Lower middle market private equity firm focused on industrials
Riverspan Partners
- HeadquartersChicago, IL S1
- Websiteriverspan.com
- Last verifiedNovember 3, 2026
At a glance
| EBITDA range | $5M to $35M S2 |
|---|---|
| Deal types | Platform, Add-on S6 |
| Sectors | Industrial & Manufacturing |
What Riverspan Partners buys
Riverspan Partners is a Chicago private equity firm that works only in industrial businesses, generally ones earning $5 million to $35 million of EBITDA. Its stated areas are chemicals and materials, engineered components and industrial technology, building products, industrial services, and healthcare manufacturing. It looks for deals across ownership types: family and founder owners, private owners, other sponsors and public companies. Co-founders John Gilligan and Dave Thomas previously worked at BDT & Company and Golden Gate Capital.
The deal list is short because its first investment only came in April 2024, when its first fund bought Barretts Minerals, since renamed High Divide Minerals. POLARIS Laboratories followed in October 2024 and United Titanium in September 2025, and Vanderbilt Minerals joined the minerals group in June 2026. Riverspan does not publish a check size or revenue range. A company below its EBITDA range is most likely to meet the firm as an add-on, as the UK lab OCLS did when POLARIS bought it in May 2026.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jun 2026 | Vanderbilt MineralsNorwalk, Connecticut specialty minerals maker joined High Divide Minerals in a shared platform; each keeps running independently | Add-on | Industrial & Manufacturing | Source |
| May 2026 | Oil Check Laboratory Services (OCLS)UK fluid analysis lab in Doncaster added to POLARIS Laboratories | Add-on | Source | |
| Sep 2025 | United TitaniumWooster, Ohio maker of titanium and specialty alloy fasteners and precision components; senior team stays | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Chemicals / Materials
- High Divide Minerals
- Vanderbilt Minerals
Industrial Services
- POLARIS Laboratories
Industrial Tech & Engineered Components
- United Titanium
Greymont’s take
How Riverspan Partners fits a seller
Riverspan looks best for an owner of an industrial business with at least $5 million of EBITDA and a technical edge, such as specialty materials, engineered parts or testing. The United Titanium sale is the most useful guide: the same senior team kept running the company, it stayed in Wooster, Ohio, and Riverspan added a longtime industry executive to the board.
The firm is still early in its life, with four current companies and no realized investments on its site. That means there is no record of past sales to study. An owner should ask how much of the first fund remains for new platforms, how long Riverspan expects to hold the business, and who the likely next buyer is. Anyone rolling equity should also ask how future add-ons would be paid for.
Questions owners ask
What size of company does Riverspan Partners look for?
Its website says it generally works with industrial companies earning $5 million to $35 million of EBITDA. It does not publish a revenue range or a check size.
Does Riverspan Partners buy family or founder-owned businesses?
Yes, that is one of the ownership types it names, along with private owners, sponsor-backed companies and public companies. When it bought United Titanium in September 2025, the existing senior team stayed in charge and the company stayed in Wooster, Ohio.
Does Riverspan make add-on acquisitions?
Yes. POLARIS Laboratories bought the UK lab Oil Check Laboratory Services in May 2026, and Vanderbilt Minerals joined High Divide Minerals under a shared minerals platform in June 2026, with both companies continuing to operate independently.
Sources
- S1Riverspan Partners home page Accessed November 3, 2026
- S2Riverspan: Our Approach Accessed November 3, 2026
- S3Riverspan: Our Experience (investments and sectors of focus) Accessed November 3, 2026
- S4Riverspan: About Us Accessed November 3, 2026
- S5Riverspan: Our Team Accessed November 3, 2026
- S6Riverspan: News Accessed November 3, 2026
- S7Riverspan Partners Announces Inaugural Investment (April 30, 2024) Accessed November 3, 2026
- S8Riverspan Announces Strategic Investment in POLARIS Laboratories (October 8, 2024) Accessed November 3, 2026
- S9High Divide Minerals Rebrands (February 13, 2025) Accessed November 3, 2026
- S10Riverspan Partners Acquires United Titanium (September 15, 2025) Accessed November 3, 2026
- S11POLARIS Laboratories Acquires Oil Check Laboratory Services (May 1, 2026) Accessed November 3, 2026
- S12Vanderbilt Minerals to Join Expanded Industrial Minerals Platform (June 15, 2026) Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Riverspan Partners. Figures are as reported on the dates shown and may have changed. Request a correction