At a glance
| EBITDA range | $2M+ S2 |
|---|---|
| Revenue range | $10M+ S2 |
| Check size | $5M to $10M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Geography | United States S3 |
| Sectors | Industrial & Manufacturing, Distribution, Consumer & Food |
What Rural American Fund buys
Rural American Fund is a Chicago private equity firm that invests principally in agriculture and related businesses. Thomas Karlson and Mia Koch founded it in 2007, and its current holdings sit in Rural American Fund III RBIC. It concentrates on the inputs side of farming, such as seed, crop nutrients, specialty chemicals, irrigation, precision ag and specialty machinery, and it also looks at protein and crop processing and value-added distributors. It does not buy farmland, stand-alone real assets or commodities.
A new platform needs at least $10 million of revenue and $2 million of EBITDA, and the firm invests $5 million to $10 million of equity per platform. Add-ons have no minimum. It prefers control or influential stakes and weighs minority stakes case by case. Owners typically keep a significant minority interest. It also invests beside other buyers: Granite Creek led the January 2025 purchase of Ritchie Industries with Rural American alongside. A smaller company is most likely to meet the firm as an add-on to one of its four current holdings.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jan 2025 | Ritchie IndustriesFund III co-investment in the Iowa livestock waterer maker, alongside lead buyer Granite Creek | Investment | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Fund III
- Charger Genetics
- Fisher Nut
- Independent Ag
- Ritchie Industries
Past investments: Hen Haven, Aquatrols, La Crosse Seed, Seeds 2000, Technology Crops International
Greymont’s take
How Rural American Fund fits a seller
Rural American Fund suits an agribusiness owner who wants to take some money off the table, keep a real stake and keep leading the company. The firm says it helps at board level, draws on its ag-entrepreneur partners for supplier and customer contacts, and stays out of daily operations. Its brochure also describes structures that let some owners step back while others step up, which can help a family or partner transition.
This is a buyer that plans to sell. Its criteria ask for an identifiable exit, and past exits went to strategic buyers, such as Aquatrols to Lamberti in January 2023 and La Crosse Seed to DLF Pickseed in June 2018. An owner who keeps equity should ask about the expected timing. Also ask whether Fund III can back a new platform, and whether the firm would lead the deal or sit beside another buyer, as it did on Ritchie.
Questions owners ask
Who runs Rural American Fund?
Its team page lists Founding Partner Thomas Karlson, Partner Mia Koch and Principal Paul Smith, with Nolan Spencer as an advisor. Karlson and Koch founded the firm in 2007, and its site names no other manager or parent.
What does Rural American Fund hold in Ritchie Industries?
A Fund III investment alongside Granite Creek, which led the January 2025 purchase, with Ritchie's management and employees also rolling equity. The size of its stake is not disclosed. Founding Partner Thomas Karlson sits on Ritchie's board.
What size company does Rural American Fund look for?
Platforms need at least $10 million of revenue and $2 million of EBITDA, with $5 million to $10 million of equity per platform. Add-on acquisitions for its existing companies have no minimum size.
Does Rural American Fund buy farmland?
No. The firm says it does not invest in farmland, stand-alone real assets or agricultural commodities. It backs operating businesses, with a heavy focus on the inputs part of the agricultural value chain.
Sources
- S1Rural American Fund: Our Firm Accessed November 5, 2026
- S2Rural American Fund: Investment Criteria Accessed November 5, 2026
- S3Rural American Fund: Approach Accessed November 5, 2026
- S4Rural American Fund: Portfolio Accessed November 5, 2026
- S5Rural American Fund: Thomas S. Karlson biography Accessed November 5, 2026
- S6Rural American Fund: Team Accessed November 5, 2026
- S7Rural American Fund: Summary Overview 2026 Accessed November 5, 2026
- S8Granite Creek Capital Partners Announces Acquisition of Ritchie Industries (January 16, 2025) Accessed November 5, 2026
- S9Rural American Fund: Ritchie Industries Accessed November 5, 2026
- S10Rural American Fund: Aquatrols Accessed November 5, 2026
- S11Rural American Fund: La Crosse Seed Accessed November 5, 2026
- S12Aldine Invests in Firehouse Strategies and Fisher Nut Company (September 28, 2022) Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Rural American Fund. Figures are as reported on the dates shown and may have changed. Request a correction