Middle market private equity firm

Stellex Capital Management

At a glance

Assets under management$5B (as of Sep 2025) S6
Revenue range$100M to $500M S3
Check size$75M to $150M S3
Deal typesPlatform, Add-on, Minority S3
GeographyNorth America, Europe S3
SectorsIndustrial & Manufacturing, Transportation & Logistics, Consumer & Food, Construction Services, Distribution

What Stellex Capital Management buys

Stellex Capital Management is a New York private equity firm, founded in 2014, that invests in North America and Europe. It works in five areas: aerospace, defense and government services; food products and services; industrials; services companies built on skilled labor, such as electrical, power and cleanroom contractors; and transportation, logistics and distribution. Stellex seeks out situations other buyers may avoid: carve-outs, turnarounds, stretched balance sheets and first-time outside capital. Its in-house operators, the Stellex Resource Group, work with each company.

A typical Stellex investment is $75 million to $150 million, in companies with roughly $100 million to $500 million of annual revenue. It can buy control, take a minority stake or provide structured capital, as it did with $75 million of preferred stock in TEAM, Inc. in 2025. It reported more than $5 billion of assets in September 2025 and closed its third fund in March 2026. A smaller business is most likely to meet Stellex as an add-on to a platform such as The Crest Group, RTC Aerospace or W&B Service Company.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Aug 2026DukaneUltrasonic and plastic joining technology maker added to The Crest GroupAdd-onIndustrial & ManufacturingSource
Aug 2026TEAM, Inc.Bought about 1.6 million common shares from another holder, taking Stellex to roughly 35% of the listed industrial services company's common stockInvestmentSource
Jun 2026Automatic ProductsAdded to RTC Aerospace to expand its capabilities and capacityAdd-onIndustrial & ManufacturingSource
March 2026Stellex Fund IIIThird flagship fund closed; size not disclosed on the firm's siteFund closeSource
Feb 2026Sanders Trailer ServiceAdded to W&B Service Company, a transport refrigeration and semi-trailer distributorAdd-onSource
Jan 2026BeaufortCarve-out of Survitec's aerospace and defense survival equipment division, completed with Capitol Meridian PartnersPlatformIndustrial & ManufacturingSource
Oct 2025Dürr CTS (Clean Technology Systems)Carve-out of Dürr Group's air and noise filtration technology business completedPlatformIndustrial & ManufacturingSource
Oct 2025Crest UltrasonicsAgreement to buy the industrial technology manufacturer, now The Crest GroupPlatformIndustrial & ManufacturingSource
Sep 2025TEAM, Inc.$75 million of preferred stock and warrants, used to pay down debt, plus two board seatsMinoritySource
Aug 2025Grade A Auto PartsCombined with Fenix Parts, an OEM auto parts recycler, in a deal announced as a partnershipAdd-onDistributionSource
Jan 2025Rokstad HoldingsAgreement to buy the critical power infrastructure services provider's US assets from a court-appointed receiverPlatformConstruction ServicesSource
Jan 2025ICS HoldingElectrical services provider acquiredPlatformConstruction ServicesSource

Portfolio by sector

From the firm's portfolio page S4.

Aerospace, Defense & Government Services

  • ARMADA Inc.
  • Beaufort
  • RTC Aerospace

Food Products & Services

  • Country Fresh
  • Custom Made Meals
  • J. Skinner

Industrials

  • A. Stucki Company
  • Advita Ortho
  • Crest Ultrasonics
  • Custom Glass Solutions
  • David Brown Santasalo
  • Dürr CTS (Clean Technology Systems)
  • Ferroworks
  • MSS Group
  • Paragon Metals

Industrials; Transportation Logistics & Distribution

  • Fenix Parts

Services

  • Communify
  • Fox Group
  • G2 Risk Solutions
  • Hodess Cleanroom Construction
  • ICS Holdings
  • nxzen
  • P3 Services
  • Rok Power
  • TEAM Inc.
  • TriplePoint MEP

Transportation Logistics & Distribution

  • Dennis & Co.
  • Go To Logistics
  • Grammer Logistics
  • W&B Service Company
  • Weber Logistics

Other

  • Maccaferri

Greymont’s take

How Stellex Capital Management fits a seller

Stellex suits owners of larger, more complicated businesses: a division that a parent company wants to sell, a family company taking its first outside capital, or a company with too much debt or an operating problem to fix. Its recent deals show that range, from the carve-outs of Dürr's filtration business and Survitec's Beaufort division to the preferred stock deal that cut TEAM's debt. Owner-run companies well below $100 million of revenue will usually fit better as add-ons, and Stellex's platforms keep buying, with Dukane, Automatic Products and Sanders Trailer Service all added in 2026.

Expect a hands-on owner. The Resource Group starts working with management before closing to agree on an operating plan. An owner should ask what that plan would change in the first year, and whether Stellex is offering control, a minority stake or structured capital, because each comes with very different terms.

Questions owners ask

What size company does Stellex Capital Management invest in?

Its published criteria point to companies with roughly $100 million to $500 million of annual revenue and enterprise values of $100 million to $500 million, with Stellex putting in $75 million to $150 million per deal.

Does Stellex buy divisions of larger companies?

Yes. Carve-outs are one of its listed deal types. In October 2025 it completed the purchase of Dürr Group's air and noise filtration business, now Dürr CTS, and in January 2026 it closed the Beaufort carve-out from Survitec alongside Capitol Meridian Partners.

Will Stellex take a minority or structured position instead of buying control?

Yes. Its criteria include minority recapitalizations and structured financings. In September 2025 it bought $75 million of preferred stock and warrants in TEAM, Inc., and in August 2026 it bought more common shares, which was expected to bring it to about 35% of TEAM's common stock.

Does Stellex make add-on acquisitions for its portfolio companies?

Yes. Recent add-ons include Dukane for The Crest Group in August 2026, Automatic Products for RTC Aerospace in June 2026, Sanders Trailer Service for W&B Service Company and Grade A Auto Parts for Fenix Parts.

Sources

  1. S1Stellex Capital Management home page Accessed October 20, 2026
  2. S2Stellex: About (history timeline and fund closes) Accessed October 20, 2026
  3. S3Stellex: Our Approach (investment criteria, sector focus and portfolio) Accessed October 20, 2026
  4. S4Stellex: current portfolio companies Accessed October 20, 2026
  5. S5Stellex: News & Insights Accessed October 20, 2026
  6. S6Team, Inc. Announces Private Placement of Preferred Stock (September 11, 2025) Accessed October 20, 2026
  7. S7TEAM, Inc. Announces Stellex Capital Management Has Become Its Largest Common Equity Shareholder (August 10, 2026) Accessed October 20, 2026

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

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