Operations-focused private equity firm that raises capital deal by deal

Ronin Equity Partners

At a glance

Check sizeUp to $300M S2
Deal typesPlatform, Add-on S2
GeographyUnited States, Canada S2
SectorsIndustrial & Manufacturing, Construction Services, Consumer & Food

What Ronin Equity Partners buys

Ronin Equity Partners is a New York firm founded in 2019 by David Feierstein and Jesse Yao, along with other former executives from Kraft Heinz, NCR and Diversey. It buys industrial, industrial services and consumer staples companies based in the US or Canada. It looks for strong cash flow, room to improve operations and a fragmented market where a platform can keep buying. Its team often steps in as interim executives to build systems and integrate acquisitions.

Its site sets a ceiling of $1 billion per transaction and $300 million of equity, and it names no minimum. Its deals have run far below that ceiling: the firm reports 31 acquisitions on a little over $400 million of equity. In April 2025 it said its food pipeline ranged from $3 million to $70 million of EBITDA. Ronin raises money for each deal from limited partners and co-investors rather than naming a single fund. Smaller owners should look at the add-on route, because all five current companies are marked as seeking add-ons.

Recent deals

Announced in the 24 months before November 6, 2026.

DateCompanyTypeSectorSource
May 2026TransporterMaker of heavy haul trailers and other specialized transportation equipment; Ronin is partnering with managementPlatformIndustrial & ManufacturingSource
Apr 2026Continental Refrigerator and National Comfort ProductsFoodservice refrigeration and HVAC brands added to AeriTek, which is majority owned by Mill Point Capital; Ronin holds a minority stakeAdd-onIndustrial & ManufacturingSource
Mar 2026AeriTek GlobalMinority stake bought through a continuation vehicle at $3.11 per share, the second step of the Due North sale; Partners Capital was among the new investorsMinorityIndustrial & ManufacturingSource
Mar 2026Federal IndustriesDisplay case maker carved out of Standex and added to AeriTek, which is majority owned by Mill Point CapitalAdd-onIndustrial & ManufacturingSource
Sep 2025Due NorthRefrigerated display group sold to AeriTek Global about four years after Ronin formed itExitIndustrial & ManufacturingSource
Sep 2025Edison Utility ServicesRepairs, maintains and builds electrical distribution networks and substations, with operations across more than 30 statesPlatformConstruction ServicesSource
May 2025Griffin AerospaceFAA Part 145 repair station that overhauls commercial aircraft componentsPlatformIndustrial & ManufacturingSource
Apr 2025Heartisan FoodsSpecialty cheese group sold to The Gellert Global Group, alongside Landon Capital Partners; Cheese Brothers was carved out just beforeExitConsumer & FoodSource
February 2025Engenuity Outdoor EquipmentExit date shown on Ronin's company page; no buyer namedExitIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S3.

Current

  • AeriTek Global Active (minority stake)
  • Edison Utility Services
  • Griffin Aerospace
  • Lotus Beverage Alliance
  • Transporter

Past investments: Due North, Engenuity Outdoor Equipment, Heartisan Foods

Greymont’s take

How Ronin Equity Partners fits a seller

Ronin suits the owner of a cash-generating industrial, utility services or consumer staples business in a fragmented market, especially one whose systems have not kept up with its growth. Expect heavy involvement. Ronin says it can place its own people in a company as interim senior executives to rebuild the back office, and it has often merged several companies at once, so a seller may end up inside a larger group.

Because Ronin raises money for each deal, an owner should ask early whether the equity is lined up and how certain the closing is. Its three exits so far came roughly three to four years after purchase, so an owner who rolls equity should ask how long Ronin expects to hold the company and who the next buyer is likely to be.

Questions owners ask

What size of deal does Ronin Equity Partners do?

Its site caps transactions at $1 billion and equity at $300 million and names no minimum. The firm reports 31 acquisitions on a little over $400 million of equity, which points to deals far below that cap.

Does Ronin invest from a committed fund?

It names no single fund. Its releases describe financing each purchase with limited partners, co-investors and its own balance sheet, and they say Houlihan Lokey has arranged the financing for all of its investments.

Is Ronin looking for add-on acquisitions?

Yes. Its site marks all five current companies as seeking add-ons, including Transporter, Edison Utility Services and Griffin Aerospace. It also says Lotus Beverage Alliance has completed five add-ons since it was formed.

How hands-on is Ronin after it buys a company?

Very. Its releases say the team can embed staff as interim senior executives to build back-office systems and integrate acquisitions, and that more than 200 operating advisors support the firm. Several Ronin team members took executive roles at Heartisan.

Sources

  1. S1Ronin Equity Partners home page Accessed November 6, 2026
  2. S2Ronin Equity Partners: Investment Approach Accessed November 6, 2026
  3. S3Ronin Equity Partners: Our Investments Accessed November 6, 2026
  4. S4Ronin Equity Partners: News Accessed November 6, 2026
  5. S5Ronin Completes GP-Led Minority Secondary for AeriTek Global (March 18, 2026) Accessed November 6, 2026
  6. S6Ronin and Landon Capital Partners Achieve Strategic Sale of Heartisan Foods (April 14, 2025) Accessed November 6, 2026
  7. S7Ronin Sells Due North to AeriTek Global (September 29, 2025) Accessed November 6, 2026
  8. S8Ronin company page: Transporter Accessed November 6, 2026
  9. S9Ronin company page: Edison Utility Services Accessed November 6, 2026
  10. S10Ronin company page: Griffin Aerospace Accessed November 6, 2026
  11. S11Ronin company page: Lotus Beverage Alliance Accessed November 6, 2026
  12. S12Ronin company page: AeriTek Accessed November 6, 2026
  13. S13AeriTek Acquires Federal Industries, Significantly Bolstering U.S. Presence (March 9, 2026) Accessed November 6, 2026

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

For business owners

Thinking about selling? Start here.

We work for the buyers, so owners never pay us a fee or a share of proceeds. See what your business could be worth and how many buyers fit a company like yours, or start a confidential conversation.

What Is My Business Worth? Who Would Buy My Company?