Transatlantic lower middle market private equity firm
TriSpan
- HeadquartersNew York, NY S1
- Founded2015 S7
- Websitetrispanllp.com
- Last verifiedOctober 20, 2026
At a glance
| EBITDA range | $5M to $20M S2 |
|---|---|
| Deal types | Platform, Add-on, Growth, Minority S1 |
| Geography | North America, United Kingdom, Europe S7 |
| Sectors | Property Management & HOA, Consumer & Food, Dental, Healthcare Services, Accounting & Professional Services, Industrial & Manufacturing |
What TriSpan buys
TriSpan started in 2015 and runs teams in New York and London. It invests in lower middle market companies in North America, the UK and Europe through two programs. The Opportunities Fund is open to any industry but concentrates on buy and build plans in business services, multi-unit healthcare services and specialty manufacturing, and it targets companies with $5 million to $20 million of EBITDA. Its US holdings include Collective Residential, a multifamily property management roll-up, the SmartArches and ProSmile dental groups, PrestigePEO and Slavic401k.
The Rising Stars Fund invests only in restaurants and food and beverage retail, often as a young brand's first institutional capital, and has backed US concepts such as Maman and NAYA. TriSpan says it can invest at any stage from start-up to buyout and take anything from control to a passive stake, and it focuses on founder, family and employee-owned companies. Owners of smaller property management firms can meet TriSpan through Collective Residential, which buys local managers and lets sellers share in the platform's growth.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| May 2026 | MamanSingle-asset continuation vehicle led by Kline Hill, with TriSpan reinvesting; the cafe-bakery brand has 56 locations in nine states and Canada | Investment | Consumer & Food | Source |
| May 2026 | TétouRelaunch of a century-old French Riviera seafood restaurant in Cannes, with the founding family's fourth generation as partner | Platform | Consumer & Food | Source |
| Sep 2025 | Flat IronCo-control majority investment with McWin in a UK steak restaurant group with 18 sites | Platform | Consumer & Food | Source |
| Jul 2025 | NAYAContinuation vehicle led by Pacific General and Kline Hill, with TriSpan reinvesting; the fast-casual chain has 35 units in five states | Investment | Consumer & Food | Source |
| Mar 2025 | Arcturus GroupCombined Pho, Rosa's Thai and Mowgli into one UK restaurant group of 118 sites | Investment | Consumer & Food | Source |
| Feb 2025 | Prestige PEO HoldingsContinuation vehicle led by Lead Edge Capital, with a substantial reinvestment from TriSpan affiliates in the Melville, NY PEO | Investment | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S5.
Continuation Vehicle
- PrestigePEO
Opportunities Fund
- Collective Residential
- DHV Plus
- ProSmile
- Serlima
- Slavic401k
- SmartArches
Rising Stars Fund
- Flat Iron
- Maman
- Mowgli
- NAYA
- Pho
- Rosa's Thai
Past investments: Woolpert
Greymont’s take
How TriSpan fits a seller
TriSpan fits two kinds of seller. Restaurant founders with a growing concept can get growth capital and operating help from a team that has done more than 30 restaurant deals, and TriSpan tends to hold on to its winners: at Maman and NAYA it reinvested through continuation vehicles instead of selling to another buyer. Owners of multifamily property management firms can join Collective Residential, which offers sellers cash at closing plus a share in the platform. Because TriSpan says it is not forced to sell good companies to raise its next fund, holding periods can run long. That suits owners who roll equity and want to keep growing, but it can delay a second payout. Owners should ask how a continuation vehicle would treat their rolled equity and whether the New York or London team would lead their deal.
Questions owners ask
What size companies does TriSpan invest in?
Its Opportunities Fund targets companies with $5 million to $20 million of EBITDA. The Rising Stars restaurant fund often invests earlier, as the first institutional capital in young, fast-growing brands.
Does TriSpan buy property management companies?
Yes. In February 2024 it launched Collective Residential (first announced as ProperXPM), a platform that acquires and partners with multifamily property management firms across the US. It has run a similar residential property management roll-up in Germany, DHV Plus, since 2021.
Does TriSpan invest in restaurants?
Yes, through its Rising Stars Fund, which invests only in restaurants and food and beverage retail. Recent moves include a co-control investment in the UK steak chain Flat Iron in September 2025 and a continuation vehicle for Maman in May 2026.
Does TriSpan take minority stakes?
It says it is flexible, from control to passive positions and from start-up to buyout, and it once made a minority recapitalization of Woolpert. Its Rising Stars strategy, though, focuses on control-oriented growth investments.
Sources
- S1TriSpan home page Accessed October 20, 2026
- S2TriSpan: Opportunities Platform Accessed October 20, 2026
- S3TriSpan: Rising Stars Platform Accessed October 20, 2026
- S4TriSpan: For Entrepreneurs Accessed October 20, 2026
- S5TriSpan: Portfolio Accessed October 20, 2026
- S6TriSpan: News Accessed October 20, 2026
- S7TriSpan Closes Continuation Vehicle for Maman (May 8, 2026) Accessed October 20, 2026
- S8TriSpan announces partnership to form ProperXPM, now Collective Residential (February 29, 2024) Accessed October 20, 2026
- S9Bilt Partners with Collective Residential and Acquires Livly (September 15, 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 TriSpan. Figures are as reported on the dates shown and may have changed. Request a correction