Lower middle market structured equity firm
Thayer Street Partners
- HeadquartersNew York, NY S2
- Websitethayerstreet.com
- Last verifiedNovember 6, 2026
At a glance
| Latest fund | Fund II, $275M (Jul 2023) S3 |
|---|---|
| EBITDA range | $3M to $15M S1 |
| Revenue range | $10M to $50M S1 |
| Check size | $30M to $100M S1 |
| Deal types | Minority, Growth, Platform, Add-on S1 |
| Sectors | Insurance Brokerage |
What Thayer Street Partners buys
Thayer Street Partners is a small New York firm that puts structured capital into lower middle market companies with recurring revenue. It works in three areas: financial services (payments, factoring, insurance, specialty finance), business services (compliance, monitoring, security, back office) and real estate services (route-based home services, niche storage, property management tools). It says it has made more than 30 investments, and it is often the first institutional money in a company.
Its stated target is $3 million to $15 million or more of EBITDA and $10 million to $50 million or more of annualized recurring revenue, with first commitments of $30 million to $100 million or more that can grow through co-investors. It usually holds preferred equity or other structured securities rather than plain common stock, in both minority and majority positions, and it also offers debt with warrants. A smaller company is most likely to meet the firm as an add-on: Union Bay Risk Advisors, backed in November 2025, buys small insurance agencies, and Grove Point Marinas buys family-owned marinas.
Recent deals
Announced in the 24 months before November 6, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Liberty Mutual Investments partnershipStrategic partnership announced; the firm's news page gives the headline only | Investment | Source | |
| Jun 2026 | Arlington AgencyLivonia, Michigan insurance agency bought by Union Bay, its 18th acquisition | Add-on | Insurance Brokerage | Source |
| Nov 2025 | Union Bay Risk AdvisorsGrowth investment in a Pennsylvania property and casualty brokerage; the money also repaid its credit facility | Growth | Insurance Brokerage | Source |
| May 2025 | Leaders Life Insurance CompanyBought by Truss Peak Holdings, an announcement the firm lists on its news page without saying what it holds | Investment | Source |
Portfolio by sector
From the firm's portfolio page S3.
Financial Services
- Union Bay Risk Advisors
Real Estate Services
- Grove Point Marinas
Past investments: Kings III of America, ClickPay
Greymont’s take
How Thayer Street Partners fits a seller
This investor suits an owner who wants a large amount of capital without a plain sale of the company, especially one running a steady acquisition program in a fragmented market. Thayer Street says it uses little or no outside debt on these platforms, and Union Bay used its money to pay off a credit facility in full. At Kings III it held a significant minority stake. At ClickPay it built up through follow-on rounds until it was the largest shareholder.
The terms matter as much as the price. The firm says its structures carry a debt-like risk profile with equity upside, plus contractual protections and strong governance. So an owner who keeps control on paper should ask what the security must be paid before common holders see anything, which decisions need the investor's consent, and how and when it expects to get its money back.
Questions owners ask
Does Thayer Street take control of the companies it backs?
Sometimes. It describes a mix of control and non-control deals, mostly through minority or majority preferred equity. At Kings III of America it held a significant minority position from 2018 until the 2022 sale, and the Union Bay announcement does not say how large its stake is.
What size of company does Thayer Street look for?
Its site gives $3 million to $15 million or more of EBITDA and $10 million to $50 million or more of annualized recurring revenue. First commitments run from $30 million to $100 million or more, and it can add to them over time through co-investments.
Does Thayer Street buy insurance agencies?
Through a portfolio company, yes. It backed Union Bay Risk Advisors in November 2025, and Union Bay bought Arlington Agency of Livonia, Michigan in June 2026, which it called its eighteenth acquisition. Union Bay's own site invites agency owners who are thinking about selling to get in touch.
Sources
- S1Thayer Street Partners home page: sectors, investment criteria and capital solutions Accessed November 5, 2026
- S2Thayer Street Partners: About Us Accessed November 5, 2026
- S3Thayer Street Partners: News Accessed November 5, 2026
- S4Thayer Street case study: Grove Point Marinas Accessed November 5, 2026
- S5Thayer Street case study: Kings III of America Accessed November 5, 2026
- S6Thayer Street case study: ClickPay Accessed November 5, 2026
- S7Union Bay Risk Advisors news page, with the November 20, 2025 and June 9, 2026 announcements Accessed November 5, 2026
- S8Honigman Advises Thayer Street Partners on Union Bay Risk Advisors Investment (November 25, 2025) Accessed November 5, 2026
- S9Union Bay Acquisition LLC page for agency owners 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 Thayer Street Partners. Figures are as reported on the dates shown and may have changed. Request a correction