Lower middle market private equity firm
Propel Equity
- HeadquartersBoston, MA S4
- Founded2023 S6
- Websitepropelequity.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $2M to $12M S4 |
|---|---|
| Deal types | Platform, Add-on, Growth S2 |
| Geography | United States, Canada, Any location (add-ons) S4 |
| Sectors | Property Management & HOA, HVAC, Plumbing & Electrical, Accounting & Professional Services, Software & SaaS, Industrial & Manufacturing |
What Propel Equity buys
Propel Equity is a Boston firm formed in 2023, when two former Audax Private Equity managing directors, Ryan Bruehlmann and Franklin Foster, merged their separate vehicles, Point A Capital and Essex Bay Capital. It came to market in March 2024. It takes control positions through growth equity, management buyouts, owner liquidity deals and recapitalizations, and corporate carve-outs, across business services, industrial, consumer and medical technology companies.
New platforms need $2 million to $12 million of EBITDA and must be based in the US or Canada. Add-ons can be any size and anywhere, so that is the likeliest door for a smaller company. Vivana Properties, its multifamily management group, and Flow Services Holdings, its drain and sewer platform, both aim to grow by adding local operators. The firm has not said publicly whether it now invests from a committed fund or still raises capital one deal at a time, and it publishes no fund size or assets under management.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| January 2026 | MCA Financial GroupTurnaround, litigation support, Office of the CFO and valuation advisory firm | Platform | Accounting & Professional Services | Source |
| December 2025 | PAVE TechnologyHermetic connector maker joined Innofiber and Acrolite; the combined group took the Connexis Group name in April 2026 | Add-on | Industrial & Manufacturing | Source |
| April 2025 | Vivana PropertiesMultifamily residential property management group serving market-rate and affordable properties | Platform | Property Management & HOA | Source |
| April 2025 | AcroliteFused fiber bundle and micro optics maker merged with Innofiber | Add-on | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services
- MCA Financial Group
- Vivana Properties
Engineered Products
- Connexis Group
Residential Services
- Flow Services Holdings
Tech-Enabled Services
- Definable Solutions
- Strive
Greymont’s take
How Propel Equity fits a seller
Owners of multifamily property management companies should take a close look, because Propel's Vivana Properties is inviting operators to join it. Vivana says partners keep their brand, leadership and daily decisions, and that its operators hold equity in the group. Its site shows about 40,000 units across 11 states. Drain and sewer owners have a similar route through Flow Services Holdings, which Propel says keeps local brands in place.
Propel describes itself as an active partner but not an operator, so expect to keep running the business, with board support and help on acquisitions. Because its funding model is not public, ask where the equity comes from, whether it is committed today, and how long Propel expects to hold. Anyone rolling equity into Vivana should also ask how its shared ownership works.
Questions owners ask
Does Propel Equity buy property management companies?
Yes, through Vivana Properties, a multifamily management group it invested in during April 2025. Propel's March 2026 fact sheet lists it as a current investment, both founders sit on its board, and Vivana's own site invites property management operators to partner with it.
What size company does Propel Equity look for?
New platforms should have $2 million to $12 million of EBITDA and be based in the US or Canada. Add-on acquisitions for its existing companies can be any size and located anywhere.
Does Propel Equity have a committed fund?
It has not said publicly. A March 2024 trade article featured on its news page described a first committed fund as a future goal, and we found no announcement of a fund close since, so an owner should ask directly how a deal would be financed.
Does Propel Equity take minority stakes?
Its strategy page describes control investments, including growth equity, management buyouts, recapitalizations and carve-outs. A founder who wants to keep majority ownership should raise that early in the conversation.
Sources
- S1Propel Equity home page Accessed November 5, 2026
- S2Propel Equity: Our Strategy Accessed November 5, 2026
- S3Propel Equity: Investments Accessed November 5, 2026
- S4Propel Equity fact sheet (3.31.26) Accessed November 5, 2026
- S5Propel Equity: Partner With Us Accessed November 5, 2026
- S6Propel Equity: Ryan Bruehlmann bio Accessed November 5, 2026
- S7Propel Equity: Franklin Foster bio Accessed November 5, 2026
- S8Propel Equity Launches and Announces Closing of Its Investment in Flow Services Holdings (March 20, 2024) Accessed November 5, 2026
- S9Innofiber, Acrolite, and PAVE Technology Co. Combine to Form Connexis Group (April 1, 2026) Accessed November 5, 2026
- S10Vivana Properties home page Accessed November 5, 2026
- S11Private Equity Career: Ex-Audax execs acquire first platform (March 20, 2024), featured on the firm's news page Accessed November 5, 2026
- S12Propel Equity: News 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 Propel Equity. Figures are as reported on the dates shown and may have changed. Request a correction