At a glance
| Assets under management | $2.7B (as of Jun 2026) S1 |
|---|---|
| Latest fund | Norwest Equity Partners XI, $1B (Jul 2024) S4 |
| EBITDA range | $10M to $50M S2 |
| Check size | $75M to $175M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | North America S2 |
| Sectors | IT Services & MSP, Consumer & Food, Industrial & Manufacturing, Transportation & Logistics |
What Norwest Equity Partners buys
Norwest Equity Partners (NEP) is a Minneapolis firm, with a second office in West Palm Beach, that has invested in middle market companies since 1961. It manages about $2.7 billion and closed its eleventh fund at roughly $1.0 billion in 2024. NEP prefers companies with $10 million to $50 million of EBITDA, writes equity checks of $75 million to $175 million, and favors businesses taking institutional money for the first time. As of mid-2026 it said 53% of its current platforms were founder-led companies or first-time buyouts.
It invests in three areas. In business services it targets tech-enabled outsourcing, managed technology services, managed transportation and logistics, and property and facility services. In consumer it backs outdoor, home and fitness brands, and in industrials it looks at specialty materials, building products and essential services. Current holdings include the managed IT providers Coretelligent and Marco. Companies below its size range are most likely to meet NEP as add-ons to one of its platforms.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | E-Z UPPop-up canopy brand and California manufacturer, bought from Beach Point Capital | Platform | Consumer & Food | Source |
| May 2026 | ThibautWallcovering, fabric and furniture brand sold to Quad-C Management after about four and a half years | Exit | Consumer & Food | Source |
| 2026 | Old Hickory SmokehouseFood and packaging company held since 2015; exit shown in NEP's investment archive | Exit | Consumer & Food | Source |
| 2025 | Institute for Integrative NutritionNutrition coaching school held since 2018; exit shown in NEP's investment archive | Exit | Education | Source |
| 2025 | Uintah Engineering & Land SurveyingSurveying and engineering services firm held since 2014; exit shown in NEP's investment archive | Exit | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services
- Coretelligent
- Marco
- MDC Interior Solutions
- NORA
- Welo Global
Consumer Products
- Apothecary Products
- Arteriors
- E-Z UP
- recteq
- United Sports Brands
Consumer Services
- Edge Fitness
- Movati Athletic
Industrials
- QTI Fibers
- Ramsey Industries
Other
- Clover Environmental Solutions
Greymont’s take
How Norwest Equity Partners fits a seller
NEP fits larger founder-owned companies, those near or above $10 million of EBITDA, that have never had an institutional investor and want a partner with deep resources. Its pitch is hands-on help: a team of veteran executives advises on strategy, operations and building out the management team after closing, and NEP supplies capital for acquisitions. It also says it can structure buyouts, recapitalizations, growth financings and ESOP transactions, which gives an owner some choice in how much to sell.
Holds can be long. Marco, an IT and print services provider, has been in the portfolio since 2015, and Thibaut was held about four and a half years before its sale to Quad-C in May 2026. Owners of managed IT businesses should note that Coretelligent and Marco both grow through acquisitions. Ask how long NEP expects to own your company, what role you would keep, and whether you would be a new platform or an add-on.
Questions owners ask
What size companies does Norwest Equity Partners invest in?
Its preferred range is $10 million to $50 million of EBITDA, with equity checks of $75 million to $175 million, for companies headquartered in North America. It favors businesses raising institutional capital for the first time.
Does NEP invest in managed IT service providers?
Yes. Managed technology services is a stated focus within business services. It owns Coretelligent, a managed IT, cybersecurity and cloud provider it backed in 2021 that had made four acquisitions by mid-2025, and Marco, a technology services company it bought in 2015.
How large is NEP's latest fund?
Norwest Equity Partners XI closed in July 2024 with about $1.0 billion of commitments, alongside a $400 million mezzanine fund. NEP reported about $2.7 billion of assets under management as of June 30, 2026.
Sources
- S1Norwest Equity Partners home page Accessed October 19, 2026
- S2Norwest Equity Partners: Approach and Preferred Investment Criteria Accessed October 19, 2026
- S3Norwest Equity Partners: Companies (current investments and archive) Accessed October 19, 2026
- S4Norwest Capital Closes on Total in Excess of $1.4 Billion Across Two Funds (July 8, 2024) Accessed October 19, 2026
- S5Introducing Norwest Capital: A Letter from Managing Partner Tim DeVries (September 29, 2023) Accessed October 19, 2026
- S6Announcing Investment in E-Z UP (September 22, 2026) Accessed October 19, 2026
- S7Norwest Equity Partners Announces Sale of Thibaut to Quad-C Management (May 13, 2026) Accessed October 19, 2026
- S8Coretelligent Appoints Vijay Iyer as CEO (June 9, 2025) Accessed October 19, 2026
- S9Acquisition of Local Technology Services Provider Marco (November 2, 2015) Accessed October 19, 2026
- S10Marco Expands with Purchase of Lang Company (July 23, 2024) Accessed October 19, 2026
- S11Norwest Equity Partners 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 Norwest Equity Partners. Figures are as reported on the dates shown and may have changed. Request a correction