Lower middle market private equity firm, with separate venture and search fund strategies
Peterson Partners
- HeadquartersSalt Lake City, UT S4
- Websitepetersonpartners.com
- Last verifiedOctober 28, 2026
At a glance
| Assets under management | $3B (as of Sep 2026) S4 |
|---|---|
| Latest fund | Peterson Partners Fund X, $265M (May 2024) S3 |
| EBITDA range | $2M to $20M S1 |
| Revenue range | $5M to $100M S1 |
| Check size | $5M to $25M S1 |
| Deal types | Platform, Add-on, Minority, Growth S1 |
| Sectors | HVAC, Plumbing & Electrical, Roofing, Auto Services & Collision, Healthcare Services, Software & SaaS, Consumer & Food, Industrial & Manufacturing |
What Peterson Partners buys
Peterson Partners is a Salt Lake City investment firm whose private equity arm backs lower middle market companies with $5 million to $100 million of revenue and $2 million to $20 million of EBITDA. It makes growth investments, buyouts and co-investments, takes either a minority or a majority stake, and puts in $5 million to $25 million on average. Its focus areas are business services, software and internet, retail and consumer, healthcare, and transportation and industrial companies. Current holdings range from a national commercial HVAC, plumbing and electrical group (Kelso Industries) to a residential re-roofing company, a Chicago car wash operator, hospice and primary care, and consumer brands.
The firm says it often provides a company's first institutional capital and stays for five to ten years. Fund X closed at $265 million in May 2024 with a plan for about 12 investments, and the firm manages roughly $3 billion across private equity and search strategies. Peterson also runs a venture arm and backs search funds, which are separate from the private equity buy box described here.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Kelso Industries$510 million single-asset continuation vehicle led by NorthSands Capital; Fund X rolled its stake and added new capital to the MEP services platform | Investment | HVAC, Plumbing & Electrical | Source |
| Nov 2024 | YES LLC and ENETK LLCNorth Dakota electrical contractor and automation company added to Kelso Industries | Add-on | HVAC, Plumbing & Electrical | Source |
Portfolio by sector
From the firm's portfolio page S1.
Private Equity
- Kelso Industries
- ONE
- WashU
- Atlas Urology
- Ennoble Care
- BrainStorm
- Dura Software
- Packsize
- USS
- Gloss Ventures
- Glowbar
- Pupford
- Rails
- Breeze Airways
- Gravity Media
- QMC
Past investments: Datawatch Angoss, Vulcan Precision Linings
Greymont’s take
How Peterson Partners fits a seller
Peterson suits owners of profitable lower middle market companies who want a long-term partner and the option to sell only part of the business. Because it takes minority or majority stakes and often supplies a company's first outside capital, it can fit a founder who wants growth money and coaching without a full exit. Kelso Industries shows the other path: Peterson helped two founders start a commercial HVAC and electrical platform in 2021 that has since bought many contractors.
Peterson does few deals. Fund X planned about 12 investments, and its only recent announcements involve Kelso. Owners should ask whether Peterson would lead the deal or bring in co-investors, and how a check of $5 million to $25 million on average would cover a larger buyout. Since Peterson holds for five to ten years, owners keeping equity should also ask how and when it expects to sell.
Questions owners ask
Does Peterson Partners invest in car wash or auto service businesses?
Yes. Its current private equity portfolio includes WashU, a developer and operator of express car washes in the Chicago area that Peterson partnered with in 2021. No newer auto service deals were found.
What size company does Peterson's private equity arm look for?
It targets companies with $5 million to $100 million of revenue and $2 million to $20 million of EBITDA. Its average investment is $5 million to $25 million, as either a minority or a majority stake.
Does Peterson buy HVAC, plumbing and electrical companies?
Through Kelso Industries, yes. Kelso is a Peterson-backed commercial mechanical, electrical and plumbing services group that operates in more than 40 states and grows by partnering with established contractors.
How long does Peterson usually stay invested?
Peterson says it usually stays for five to ten years. In September 2026 it kept Kelso, formed in 2021, through a $510 million continuation vehicle rather than selling it, and Fund X added new capital.
Sources
- S1Peterson Partners: Private Equity (criteria, deal types and current portfolio) Accessed October 28, 2026
- S2Peterson Partners: About Accessed October 28, 2026
- S3Peterson Partners Raises $265 million for Tenth Private Equity Fund (May 21, 2024) Accessed October 28, 2026
- S4Peterson Partners Raises Continuation Vehicle for Kelso Industries (September 9, 2026) Accessed October 28, 2026
- S5Peterson Partners backs WashU Accessed October 28, 2026
- S6Woodbridge International Announces Sale of YES LLC and ENETK LLC to Kelso Industries (November 2024) Accessed October 28, 2026
- S7Peterson Partners: Past Private Equity Investments Accessed October 28, 2026
- S8Kelso Industries home page Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Peterson Partners. Figures are as reported on the dates shown and may have changed. Request a correction