Long-term private equity firm investing from 30-year funds
Permanent Equity
- HeadquartersColumbia, MO S4
- Founded2007 S4
- Websitepermanentequity.com
- Last verifiedOctober 20, 2026
At a glance
| Free cash flow range | $2M to $25M S2 |
|---|---|
| Revenue range | $5M to $250M S2 |
| Deal types | Platform, Add-on, Minority S2 |
| Geography | United States S2 |
| Sectors | Construction Services, Industrial & Manufacturing, Consumer & Food |
What Permanent Equity buys
Permanent Equity is a Columbia, Missouri firm, investing since 2007, that buys closely held American companies with the plan of keeping them. It invests from 30-year funds, usually closes without outside acquisition debt, and says it has never sold a portfolio company. It does not target particular industries, though it steers away from businesses that depend on a commodity or a passing trend. Its current companies include fence and pool builders, cabinet and building products makers, an amusement ride manufacturer and a children's clothing brand.
It offers three structures. A growth partnership is for owners who want some cash now but plan to keep running the company: $2 million to $15 million of discretionary free cash flow and roughly $5 million to $75 million of sales, with the owner usually keeping 25% to 49%. A legacy transition or a full buyout suits owners planning to step back, with $3 million to more than $25 million of free cash flow and $10 million to $250 million of sales. It also buys smaller companies as add-ons.
Portfolio by sector
From the firm's portfolio page S3.
Amusement Ride Manufacturing
- Chance Rides
Apparel
- Rylee + Cru
Building Products
- Blue Square Manufacturing
- Brian's Cabinets
CPG/eCommerce
- Craig Frames
Event Promotion
- Derby Duck Races
Luxury Services
- Selective Search
Professional Services
- MediaCross
Residential & Commercial Construction
- Presidential Pools & Spas
Residential Construction
- Ace Fence
Greymont’s take
How Permanent Equity fits a seller
Permanent Equity fits an owner whose first concern is what happens to employees, customers and the company name after a sale. Its funds run for 30 years and it seldom borrows to buy, so nothing pushes it to resell on a schedule. It usually buys 51% to 100% of a company, and its growth partnership lets an owner take money off the table while keeping a large stake and the top job.
The trade-off is that it is a small, selective buyer. Its 2024 annual letter called Brian's Cabinets its only acquisition that year, and the 2025 letter reported no major acquisitions. Owners should ask how the firm sets price without leverage, who will sit on the new board, and how they could later sell the shares they keep, since the firm says it will consider selling only if another owner would clearly serve the business better.
Questions owners ask
Will Permanent Equity sell my company to another buyer later?
Its default is to hold. It invests from 30-year funds and says it has never sold a portfolio company. Its 2025 annual letter says it would sell only if it concluded that another owner, such as a strategic buyer, could clearly do more for the business.
How large does a business need to be for Permanent Equity?
For a growth partnership it looks for $2 million to $15 million of discretionary free cash flow and about $5 million to $75 million of sales. For a legacy transition or a full buyout it looks for $3 million to more than $25 million of free cash flow and $10 million to $250 million of sales.
Does Permanent Equity take minority stakes?
Rarely. Its criteria page says it will consider stakes under 50% case by case for companies with at least $5 million of discretionary free cash flow, but its 2024 annual letter said it had never closed a deal for less than 51% of a company.
Does Permanent Equity use debt to buy companies?
Usually not. Its criteria page says it typically invests without outside transaction debt, and its home page says it rarely borrows so that its companies keep room to operate through difficult periods.
Sources
- S1Permanent Equity home page Accessed October 20, 2026
- S2Permanent Equity: Investment Criteria Accessed October 20, 2026
- S3Permanent Equity: Portfolio Accessed October 20, 2026
- S4Permanent Equity: Share an Investment Opportunity Accessed October 20, 2026
- S5Permanent Equity 2025 Annual Letter: Steady Progress and Self-Reflection (January 7, 2026) Accessed October 20, 2026
- S6Permanent Equity 2024 Annual Letter (January 6, 2025) Accessed October 20, 2026
- S7Permanent Equity: Letters Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Permanent Equity. Figures are as reported on the dates shown and may have changed. Request a correction