Independent sponsor (fundless private investment firm)
Pillsman Partners
- HeadquartersGreenwich, CT S8
- Founded2012 S2
- Websitepillsmanpartners.com
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $2M to $15M S3 |
|---|---|
| Revenue range | $5M to $100M S3 |
| Deal types | Platform, Add-on, Growth S3 |
| Sectors | Environmental & Waste, Industrial & Manufacturing, Construction Services, HVAC, Plumbing & Electrical |
What Pillsman Partners buys
Pillsman Partners is a Greenwich, Connecticut firm, started in 2012, that buys owner-led industrial businesses without a committed fund. Its two managing partners invest alongside co-investors chosen for each deal, often Peninsula Capital Partners, and hold for three to nine years. It wants companies that customers depend on to keep running, with repeat revenue from consumables, spare parts, service contracts or required work. Focus areas are industrial services and infrastructure, engineered manufacturing, environmental and municipal services, value-added distribution, and specialty materials and chemicals. Since 2012 it has made seven platform investments and 23 add-ons.
The stated size range is $5 million to $100 million of revenue and $2 million to $15 million of EBITDA, and it prefers family and founder-owned companies, including second and third-generation businesses. It handles succession sales, recapitalizations, management buyouts, growth capital and corporate carve-outs, taking control or a large stake. It avoids turnarounds, start-ups, real estate plays, retail and restaurants. A smaller local operator can also fit as an add-on to a current platform such as PowerVac.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Mar 2026 | PrintwareMaker of iJetColor digital inkjet presses for envelopes and direct mail, bought with Peninsula Capital Partners; the president became CEO | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Managed ATM Services
- Edge One
Municipal & Utility Services
- PowerVac of Michigan
Printing & Direct Mail Equipment
- Printware
Security & Identity Solutions
- Bristol ID Technologies
Telecom Infrastructure Services
- Squan Solutions
Past investments: SST Conveyor Components, NYCOA
Greymont’s take
How Pillsman Partners fits a seller
Pillsman fits the owner of an industrial or field services business who wants to sell a majority but keep a real stake and stay involved. The firm says its best deals were with owners who did not want to leave, and it pitches a second payday: the share an owner keeps can grow as the company adds acquisitions. PowerVac is the example it points to. Its founder kept equity in 2019, and the business has since completed eleven acquisitions across Michigan and the Northeast.
With no fund, Pillsman lines up partners for each deal, and Peninsula Capital Partners has joined several, including Printware in March 2026. An owner should ask who will hold the rest of the equity and what each partner controls, and how the firm decides when to sell, since its holds run from three to nine years.
Questions owners ask
Does Pillsman Partners buy environmental and municipal services companies?
Yes. Environmental and municipal services is one of its stated focus areas, and its PowerVac platform added The Precision Group in 2023, which does industrial cleaning, environmental remediation and waste transport and disposal.
What size company does Pillsman Partners look for?
Owner-led businesses with $5 million to $100 million of revenue and $2 million to $15 million of EBITDA, with a preference for family and founder-owned companies.
Does Pillsman Partners have a fund?
No. Its founders chose not to raise a traditional fund, so it brings in capital partners for each deal and says it has no deadline forcing it to invest or sell.
Can the owner keep a stake after selling to Pillsman?
Yes, and the firm encourages it. Its PowerVac write-up says the founder kept meaningful equity and stayed active while the platform completed eleven acquisitions.
Sources
- S1Pillsman Partners home page Accessed November 2, 2026
- S2Pillsman Partners: About Accessed November 2, 2026
- S3Pillsman Partners: Investment Philosophy and Criteria Accessed November 2, 2026
- S4Pillsman Partners: Partner Companies Accessed November 2, 2026
- S5Printware Announces New Ownership (March 3, 2026) Accessed November 2, 2026
- S6Building PowerVac: A Tale of Disciplined Growth (January 5, 2026) Accessed November 2, 2026
- S7PowerVac of Michigan Acquires The Precision Group (May 18, 2023) Accessed November 2, 2026
- S8Pillsman Partners Invests in Edge One Inc. of Stoughton, WI (February 4, 2021) Accessed November 2, 2026
- S9Pillsman Partners: News & Insights 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 Pillsman Partners. Figures are as reported on the dates shown and may have changed. Request a correction