue and $2 million to $10 million of EBITDA. Its 2023 fund announcement gave a narrower range of $10 million to $50 million of revenue.
Does North Branch buy service businesses or only manufacturers?
Both. Facility and residential services is one of its three focus areas. Recent platforms include Rabine Doors & Docks, a Chicago-area commercial door and dock service company bought in June 2025, and Callaway Industrial Services, a North Carolina plant maintenance provider bought in August 2026.
Does management stay after North Branch sells a company?
In its recent exits, yes. When North Branch sold STARC Systems to Bertram Capital in September 2026, the CEO and existing team stayed on, and when it sold Infinity Home Services at the end of 2022 the founder and CEO kept running the business.
Sources
- S1North Branch Capital home page Accessed November 3, 2026
- S2North Branch Capital: Focus and investment criteria Accessed November 3, 2026
- S3North Branch Capital: Companies Accessed November 3, 2026
- S4North Branch Capital: News Accessed November 3, 2026
- S5North Branch Raises $213 Million for North Branch Capital Fund II (July 11, 2023) Accessed November 3, 2026
- S6North Branch Capital Invests in Callaway Industrial Services (October 7, 2026) Accessed November 3, 2026
- S7North Branch Capital Sells STARC Systems to Bertram Capital (September 16, 2026) Accessed November 3, 2026
- S8North Branch Capital Invests in Rabine Doors & Docks (September 4, 2025) Accessed November 3, 2026
- S9North Branch Capital: Allied Junk Partners company page Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with North Branch Capital. Figures are as reported on the dates shown and may have changed. Request a correction