Lower middle market private equity firm

Saw Mill Capital

At a glance

Latest fundSaw Mill Capital Partners III, $435M (Nov 2024) S7
EBITDA range$3M to $25M S3
Revenue range$20M to $200M S3
Check size$15M to $100M S3
Deal typesPlatform, Add-on S4
GeographyNorth America, Any location (add-ons) S7
SectorsHVAC, Plumbing & Electrical, Roofing, Construction Services, Distribution, Industrial & Manufacturing

What Saw Mill Capital buys

Saw Mill Capital, based in Briarcliff Manor, New York, has been buying lower middle market companies since 1997. It looks for three kinds of business: industrial services built on skilled labor, such as refrigeration, HVAC, fencing, flooring and paving contractors; professional and consumer services, such as funeral homes, residential roofing and event services; and engineered products, meaning niche manufacturers and distributors. For a new platform it wants $20 million to $200 million of revenue and $3 million to $25 million of EBITDA, and it puts in $15 million to $100 million of equity.

Saw Mill only buys control, and it says it is usually the first institutional investor a company has had. It buys from founders, families, other private equity firms and corporations. New platforms come from Saw Mill Capital Partners III, a $435 million fund closed in November 2024. Every current portfolio company is looking for add-ons, and Saw Mill will consider an add-on of any size in any location, which is the most likely way in for a smaller business.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Sep 2026Prairie HVACRWinnipeg industrial refrigeration and HVAC contractor added to Industrial Refrigeration Pros, its first Canadian company; the founder stays on as presidentAdd-onHVAC, Plumbing & ElectricalSource
Jun 2026Two funeral home and cemetery groups (seven locations)Two deals for Fidelity Memorial Group in the first half of 2026, entering Virginia and adding locations in coastal GeorgiaAdd-onSource
Jun 2026Ramler InternationalAustralian hospitality and event furniture maker added to Southern AluminumAdd-onIndustrial & ManufacturingSource
Mar 2026Fidelity Memorial GroupSavannah, Georgia operator of more than 50 funeral homes and cemeteries; the fourth Fund III investmentPlatformSource
Dec 2025T3 ExpoFounder-led trade show and corporate event services company in Lakeville, Massachusetts; the fifth Fund III investmentPlatformSource
Aug 2025Apex General ContractingIllinois roofing and insurance restoration contractor added to RAFTRx, taking it into Illinois and WisconsinAdd-onRoofingSource
Jul 2025Gold Medal RoofingKnoxville, Tennessee residential and commercial roofer added to RAFTRxAdd-onRoofingSource
Apr 2025Kingdom KraftersMissouri roofing and exteriors company added to RAFTRxAdd-onRoofingSource
Nov 2024Saw Mill Capital Partners IIIOversubscribed final close at $435 million, including $50 million from the Saw Mill teamFund closeSource
Oct 2024Victory Energy OperationsBoiler and heat recovery equipment maker sold to Main Street CapitalExitIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S5.

Engineered Products

  • Nemo Group
  • Southern Aluminum
  • Versatrim

Engineered Products / Industrial Services

  • Complete Automation Solutions

Industrial Services

  • ARCXIS
  • Climate Pros
  • Industrial Refrigeration Pros
  • Let's Pave
  • Pro Max Fence Systems
  • Rasa Floors

Professional & Consumer Services

  • Fidelity Memorial Group
  • RAFTRx
  • T3 Expo

Past investments: Clyde Bergemann, Denali Water Solutions, Gateway Packaging Company, Global Power Equipment Group, Identity Group, Janus International Group, Jason Inc., MeTEOR Education, Netshape Technologies, Pexco, Pine Environmental Services, Terra Renewal, Turner Bros., Victory Energy Operations, Wolf-Gordon

Greymont’s take

How Saw Mill Capital fits a seller

Saw Mill fits an owner who is ready to hand over control and wants a buyer that will keep spending on growth and acquisitions after closing. Its usual pattern is to back a founder-led leader in a fragmented service niche and then buy smaller firms around it: RAFTRx added three roofing companies in 2025, and Fidelity Memorial Group added seven funeral home and cemetery locations in the first half of 2026. Founders often keep running their companies, as Prairie's founder did as president after joining IR Pros in 2026. The firm also has its own research team that studies its target niches, so it may already know a seller's market well.

Owners should ask how much equity they can keep, and what the plan is for the next sale, since Saw Mill says its goal is a company roughly double its size for the next owner.

Questions owners ask

Will Saw Mill Capital take a minority stake?

No. Its criteria page says it only seeks control investments. It buys from entrepreneurs, families, private equity firms and corporations, and it says it is usually the company's first institutional investor.

What size company does Saw Mill look for?

For a new platform it looks for $20 million to $200 million of revenue and $3 million to $25 million of EBITDA, investing $15 million to $100 million of equity. Add-ons for its current companies can be any size and in any location.

Does Saw Mill buy HVAC and roofing companies?

Yes. Climate Pros and Industrial Refrigeration Pros provide refrigeration and HVAC services, and RAFTRx is a residential re-roofing platform focused on insurance claims. All three are listed as seeking add-ons, and IR Pros bought a Canadian refrigeration contractor in September 2026.

How large is Saw Mill's current fund?

Saw Mill Capital Partners III held its final close at $435 million in November 2024, oversubscribed, with $50 million committed by Saw Mill's own team. Its newest platforms, T3 Expo and Fidelity Memorial Group, were both made from that fund.

Sources

  1. S1Saw Mill Capital home page Accessed October 26, 2026
  2. S2Saw Mill Capital: About Us Accessed October 26, 2026
  3. S3Saw Mill Capital: Criteria (revenue, EBITDA, equity check, control only) Accessed October 26, 2026
  4. S4Saw Mill Capital: Industries and companies seeking add-ons Accessed October 26, 2026
  5. S5Saw Mill Capital: Portfolio (active and exited, by sector and fund) Accessed October 26, 2026
  6. S6Saw Mill Capital: News & Insights Accessed October 26, 2026
  7. S7Saw Mill Capital Announces $435 Million Oversubscribed Fund III (November 4, 2024) Accessed October 26, 2026
  8. S8Saw Mill Capital Announces Partnership with Fidelity Memorial Group (March 9, 2026) Accessed October 26, 2026
  9. S9Saw Mill Capital Announces Partnership with T3 Expo (December 31, 2025) Accessed October 26, 2026
  10. S10Industrial Refrigeration Pros Acquires Prairie HVAC/R & Electrical Services (September 8, 2026) Accessed October 26, 2026
  11. S11Fidelity Memorial Group Completes Two Add-On Acquisitions in the First Half of 2026 (June 3, 2026) Accessed October 26, 2026
  12. S12Southern Aluminum Acquires Ramler International (June 2, 2026) Accessed October 26, 2026
  13. S13Saw Mill Capital Completes Sale of Victory Energy (October 30, 2024) Accessed October 26, 2026
  14. S14Saw Mill Capital portfolio: RAFTRx Accessed October 26, 2026
  15. S15RAFTRx Acquires Kingdom Krafters (April 3, 2025) Accessed October 26, 2026
  16. S16RAFTRx Acquires Gold Medal Roofing (July 1, 2025) Accessed October 26, 2026
  17. S17RAFTRx Acquires Apex General Contracting (August 21, 2025) Accessed October 26, 2026
  18. S18Saw Mill Capital Closes Continuation Fund for Climate Pros and Industrial Refrigeration Pros (May 11, 2023) Accessed October 26, 2026
  19. S19Saw Mill Capital: Approach & Alignment 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 Saw Mill Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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