Lower middle market private equity firm
Northern Lakes Capital
- HeadquartersMinneapolis, MN S1
- Founded2021 S5
- Websitenorthernlakescapital.com
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $3M to $20M S3 |
|---|---|
| Revenue range | $15M to $150M S3 |
| Deal types | Platform, Add-on S2 |
| Geography | North America, Midwest US S3 |
| Sectors | Auto Services & Collision, Construction Services, Landscaping |
What Northern Lakes Capital buys
Northern Lakes Capital is a Minneapolis private equity firm, formed in 2021, that buys control of family-owned and founder-owned companies. Platform targets have $15 million to $150 million of revenue and $3 million to $20 million of EBITDA, and the firm will look at smaller companies as add-ons. Typical deals are owner recapitalizations and management buyouts, financed with a modest amount of debt.
It invests in two ways. In buy-and-build plays it combines regional service businesses in large, fragmented industries anywhere in North America. Current examples include Continental Restoration Services (facade and masonry restoration), PaveMasters (asphalt maintenance), Safety Stripe and Supply (traffic control and pavement marking), Priority Green Landscaping and Collins Companies (towing and recovery). For stand-alone platforms it prefers long-established, steadily profitable companies in the Midwest whose managers will stay, and it avoids restaurants, retail, high tech, medical devices, oil and gas, and commodities. A smaller service company is most likely to meet NLC as an add-on to one of these platforms.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Dec 2025 | Guardian Fire ServicesNational fire protection and life safety company sold to Investcorp; management stayed on as meaningful shareholders | Exit | Source | |
| Jun 2025 | G.L. CapassoNew Haven, Connecticut facade restoration and masonry contractor founded in 1976; NLC used it to launch Continental Restoration Services | Platform | Construction Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Auto Services & Collision
- Collins Companies
Construction Services
- Continental Restoration Services
- PaveMasters
- Safety Stripe and Supply
Landscaping
- Priority Green Landscaping
Other
- SafeEdge Solutions
Past investments: Guardian Fire Services
Greymont’s take
How Northern Lakes Capital fits a seller
Northern Lakes suits a family-owned service business that wants to join a larger regional or national group, or a steady Midwest company whose managers plan to stay after a sale. Many of its holdings are roll-ups of local operators, so a seller often becomes one part of a growing platform. G.L. Capasso, for example, became the first company in NLC's Continental Restoration Services platform in June 2025.
The firm says it uses conservative leverage, which lowers the risk for owners who keep a stake in the business. Its December 2025 sale of Guardian Fire Services to Investcorp shows how a platform can end up with a larger buyer, with management keeping meaningful equity. An owner should ask how many add-ons the platform plans, how integration will work, and when NLC expects to sell.
Questions owners ask
What size companies does Northern Lakes Capital buy?
For platform investments it targets $15 million to $150 million of revenue and $3 million to $20 million of EBITDA. It will also look at smaller companies as add-ons to its existing platforms.
Does Northern Lakes Capital buy towing companies?
Yes. Its current companies include Collins Companies, a towing, recovery and transport provider in the Midwest. The business traces back to Collins Brothers Towing, founded in Elk River, Minnesota in 1996.
Does Northern Lakes Capital only invest in the Midwest?
No. Its buy-and-build platforms buy companies across North America, such as a Connecticut facade contractor in 2025. For stand-alone platform deals it has a strong preference for Midwest companies.
Has Northern Lakes Capital sold any companies recently?
Yes. In December 2025 it sold Guardian Fire Services, a national fire protection and life safety provider, to Investcorp, and Guardian's management team kept meaningful shares in the company.
Sources
- S1Northern Lakes Capital home page Accessed November 2, 2026
- S2Northern Lakes Capital: About Us Accessed November 2, 2026
- S3Northern Lakes Capital: Investment Profile Accessed November 2, 2026
- S4Northern Lakes Capital: Companies (and linked company pages) Accessed November 2, 2026
- S5Northern Lakes Capital: Joel V. Grebenick, Partner Accessed November 2, 2026
- S6Northborne Partners Advises G.L. Capasso in Connection with its Partnership with Northern Lakes Capital (PR Newswire, June 17, 2025) Accessed November 2, 2026
- S7Investcorp Acquires Guardian Fire Services (December 4, 2025) Accessed November 2, 2026
- S8Northern Lakes Capital: Collins Companies Accessed November 2, 2026
- S9Collins Brothers Towing: About the Company Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Northern Lakes Capital. Figures are as reported on the dates shown and may have changed. Request a correction