RF Investment Partners: Buy Box & Recent Acquisitions

At a glance

Latest fund	RF Investment Partners SBIC II, $355M (June 2022) S6
EBITDA range	$2M+ S2
Revenue range	$10M+ S2
Check size	$10M to $40M S2
Deal types	Platform, Add-on, Minority, Growth S2
Sectors	Environmental & Waste, Healthcare Services, Dental, Software & SaaS, Construction Services

What RF Investment Partners buys

RF Investment Partners is a New York firm, with offices in Chicago, Charlotte and Austin, that invests $10 million to $40 million in founder-led and management-led lower middle market companies. It works across the capital structure, pairing unitranche or subordinated debt with preferred or common equity, and takes either minority or majority stakes. Its main areas are business services, which lately means essential services such as portable sanitation, building services and utility work, healthcare services, and vertical software, with selective deals in light manufacturing and industrial services.

For services and healthcare companies it looks for at least $10 million of revenue and roughly $2 million to $3 million or more of EBITDA; software companies need at least $5 million of recurring revenue. Deals include buyouts, recapitalizations, growth capital, acquisition funding and partnerships with independent sponsors and search funds, and RF is often a company's first institutional investor. Smaller owners often meet RF as an add-on, the way Potter's Potties joined its ProSite Services platform in 2025.

Recent deals

Announced in the 24 months before October 26, 2026.

Date	Company	Type	Sector	Source
Aug 2026	RJ UndergroundKenosha, Wisconsin directional drilling and utility installation contractor; the founder stays on as CEO	Platform	Construction Services	Source
Jun 2026	Ally Waste ServicesValet trash and managed waste provider for apartment communities, sold after 12 add-ons and more than 900% revenue growth since 2022	Exit	Environmental & Waste	Source
May 2026	Lumate HealthAutism therapy provider for children in Fayetteville, North Carolina, listed with a May 2026 investment date	Investment	Healthcare Services	Source
May 2026	BoardableBoard management software for nonprofits in Fishers, Indiana, listed with a May 2026 investment date	Investment	Software & SaaS	Source
Mar 2026	Precision Garage Door Service franchiseeMulti-site garage door repair and installation franchisee bought with Burlington Capital Partners; RF's seventh essential services platform	Platform		Source
Feb 2026	NSG-NorelCapital alongside Prairie Capital for the recapitalization of a New England fire, life safety and security services group	Investment		Source
Nov 2025	NetVendor and OffenderWatchTwo software exits; NetVendor, a vendor compliance platform for property managers, went to Five Arrows	Exit	Software & SaaS	Source
Oct 2025	Texas Throne, A&B Portable Toilets and Parks Portable ToiletsThree portable sanitation companies added to ProSite Services, taking it into Texas	Add-on	Environmental & Waste	Source
Mar 2025	Potter's PottiesNorthern Virginia portable sanitation provider added to ProSite Services	Add-on	Environmental & Waste	Source
Feb 2025	S&K Building ServicesIndianapolis window washing and facade restoration provider for high-rise buildings, with 17 branches in 11 states	Platform		Source
Jan 2025	Valley Vital CareMajority investment in a Vital Care infusion pharmacy franchisee in Virginia and West Virginia; the pharmacist founders stay as CEO and COO	Platform	Healthcare Services	Source
Nov 2024	US VisionMed PartnersMedically focused optometry practice platform formed with Kian Capital Partners	Platform	Healthcare Services	Source

Portfolio by sector

From the firm's portfolio page S4.

Business Services

Diamond Landscaping Current
Leadership Circle Current
NSG-Norel (Norel Service Company and NSG Life Safety) Current
Precision Garage Door Service franchisee Current
ProSite Services Current
Retained Executive Search Firm (formerly Diversified Search Group) Current
RJ Underground Current
S&K Building Services Current
SDII Current

Healthcare Services

Altro & Amici Current
Lumate Health Current
MAX Surgical Specialty Management Current
Specialty Dental Brands Current
US VisionMed Partners Current
Valley Vital Care Current

Other

Blackthorn Current
Boardable Current
Bolton Technology Current
Charles Products Inc. Current
Covr Current
Foxtronics Current
Nextpoint Current

Greymont’s take

How RF Investment Partners fits a seller

RF fits owners of essential service businesses, healthcare practices and vertical software companies who want a flexible partner rather than a standard buyout. Because it can mix debt with a minority equity stake, an owner can take some money off the table and keep control, or sell a majority, as the founders of Rent-A-John and S&K Building Services did. Founders often stay in charge: RJ Underground's founder keeps running the business after RF's August 2026 investment.

RF builds platforms with add-ons, and its June 2026 Ally Waste exit came after 12 acquisitions and more than 900% revenue growth. Owners should ask whether RF's money comes as debt, equity or both, since debt means interest the business must carry, and whether RF is leading the deal or backing another sponsor, as it did with Prairie Capital at NSG-Norel and Burlington Capital at the Precision Garage Door franchisee.

Questions owners ask

Does RF Investment Partners buy waste and portable sanitation companies?

Yes. It formed ProSite Services in 2024 by buying Rent-A-John, added Potter's Potties in March 2025 and three more portable toilet companies in October 2025, and in June 2026 it sold Ally Waste Services, a valet trash and managed waste provider for apartment communities.

Does RF take equity or only lend?

Both. Its stated securities run from unitranche and subordinated debt to preferred and common equity, and it takes minority or majority positions. It bought S&K Building Services outright in February 2025 and made a majority investment in Valley Vital Care in January 2025.

What size company does RF look for?

For business and healthcare services it looks for at least $10 million of revenue and roughly $2 million to $3 million or more of EBITDA, with investments of $10 million to $40 million. Software companies need at least $5 million of annual recurring revenue.

Does RF invest alongside other investors?

Often. Its criteria list independent sponsor and search fund deals, and in 2026 it partnered with Burlington Capital Partners to buy a Precision Garage Door franchisee and backed Prairie Capital's recapitalization of NSG-Norel.

Sources

S1RF Investment Partners home page (investment focus snapshot) Accessed October 26, 2026
S2RF: Investment Criteria & Approach Accessed October 26, 2026
S3RF: Sectors of Focus Accessed October 26, 2026
S4RF: Portfolio (22 current, 20 realized; status taken from each company page) Accessed October 26, 2026
S5RF: News Accessed October 26, 2026
S6RF Closes $355 Million SBIC Fund II (August 15, 2022) Accessed October 26, 2026
S7RF Announces Final Close of Inaugural Fund (July 11, 2018) Accessed October 26, 2026
S8RF Announces Utility Infrastructure Platform Investment (August 12, 2026) Accessed October 26, 2026
S9RF Exits Ally Waste Services (June 30, 2026) Accessed October 26, 2026
S10RF Invests in Precision Garage Door Service Franchisee (March 12, 2026) Accessed October 26, 2026
S11RF Acquires S&K Building Services (February 13, 2025) Accessed October 26, 2026
S12RF Acquires Rent-A-John, Forms Portable Sanitation Platform (August 28, 2024) Accessed October 26, 2026
S13RF: ProSite Services portfolio page (portable sanitation and dumpster rental) Accessed October 26, 2026
S14RF: Lumate portfolio page (current, May 2026) Accessed October 26, 2026
S15RF: Boardable portfolio page (current, May 2026) 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 RF Investment Partners. Figures are as reported on the dates shown and may have changed. Request a correction