Middle market private equity firm
TruArc Partners
Formerly Snow Phipps Group
- HeadquartersNew York, NY S1
- Founded2021 S1
- Websitetruarcpartners.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | TruArc Partners Fund V, $1.2B (Jul 2026) S5 |
|---|---|
| EBITDA range | $10M to $50M S2 |
| Check size | $50M to $150M S2 |
| Deal types | Platform, Add-on S2 |
| Sectors | Industrial & Manufacturing, Distribution, HVAC, Plumbing & Electrical, Landscaping |
What TruArc Partners buys
TruArc Partners is a New York private equity firm that buys middle market companies in two areas. The first is specialty manufacturing: engineered components, industrial technology, contract manufacturing, packaging and business-to-business consumer products. The second is business services: outsourcing, distribution, commercial and industrial services, and tech-enabled services. TruArc was set up in 2021 as the successor to Snow Phipps Group, and its senior team has put about $3.4 billion to work across 24 platforms and 118 add-ons since 2005.
For a new platform it looks for $10 million to $50 million of EBITDA and an enterprise value of $100 million to $500 million, with equity checks of $50 million to $150 million, or up to $200 million with co-investors. It prefers fragmented markets where buying smaller competitors can drive most of the growth, and it closed its $1.2 billion Fund V in July 2026. A smaller company is most likely to meet TruArc as an add-on to a platform such as Northwinds Services Group in HVAC and plumbing, Schill Grounds Management in commercial landscaping, or Matrix Adhesives Group.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | IPS AdhesivesSix adhesive brands and a European footprint added to Matrix Adhesives Group | Add-on | Industrial & Manufacturing | Source |
| Jul 2026 | TruArc Partners Fund VFinal close at $1.2 billion, above its $1.1 billion target and up from $840.1 million for Fund IV | Fund close | Source | |
| Mar 2026 | Matrix Adhesives GroupColumbus, Ohio adhesives and sealants maker bought from Goldner Hawn; the CEO stays in his role | Platform | Industrial & Manufacturing | Source |
| Jan 2026 | Schill Grounds ManagementCleveland commercial landscaper with more than 30 branches, bought from Argonne Capital Group; the founder remains CEO | Platform | Landscaping | Source |
| Jan 2026 | Aromatic Fragrances InternationalGeorgia fragrance maker combined with New Directions Aromatics; the two founders keep a stake and their roles | Add-on | Industrial & Manufacturing | Source |
| Dec 2025 | Leading Edge Innovations (formulation technology)Process and ingredient technology, equipment and staff bought by DMI Solutions | Add-on | Industrial & Manufacturing | Source |
| Jul 2025 | Ideal TridonSale of the engineered fastening and sealing components maker announced | Exit | Industrial & Manufacturing | Source |
| Jan 2025 | Medical Murray (Charlotte facility)Catheter and implant production site added to Aptyx, creating Aptyx Interventional Systems | Add-on | Industrial & Manufacturing | Source |
| Dec 2024 | DMI Personal CareNew Jersey beauty products manufacturer combined with Trademark Cosmetics; its president and COO invested alongside TruArc | Add-on | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Snow Phipps funds (before 2021)
- Prototek
- BlackHawk
- ECRM
- Cascade
- FeraDyne
- Teasdale Latin Foods
- Laureate Education Active (public)
- Velocity Financial Active (public)
TruArc funds (2021 and later)
- Matrix Adhesives Group
- Schill Grounds Management
- Meyer Lab
- Watchtower Security
- DMI Solutions
- Aptyx
- New Directions Aromatics
- Lamark Media
- Northwinds Services Group
Past investments: AI Fire, Ideal Tridon
Greymont’s take
How TruArc Partners fits a seller
TruArc suits owners of established manufacturers and commercial service companies, at roughly $10 million of EBITDA and up, who want capital and help to buy competitors. Owners of smaller HVAC, plumbing, landscaping or adhesives businesses are more likely to sell to one of its platforms as an add-on.
Founders and managers often stay. After the January 2026 Schill deal, founder Jerry Schill kept the CEO job, and the Aromatic Fragrances founders kept both their roles and a material stake when that company joined New Directions Aromatics. TruArc is still a seller on a normal private equity timeline: it announced the sale of Ideal Tridon in July 2025, and its portfolio page now lists AI Fire as realized. An owner who rolls equity should ask how many add-ons the plan assumes, who will lead integration, and how long TruArc expects to hold before it sells.
Questions owners ask
Does TruArc buy HVAC, plumbing or landscaping companies?
Yes, through its business services strategy. Since 2021 it has owned Northwinds Services Group, which handles heating, cooling and plumbing work for homes and businesses in several regions, and in January 2026 it bought Schill Grounds Management, a Cleveland commercial landscaper with more than 30 branches.
How large does a company need to be for TruArc?
For a new platform its stated range is $10 million to $50 million of EBITDA and $100 million to $500 million of enterprise value. Smaller companies usually fit as add-ons; the senior team counts 118 add-on acquisitions since 2005.
Is TruArc the same firm as Snow Phipps?
TruArc is the successor to Snow Phipps Group and shares much of its investment team, and the old Snow Phipps website now points to TruArc. Platforms bought from 2021 onward sit in TruArc funds, while older holdings such as Cascade and Teasdale Latin Foods are still held by Snow Phipps funds.
Does the owner or CEO stay after TruArc invests?
Often. The Schill founder stayed on as CEO, the Matrix Adhesives Group CEO kept his role, and at DMI Personal Care the president and COO stayed in their jobs and invested in the combined company.
Sources
- S1TruArc Partners home page Accessed October 20, 2026
- S2TruArc Partners: Strategy and investment criteria Accessed October 20, 2026
- S3TruArc Partners: Portfolio Accessed October 20, 2026
- S4TruArc Partners: News Accessed October 20, 2026
- S5TruArc Partners Closes on $1.2 Billion for TruArc Partners Fund V (July 21, 2026) Accessed October 20, 2026
- S6TruArc Partners Acquires Schill Grounds Management (January 13, 2026) Accessed October 20, 2026
- S7TruArc Partners Acquires Matrix Adhesives Group (March 30, 2026) Accessed October 20, 2026
- S8TruArc Partners Invests in DMI Personal Care (December 5, 2024) Accessed October 20, 2026
- S9snowphipps.com, which now redirects to truarcpartners.com 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 TruArc Partners. Figures are as reported on the dates shown and may have changed. Request a correction