Family office private equity firm
Spell Capital Partners
- HeadquartersEdina, MN S1
- Founded1988 S2
- Websitespellcapital.com
- Last verifiedOctober 26, 2026
At a glance
| Assets under management | $700M (as of Apr 2026) S5 |
|---|---|
| Latest fund | Spell Capital Partners Fund V, $68M (May 2017) S10 |
| EBITDA range | $5M+ S3 |
| Deal types | Platform, Add-on S3 |
| Geography | United States, International S3 |
| Sectors | Industrial & Manufacturing, Consumer & Food |
What Spell Capital Partners buys
Spell Capital Partners is a Minneapolis-area firm, with its office in Edina, Minnesota, that has been buying lower middle market companies since 1988. It takes control of profitable, well-run businesses, mostly manufacturers, and names plastics, packaging, capital equipment, precision metal fabrication and niche industrial parts as its favorite areas. Its stated floor is steady, predictable cash flow of at least $5 million a year. It will look at private company sales, family ownership transitions, corporate carve-outs and take-privates, in the United States and abroad.
The way Spell pays for deals has changed. After it finished investing its fifth buyout fund, a $68 million fund closed in 2017, new control deals are funded with Spell family office money rather than a new outside fund, and its mezzanine team spun out as NorthCoast Mezzanine in 2022. In April 2026 the firm reported about $700 million under management across eight family-owned companies. Its recent releases say it wants both new platforms and add-ons, so a smaller manufacturer can also meet Spell as an add-on.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jun 2026 | Precision ProductionSwiss screw machined parts maker in Strongsville, Ohio, owned since 2019, sold to a management-led group | Exit | Industrial & Manufacturing | Source |
| Mar 2026 | MacDonald & OwenHardwood lumber and specialty wood products company based in West Salem, Wisconsin; its leaders keep running it and keep a meaningful stake | Platform | Industrial & Manufacturing | Source |
| Dec 2024 | Norshield Security ProductsMaker of bullet and blast resistant windows, doors and booths, held since 2009, sold to ASSA ABLOY | Exit | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Current
- All Star Corrugated
- Asian Pacific Colorants
- Atlas Wire
- Diamond Graphics
- Durocolour
- MacDonald & Owen
- Northwood Foods
- Patriot Armor
Greymont’s take
How Spell Capital Partners fits a seller
Spell suits the owner of a steady, profitable manufacturer who wants a buyer without a fund deadline. Because new deals are paid for with family office money, Spell can hold for a long time: it owned Norshield for 15 years before selling it to ASSA ABLOY in December 2024. Management teams often stay and keep a stake, as the MacDonald & Owen leaders did in March 2026, and Spell has sold a business to its own managers, as it did with Precision Production in June 2026.
The tradeoffs are pace and size. Spell announced only one new platform in the last two years, and it wants at least $5 million of cash flow, so smaller shops are more likely to fit as add-ons. An owner should ask how Spell decides when to sell a family-owned holding, and how much debt it plans to put on the business at closing.
Questions owners ask
How does Spell Capital pay for its acquisitions?
New control deals are funded with Spell family office capital. The firm has finished investing its fifth buyout fund, and since 2022 its older mezzanine funds have been managed and wound down by a team that formed NorthCoast Mezzanine.
What size company does Spell Capital look for?
Its criteria ask for a history of stable, predictable cash flow of at least $5 million, an established management team and a controlling stake. It considers manufacturing, service and distribution businesses.
Does management stay after Spell invests?
Usually. In the March 2026 MacDonald & Owen deal the existing leaders kept running the company and kept a meaningful ownership stake, and in June 2026 Spell sold Precision Production to a management-led group.
Does Spell Capital buy companies outside the United States?
Yes. Its criteria cover both US and international deals, and its current holdings include Asian Pacific Colorants in Australia and New Zealand and Durocolour in Vietnam.
Sources
- S1Spell Capital Partners home page Accessed October 26, 2026
- S2Spell Capital: About Us Accessed October 26, 2026
- S3Spell Capital: Investment Criteria Accessed October 26, 2026
- S4Spell Capital: Current Portfolio Accessed October 26, 2026
- S5Spell Capital Partners: 2026 Top 50 Private Equity Firm (April 24, 2026) Accessed October 26, 2026
- S6Spell Capital Partners Announces Acquisition of MacDonald & Owen (March 2, 2026) Accessed October 26, 2026
- S7Spell Capital Partners Announces Sale of Precision Production (June 22, 2026) Accessed October 26, 2026
- S8Spell Capital Partners Announces Sale of Norshield Security Products (December 20, 2024) Accessed October 26, 2026
- S9Spell Capital Announces Organizational Update for Mezzanine Funds (August 31, 2022) Accessed October 26, 2026
- S10Spell Capital Partners Announces the Closing of Fund V (May 19, 2017) Accessed October 26, 2026
- S11Spell Capital portfolio: MacDonald & Owen Accessed October 26, 2026
- S12Spell Capital News 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 Spell Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction