Tribally backed private capital firm (permanent capital from the Chickasaw Nation)
Pennington Creek Capital
- HeadquartersDallas, TX S1
- Founded2024 S1
- Websitepenningtoncreek.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $5M to $25M S1 |
|---|---|
| Deal types | Platform, Minority S1 |
| Geography | United States, Canada S1 |
| Sectors | Industrial & Manufacturing, Consumer & Food |
What Pennington Creek Capital buys
Pennington Creek Capital is a Dallas investment firm formed in 2024 whose capital comes from the Chickasaw Nation, a Native American nation based in Ada, Oklahoma, with more than 80,000 citizens. It has no fund clock. It holds companies for 7 to 20 or more years and wants mature, cash-generating businesses with little debt. It names six target areas: specialty manufacturing, industrial products and services, oil and gas equipment, aerospace and defense, consumer products, and food and beverage, across the United States and Canada.
It asks for $5 million to $25 million of annual EBITDA, strong cash conversion and moderate capital needs. That covers the whole $5 million to $15 million band and reaches into larger deals, so a company under $5 million is below its floor. It invests in two ways: buying control, or taking non-control structured equity, which means the owner keeps control and the firm's money comes with negotiated terms rather than as plain common shares. Its one named holding is a majority stake in Rite in the Rain, bought in August 2025.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2025 | Rite in the RainMajority stake in the maker of all-weather writing products; terms not shown on the firm's news list | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S2.
Majority stake
- Rite in the Rain
Greymont’s take
How Pennington Creek Capital fits a seller
Pennington Creek suits an owner of a steady, cash-generating manufacturer or product company with at least $5 million of EBITDA who cares about what happens after the sale. With holds of 7 to 20 years or more and no fund life, it can own a company far longer than a typical buyout fund, and it says it gives managers room to run the business while setting goals tied to incentives. Owners not ready to give up control can ask about its non-control option.
The record is short. The firm dates from 2024 and one purchase is on its site, so there are few past sellers to call. Ask what the structured equity terms look like in practice, how much debt it would use, and who signs off on a deal, the Dallas team or the Chickasaw Nation's commerce leadership, since one of its two managing directors serves there.
Questions owners ask
Who provides Pennington Creek's capital?
The firm names the Chickasaw Nation as its capital partner. One of its two managing directors, Alan Marcum, is Deputy Secretary of the Chickasaw Nation Department of Commerce and president of Sovereign Native Holdco.
What does non-control structured equity mean?
It means investing without taking control of the company. Pennington Creek lists it beside control buyouts but publishes no terms. In general the investor holds a negotiated security, such as preferred equity, while the owner keeps control.
What size company fits Pennington Creek?
Its criteria ask for $5 million to $25 million of annual EBITDA, with strong free cash flow conversion and moderate capital needs. A company below $5 million is under its stated floor.
How long does Pennington Creek keep a company?
It says it makes investments of 7 to 20 or more years, free of the limits of a typical fund life, so it does not have to sell at a bad moment.
Sources
- S1Pennington Creek Capital home page (About, Strategy, Criteria, Team, Contact) Accessed November 5, 2026
- S2Pennington Creek Capital news list (August 11, 2025 and March 13, 2024 items) Accessed November 5, 2026
- S3Pennington Creek Capital: Alan Marcum, Managing Director Accessed November 5, 2026
- S4Pennington Creek Capital: Curt Crofford, Managing Director Accessed November 5, 2026
- S5CID Capital portfolio: J.L. Darling entry (trade name Rite in the Rain, Tacoma, WA) Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Pennington Creek Capital. Figures are as reported on the dates shown and may have changed. Request a correction