Lower middle market private equity firm

Red Dog Equity

At a glance

EBITDA range$2M to $20M S2
Deal typesPlatform, Add-on, Minority S3
SectorsTransportation & Logistics, Auto Services & Collision, Environmental & Waste

What Red Dog Equity buys

Red Dog Equity is an Atlanta private equity firm that backs lower middle market companies, usually with $2 million to $20 million of EBITDA. Each deal starts with a strong operator, which the firm calls a "Red Dog": a leader who will run the company and put substantial personal money into it. Red Dog prefers control and takes a minority stake only when every other test is met and it holds veto rights. It wants stable businesses with varied customers, a real edge and room to grow through acquisitions. Its stated experience spans transportation, business, industrial, environmental and consumer services, restaurants, specialty retail, distribution and light manufacturing.

Red Dog has no traditional committed fund. It funds deals with a family office and a few other investors, and recent releases name Monroe Capital and the Tom Pritzker family's business interests as partners. Current companies are ADL Final Mile, Mammoth Holdings and Entegee. A smaller company is most likely to meet Red Dog as an add-on, such as a regional delivery business joining ADL Final Mile.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Jun 2026EntegeeEngineering talent business based in Braintree, Massachusetts, bought from the Adecco GroupPlatformSource
Jan 2026Xcel Delivery ServicesArizona and Southwest final mile carrier added to ADL Final Mile; the founders sold after 21 years and their leadership team joined ADLAdd-onTransportation & LogisticsSource
Sep 2025Superior Waste IndustriesOklahoma waste collection and disposal platform sold to GFL Environmental for cashExitEnvironmental & WasteSource
Sep 2025DMC LogisticsFinal mile provider across six Southwest states added to ADL Final Mile; its founder became ADL's Southwest region presidentAdd-onTransportation & LogisticsSource
Dec 2024Henry IndustriesFinal mile carrier serving Illinois, Missouri, Kansas, Arkansas, Oklahoma and Texas added to ADL Final MileAdd-onTransportation & LogisticsSource

Portfolio by sector

From the firm's portfolio page S5.

Portfolio

  • ADL Final Mile
  • Mammoth Holdings
  • Entegee

Past investments: Superior USA Waste

Greymont’s take

How Red Dog Equity fits a seller

Red Dog suits an owner who wants to keep leading the company, or who has a capable successor in place, and who is ready to keep real money in the business. Its model is built around a leader who invests next to the firm, and its releases show founders staying on in senior roles: the founder of DMC Logistics became ADL Final Mile's Southwest region president in 2025. For owners of delivery and logistics businesses in the Midwest, South and Southwest, ADL Final Mile is a steady buyer that pitches itself as a source of growth capital or a succession path.

Because Red Dog raises equity for each deal with partners instead of drawing on a committed fund, an owner should ask who is supplying the equity, how firm that money is, and how long the firm plans to hold. Its 2025 sale of Superior Waste to GFL shows one likely exit path: a large strategic buyer.

Questions owners ask

What size company does Red Dog Equity look for?

Its overview page says it targets lower middle market companies that typically have between $2 million and $20 million of EBITDA. It also buys regional delivery companies as add-ons for ADL Final Mile and does not publish a separate size floor for those deals.

Does Red Dog Equity take minority stakes?

It prefers control. Its strategy page says it will consider a minority investment only when all of its criteria are present and it has negative control, meaning it can block major decisions.

Does the owner or CEO have to invest alongside Red Dog?

Yes, that is central to its approach. It looks for a business leader with a substantial personal investment in the company, and it pairs that with equity incentives for the management team.

Has Red Dog Equity sold a company recently?

Yes. In September 2025 it sold Superior Waste Industries, an Oklahoma waste business it built through several acquisitions starting in 2022, to GFL Environmental in an all-cash deal.

Sources

  1. S1Red Dog Equity home page Accessed October 26, 2026
  2. S2Red Dog Equity: Overview Accessed October 26, 2026
  3. S3Red Dog Equity: Investment Strategy Accessed October 26, 2026
  4. S4Red Dog Equity: Industry Experience (circle of competence graphic) Accessed October 26, 2026
  5. S5Red Dog Equity: Portfolio Accessed October 26, 2026
  6. S6Red Dog Equity: Press Accessed October 26, 2026
  7. S7Red Dog Equity: Contact Us Accessed October 26, 2026
  8. S8Red Dog Equity Sells Superior Waste (September 9, 2025) Accessed October 26, 2026
  9. S9ADL Final Mile Acquires Xcel Delivery Services (January 13, 2026) Accessed October 26, 2026
  10. S10ADL Final Mile Acquires DMC Logistics, LLC (September 3, 2025) Accessed October 26, 2026
  11. S11ADL Final Mile Acquires Henry Industries (December 11, 2024) Accessed October 26, 2026
  12. S12Red Dog Equity: Mammoth Holdings Accessed October 26, 2026
  13. S13Red Dog Equity: Entegee Accessed October 26, 2026
  14. S14Red Dog Equity: ADL Final Mile Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Red Dog Equity. Figures are as reported on the dates shown and may have changed. Request a correction

For business owners

Thinking about selling? Talk to Greymont.

We work for the buyers, so owners never pay us a fee or a share of proceeds. Find out how ready your business is in four minutes, or start a confidential conversation.

Take the Readiness Scorecard Start a Conversation