Lower middle market private equity and private credit firm
The Firmament Group
- HeadquartersNew York, NY S4
- Websitefirmament.com
- Last verifiedOctober 19, 2026
At a glance
| EBITDA range | $1M to $20M S5 |
|---|---|
| Check size | $20M to $50M S5 |
| Deal types | Platform, Add-on, Minority, Growth S5 |
| Sectors | Environmental & Waste, Healthcare Services, Software & SaaS, Auto Services & Collision |
What The Firmament Group buys
Firmament is a New York investment firm that puts both equity and debt into lower middle market companies. On the private equity side it takes control or minority stakes in service, software and specialty manufacturing businesses in three areas: the environment (waste, recycling, water, industrial and environmental services), health (revenue cycle, home care, clinical labs and similar services) and automation (supply chain and logistics software). Its stated targets are $1 million to $20 million of EBITDA and enterprise values of $20 million to $300 million, with typical positions of $20 million to $50 million. The environment and health teams quote a $3 million EBITDA floor, and software targets carry $5 million to $25 million of recurring revenue.
Since 2013 the firm reports putting more than $1.5 billion to work in over 50 portfolio companies, which have made more than 100 tuck-in acquisitions. A smaller owner, such as a local waste hauler or propane distributor, is most likely to meet Firmament as an add-on to a platform like BP Environmental Services or Matador Gas.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | Action Propane and Ozark Mountain PropaneTwo family-founded propane distributors in Texas and Arkansas added to Matador Gas | Add-on | Distribution | Source |
| May 2026 | CMS Logistics and GEACManaged waste services and waste equipment leasing added to BP Environmental Services | Add-on | Environmental & Waste | Source |
| Mar 2025 | Early Bird Education GroupGrowth debt to support a recapitalization of the early childhood education operator | Investment | Education | Source |
| Jan 2025 | BP Environmental ServicesRecapitalization alongside Expedition Capital Partners; Firmament's ninth environmental services platform | Platform | Environmental & Waste | Source |
Portfolio by sector
From the firm's portfolio page S3.
Automation
- Navitrans
- Endpoint (Scanco)
Education
- Early Bird Education Group
Environment
- BP Environmental Services
- Whitecap Waste
- Matador Gas
- Sparkle Express Car Wash Group
Health
- Panacea Healthcare Solutions
Industrial & Manufacturing
- Alchemy Analytical Group
Past investments: Pinnacle MEP
Greymont’s take
How The Firmament Group fits a seller
Firmament suits owners in waste, recycling, propane and other environmental services, where it has backed nine platforms and keeps adding local operators. Recent add-ons show the pattern: in August 2026 Matador Gas bought two family-founded propane companies and said it would keep their local brands. Because Firmament also lends, it can offer a minority stake or a debt-based recapitalization to an owner who is not ready to give up control.
Firmament often invests next to another sponsor, as it did with Expedition Capital Partners at BP Environmental, so an owner should ask who will hold control and sit on the board after closing. It is also worth asking whether the offer is equity or debt, since the two carry very different terms for the seller.
Questions owners ask
Does Firmament buy waste and environmental services companies?
Yes. The environment is one of its three core areas, and its January 2025 BP Environmental Services deal was its ninth environmental services platform. In May 2026 BP added CMS Logistics and GEAC, and Whitecap Waste in southern West Virginia is another holding.
What size companies does Firmament target?
Its private equity overview targets $1 million to $20 million of EBITDA and enterprise values of $20 million to $300 million, with typical positions of $20 million to $50 million. Its environment and health teams list a $3 million EBITDA minimum.
Does Firmament only buy control?
No. It offers control equity, minority equity and several kinds of debt, including unitranche and junior debt. Its March 2025 investment in Early Bird Education Group, for example, was growth debt rather than a buyout.
Has Firmament sold a company recently?
In October 2024 it sold Pinnacle MEP, a Great Lakes HVAC and plumbing services platform that had completed 15 acquisitions in four years, to Blue Point Capital Partners.
Sources
- S1Firmament home page Accessed October 19, 2026
- S2Firmament: About Accessed October 19, 2026
- S3Firmament: Portfolio Accessed October 19, 2026
- S4Firmament: Contact Us Accessed October 19, 2026
- S5Firmament Private Equity Overview (as of September 15, 2026) Accessed October 19, 2026
- S6Firmament: Investing in the Environment (September 2026) Accessed October 19, 2026
- S7Firmament: Investing in Automation (September 2026) Accessed October 19, 2026
- S8Firmament: Investing in Health (September 2026) Accessed October 19, 2026
- S9Firmament Recapitalizes BP Environmental Services (January 21, 2025) Accessed October 19, 2026
- S10Firmament news releases on PR Newswire Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with The Firmament Group. Figures are as reported on the dates shown and may have changed. Request a correction