Private equity firm investing in founder-led B2B services companies
RLH Equity Partners
Formerly Riordan, Lewis & Haden
- HeadquartersLos Angeles, CA S1
- Websiterlhequity.com
- Last verifiedOctober 28, 2026
At a glance
| Assets under management | $1B (as of Sep 2026) S6 |
|---|---|
| EBITDA range | $5M to $20M S3 |
| Revenue range | $25M to $200M S3 |
| Check size | $30M to $100M S3 |
| Deal types | Platform, Minority, Growth S3 |
| Geography | United States, Canada S3 |
| Sectors | IT Services & MSP, Accounting & Professional Services, Healthcare Services, Software & SaaS |
What RLH Equity Partners buys
RLH Equity Partners, formerly Riordan, Lewis & Haden, is a Los Angeles firm with an Irvine office. It has backed founders for more than 40 years and manages over $1 billion. It invests in founder-owned and founder-led B2B services firms whose work is driven by changes in technology: IT consulting and implementation around platforms such as Oracle, Salesforce, Workday, Microsoft and Databricks, plus specialized consulting, healthcare services and marketing. Its fact sheet asks for $25 million to $200 million of revenue, $5 million to $20 million of EBITDA and at least 15% organic growth, with headquarters in the US or Canada.
RLH puts in $30 million to $100 million or more of equity and usually owns 30% to 70%, so a founder can keep a large stake. It stresses organic growth over buying other firms and plans to hold three to six years or more. Its fifth fund began with Valent Partners in January 2026 and added Climb in September 2026. None of its recent deals are add-ons, so firms below its revenue floor are unlikely to fit.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | ClimbDatabricks-focused data and AI consultancy launched in 2026; second investment from RLH's fifth fund | Growth | IT Services & MSP | Source |
| Jun 2026 | MCA ConnectMicrosoft Dynamics consultancy for manufacturers agreed to be acquired by Grant Thornton | Exit | IT Services & MSP | Source |
| Jan 2026 | Valent PartnersDallas technology strategy and AI transformation firm; first platform from RLH's fifth fund | Platform | IT Services & MSP | Source |
| Jan 2026 | KeystoneTechnology, economics and strategy advisory practice sold to Audax Private Equity | Exit | Accounting & Professional Services | Source |
| Jan 2026 | Keystone.AIAI software business spun out of Keystone at the Audax sale; RLH keeps a minority stake | Minority | Software & SaaS | Source |
| Dec 2024 | The Asia GroupWashington, DC geopolitical and policy consulting firm focused on the Indo-Pacific | Investment | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
B2B healthcare
- Biorasi
- IMRE
Data and AI consulting
- Climb
Enterprise AI software (minority stake)
- Keystone.AI
Geopolitical consulting
- The Asia Group
Other professional services
- Connors Group
- CrossCountry Consulting
Specialty pharmacy
- Patient Care America
Technology services
- Astound Digital
- CrossVue
- Red Clay Consulting
- Valent Partners
Past investments: MCA Connect, Keystone
Greymont’s take
How RLH Equity Partners fits a seller
RLH suits founders of fast-growing IT consulting, implementation and specialized advisory firms who want capital and help scaling but are not ready to hand over the whole company. Because it typically owns 30% to 70%, a founder can take meaningful cash off the table and still hold a large share for the next sale. Its 2026 exits went to Grant Thornton and Audax, which shows the usual path: several years of growth with RLH, then a sale to a strategic buyer or a larger investor. The bar is high, with at least $25 million of revenue and 15% organic growth. Owners should ask whether RLH would take control or a minority stake in their case, what growth targets its plan assumes, and how long it expects to hold.
Questions owners ask
Does RLH Equity Partners invest in IT services companies?
Yes. Most of its current holdings are technology consulting and implementation firms, including Valent Partners, Climb, CrossVue, Red Clay Consulting and Astound Digital, built around platforms such as Databricks, Workday, Oracle and Salesforce.
How big does a company need to be for RLH?
Its fact sheet asks for $25 million to $200 million of annual revenue, $5 million to $20 million of EBITDA and at least 15% organic growth, with equity investments of $30 million to $100 million or more.
Will RLH take a minority stake?
Yes. It typically seeks between 30% and 70% ownership, so a deal can leave the founder as a large or even majority owner. When Keystone's advisory practice was sold in January 2026, RLH kept a minority stake in the spun-out Keystone.AI.
Is RLH the same firm as Riordan, Lewis & Haden?
Yes. Its October 2017 fund close announcement on PR Newswire was issued under the Riordan, Lewis & Haden name and refers to the firm as RLH Equity Partners throughout.
Sources
- S1RLH Equity Partners home page Accessed October 28, 2026
- S2RLH Equity Partners: Our Approach Accessed October 28, 2026
- S3RLH Equity Partners fact sheet (April 2026) Accessed October 28, 2026
- S4RLH Equity Partners: Our Portfolio Accessed October 28, 2026
- S5RLH Equity Partners Invests in Valent Partners, First Investment in Its Fifth Fund (January 21, 2026) Accessed October 28, 2026
- S6RLH Equity Partners Invests in Climb (PR Newswire, September 16, 2026) Accessed October 28, 2026
- S7Riordan, Lewis & Haden Equity Partners Announces the Final Closing of its New Fund (PR Newswire, October 19, 2017) Accessed October 28, 2026
- S8RLH Launches New Website and Branding (January 23, 2024) Accessed October 28, 2026
- S9RLH Reports (news) Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with RLH Equity Partners. Figures are as reported on the dates shown and may have changed. Request a correction