Lower middle market private equity firm
SRM Equity Partners
Formerly Sunny River Management
- HeadquartersAtlanta, GA S4
- Founded2015 S1
- Websitesrmequity.com
- Last verifiedOctober 28, 2026
At a glance
| Assets under management | $600M (as of Oct 2026) S1 |
|---|---|
| EBITDA range | $3M to $15M S2 |
| Revenue range | $15M to $100M S2 |
| Check size | Up to $75M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | United States, Canada S2 |
| Sectors | HVAC, Plumbing & Electrical, Dental, Healthcare Services, Industrial & Manufacturing |
What SRM Equity Partners buys
SRM Equity Partners, formerly Sunny River Management, is a family-backed buyout firm that started in 2015 and runs offices in Atlanta and Austin. It says it manages $600 million of committed capital. SRM takes control of founder- and family-owned companies in the US and Canada and turns them into larger platforms through steady add-on buying. Its target areas are business services such as testing, inspection, certification, maintenance and building services; tech-enabled services; healthcare services; and makers of engineered, medical and aerospace products.
For a new platform, SRM wants $15 million to $100 million of revenue, $3 million to $15 million of EBITDA and margins of at least 15%, and it will put in up to $75 million of equity. Add-ons can be smaller, with $1 million to $5 million of EBITDA. A smaller company is most likely to meet SRM as an add-on to a platform such as Palmetto Air & Water Balance, which has bought five testing, balancing and certification firms since May 2025.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jun 2026 | TechScan, Inc.Cleanroom and critical environment certification firm serving six southern states, added to Palmetto Air & Water Balance | Add-on | HVAC, Plumbing & Electrical | Source |
| May 2026 | SMI GroupJacksonville testing and balancing firm added to Palmetto; the former owner stays on | Add-on | HVAC, Plumbing & Electrical | Source |
| Jan 2026 | RezolutOutpatient imaging platform sold to Envision Radiology; the sale closed December 31, 2025 | Exit | Healthcare Services | Source |
| Oct 2025 | Bay to Bay BalancingTampa testing and balancing firm; Palmetto's first Florida location | Add-on | HVAC, Plumbing & Electrical | Source |
| Sep 2025 | Stone EnterprisesOmaha maker of replacement parts and equipment for food processors; the founder keeps a stake and stays CEO | Platform | Industrial & Manufacturing | Source |
| Jun 2025 | RF TechnologiesSafety, nurse call and location technology for healthcare and senior living; effective June 5, 2025 | Platform | Source | |
| Jun 2025 | ETB ArizonaPhoenix testing, balancing and fire and life safety certification firm added to Palmetto | Add-on | HVAC, Plumbing & Electrical | Source |
| May 2025 | Testing Specialties, Inc.San Antonio testing and balancing firm merged into Palmetto's Texas operations | Add-on | HVAC, Plumbing & Electrical | Source |
| Feb 2025 | Mid-Florida EndodonticsCentral Florida root canal specialty practice; partnership effective December 10, 2024 | Platform | Dental | Source |
| Dec 2024 | Kova Engineering Ltd.Canadian crane and lift inspection firm added to Industrial Inspection & Analysis | Add-on | Industrial & Manufacturing | Source |
| Nov 2024 | Tribologik Laboratories and Predictive Maintenance CorporationLubricant, fuel and coolant testing labs added to IIA's lab services | Add-on | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Dental
- Mid-Florida Endodontics
HVAC, Plumbing & Electrical
- Palmetto Air & Water Balance
Industrial & Manufacturing
- Industrial Inspection & Analysis
- IIA Field Services
- Komline-Sanderson
- Stone Enterprises
Other
- Fire Safety and Protection
- RF Technologies
Past investments: Rezolut
Greymont’s take
How SRM Equity Partners fits a seller
SRM suits owners of founder- or family-run businesses in regulated, fragmented service niches, such as HVAC testing and balancing, industrial inspection or specialty healthcare, as well as small engineered-products makers. Most of its recent deals are add-ons, so many sellers join an existing SRM platform rather than becoming a new one. Some keep a role: the founder of Stone Enterprises kept a meaningful stake and stayed CEO, and the former owner of SMI Group stayed on to help run Palmetto's Jacksonville business. Others are folded in more fully, as Testing Specialties was merged into Palmetto's Texas operations.
SRM says it does not need a perfect company, but it does screen for EBITDA margins of 15% or more. Owners should ask whether their name and team will be kept or merged, and, since SRM sold its Rezolut imaging platform at the end of 2025, how long it expects to hold the platform they would join.
Questions owners ask
What size company does SRM Equity Partners buy?
For a new platform it looks for $15 million to $100 million of revenue and $3 million to $15 million of EBITDA, with margins of at least 15%, and it invests up to $75 million of equity. Add-on targets can have as little as $1 million of EBITDA.
Is SRM Equity Partners the same firm as Sunny River Management?
Yes. The firm's own December 2021 release on its Palmetto Air & Water Balance investment uses the Sunny River Management name, and the old sunnyrivermanagement.com address now forwards to srmequity.com.
Does the owner stay involved after SRM invests?
Often. When SRM bought Stone Enterprises in September 2025, the founder kept a meaningful stake and stayed on as CEO. RF Technologies' founder stayed as non-executive chairman, and SMI Group's former owner remained active in Palmetto's Jacksonville operations.
Does SRM buy HVAC service companies?
It owns Palmetto Air & Water Balance, which tests, adjusts and balances HVAC systems in commercial buildings and certifies cleanrooms. Palmetto has bought five firms in Texas, Arizona and Florida since May 2025, so testing and balancing firms are its clearest fit.
Sources
- S1SRM Equity Partners home page Accessed October 28, 2026
- S2SRM Equity Partners: Approach and Investment Criteria Accessed October 28, 2026
- S3SRM Equity Partners: Portfolio Accessed October 28, 2026
- S4SRM Equity Partners: About (Atlanta and Austin offices) Accessed October 28, 2026
- S5SRM Equity Partners: News Accessed October 28, 2026
- S6Sunny River Management Partners with Palmetto Air & Water Balance (December 21, 2021) Accessed October 28, 2026
- S7SRM Equity Partners: Palmetto portfolio page Accessed October 28, 2026
- S8SRM Equity Partners Announces Sale of Rezolut (January 6, 2026) 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 SRM Equity Partners. Figures are as reported on the dates shown and may have changed. Request a correction