Lower middle market mezzanine debt and minority equity investor (SBIC)

Pine Street Capital Partners

  • HeadquartersAlbany, NY S1
  • Founded2004 S2
  • Websitepinecap.com
  • Last verifiedNovember 5, 2026

At a glance

Assets under management$425M (as of November 2026) S1
Latest fundPine Street Capital Partners IV, LP, $203M (September 2024) S13
EBITDA range$3M to $10M S2
Revenue range$10M to $75M S2
Check size$5M to $20M S2
Deal typesPlatform, Add-on, Minority, Growth S2
SectorsIndustrial & Manufacturing, Distribution, Consumer & Food, Healthcare Services, Accounting & Professional Services, Construction Services, Roofing, Landscaping

What Pine Street Capital Partners buys

Pine Street Capital Partners is a mezzanine investor with offices in Albany, New York and Wellesley, Massachusetts. It does not usually buy a company outright. It backs a private equity sponsor, a management team or an owner by putting in $5 million to $20 million of subordinated debt, with or without warrants, plus up to $4 million of equity beside that debt. It stays in a non-control position and asks for covenants and a board or observer seat.

It looks for companies with $10 million to $75 million of revenue and $3 million to $10 million of EBITDA, repeatable revenue and a varied customer base, across business services, manufacturing, value-added distribution, consumer, healthcare, food and industrial markets. The money can fund a sponsor's buyout, a management buyout, an acquisition, growth, a recapitalization, an owner dividend or a refinancing. It invests from its fourth fund, a $203 million SBIC fund closed in 2024. A smaller company is most likely to meet Pine Street through a buyer or management team it is financing, or as an add-on to a company it already backs.

Recent deals

Announced in the 24 months before November 5, 2026.

DateCompanyTypeSectorSource
October 2026Central Pacific Roofing HoldingsMezzanine debt and equity for a Gardena, CA commercial roof repair and restoration companyPlatformRoofingSource
October 2026Southern Shade Tree Co.Mezzanine debt and equity for a landscaping company working across the CarolinasPlatformLandscapingSource
October 2026Tecton ArchitectsHartford, CT architecture firm added to Agathos AEC with follow-on debt and equityAdd-onAccounting & Professional ServicesSource
October 2026Coleman Industrial ConstructionKansas City rail and environmental contractor added to Pacific West with follow-on debt and equityAdd-onConstruction ServicesSource
October 2026Consertus add-onsFollow-on debt and equity to buy several unnamed firms for the program management platformAdd-onAccounting & Professional ServicesSource
October 2026Midwest Recycling EquipmentAdded to Recycling Equipment Inc. with follow-on mezzanine debtAdd-onIndustrial & ManufacturingSource
October 2026BurnyzzFollow-on mezzanine debt for internal growth at the classic car broker and builderInvestmentConsumer & FoodSource
July 2026Peterson EngineeringPensacola, FL mechanical and plumbing engineering firm added to Agathos AECAdd-onAccounting & Professional ServicesSource
July 2026Lautman Maska Neill & Co.Washington, DC fundraising firm added to NP Solutions (Carey & Co.) with follow-on mezzanine debtAdd-onAccounting & Professional ServicesSource
April 2026Agathos AECMezzanine debt and equity for an architecture and engineering platform formed from Plump Engineering and JMPE, alongside Hunter Forest Capital, Petra Capital, Aldine Capital and Patriot CapitalPlatformAccounting & Professional ServicesSource
April 2026AME HoldcoMezzanine debt and equity for a Michigan company that designs and equips service areas at car dealershipsPlatformSource
April 2026Feed My Sheep (Mellow Mushroom franchisee)Mezzanine debt and equity backing one franchisee's purchase of five Jacksonville, FL pizza restaurantsPlatformConsumer & FoodSource
October 2025Recycling Equipment Inc.Mezzanine debt and equity that also funded the purchase of Advanced Equipment SalesPlatformIndustrial & ManufacturingSource
October 2025Monument Advocacy add-onFollow-on mezzanine debt to help fund an unnamed purchaseAdd-onAccounting & Professional ServicesSource
July 2025Precision Piping ProductsMezzanine debt and equity for a Houston maker of pipe preservation and protection productsPlatformIndustrial & ManufacturingSource
April 2025FlexiInternational SoftwareMezzanine debt and equity for a Shelton, CT accounting software companyPlatformSoftware & SaaSSource
April 2025Lumina Vision Partners add-onFollow-on mezzanine debt to buy an unnamed optometry practice in TexasAdd-onHealthcare ServicesSource
2025NPL Home Medical EquipmentListed among 2025 exits; buyer not namedExitHealthcare ServicesSource
2025The Partner CompaniesListed among 2025 exits; buyer not namedExitIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S3.

Business Services

  • Southern Shade Tree Co.
  • Central Pacific Roofing
  • AME
  • Agathos AEC
  • Carey & Co.
  • Monument Advocacy
  • Consertus
  • demandDrive
  • Pacific West
  • MarketBridge
  • Adaptec
  • Full Spectrum Software
  • Autotality
  • EMT

Consumer

  • Burnyzz
  • Alexis Russell
  • Boutique Brands
  • Seattle Coffee Gear
  • The Digital Stronghold
  • Artful Home

Healthcare

  • Immediate Care

Manufacturing

  • Recycling Equipment Inc.
  • Precision Piping Products
  • Chemart
  • CinchSeal
  • Atlas Devices
  • First Impression Ironworks
  • Power Tech

Restaurant

  • Feed My Sheep

Software

  • Flexi

Greymont’s take

How Pine Street Capital Partners fits a seller

Pine Street suits an owner who wants capital without giving up control, or a management team or sponsor that needs junior money to finish a purchase. It says it stays in a non-control position, so an owner can take a dividend, fund growth or recapitalize and still keep control. Most new platforms in its 2024 to 2026 notes came with both debt and equity, in deals such as Central Pacific Roofing and AME.

This is mainly debt. Expect interest, financial covenants and a board or observer seat, and its equity is capped at about $4 million. An owner looking for a full sale will more likely meet Pine Street as a lender behind the buyer. Ask what the interest and repayment terms are, what the covenants require, and how Pine Street gets repaid on a later sale.

Questions owners ask

Does Pine Street Capital Partners buy companies outright?

Usually not. It says it takes a non-control position, putting in $5 million to $20 million of subordinated debt and up to $4 million of equity alongside it. In the Burnyzz deal, for example, it backed A111 Capital's majority buyout rather than leading one.

Does Pine Street take equity as well as lending?

Yes, in many deals. Its 2026 notes describe debt and equity investments in Central Pacific Roofing, Southern Shade Tree, Agathos AEC and AME, while some follow-ons, such as Midwest Recycling Equipment, were debt only.

What size company does Pine Street look for?

Its stated range is $10 million to $75 million of revenue and $3 million to $10 million of EBITDA, with recurring or repeatable revenue and a varied customer base.

Is Pine Street still investing?

Yes. Its October 2026 note reports two new platforms and five follow-on investments in the third quarter from its fourth fund, a $203 million SBIC fund that held its final close in September 2024.

Sources

  1. S1Pine Street Capital Partners home page Accessed November 5, 2026
  2. S2Pine Street Capital Partners: About Us Accessed November 5, 2026
  3. S3Pine Street Capital Partners: Investment Portfolio Accessed November 5, 2026
  4. S4Pine Street Capital Partners: News Accessed November 5, 2026
  5. S5Active Q3 2026 for Pine Street Capital Partners (October 2026) Accessed November 5, 2026
  6. S6Q2 2026 Update for Pine Street Capital Partners (July 2026) Accessed November 5, 2026
  7. S7Q1 2026 Update for Pine Street Capital Partners (April 2026) Accessed November 5, 2026
  8. S8Pine Street Capital Partners Completes a Successful 2025 Accessed November 5, 2026
  9. S9Q3 2025 Activity for Pine Street Capital Partners (October 2025) Accessed November 5, 2026
  10. S10Q2 2025 Activity for Pine Street Capital Partners (July 2025) Accessed November 5, 2026
  11. S11Q1 2025 Activity for Pine Street Capital Partners (April 2025) Accessed November 5, 2026
  12. S12Third Quarter 2024 Investment Activity for Pine Street Capital Partners (November 2024) Accessed November 5, 2026
  13. S13Pine Street Capital Partners Announces Final Closing of PSCP IV (September 2024) 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 Pine Street Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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