Permanent capital holding company

Turnout Industries

At a glance

EBITDA range$1M+ S2
Revenue range$5M to $50M S2
Deal typesPlatform, Add-on, Minority, Growth S2
GeographyUnited States, Canada S2
SectorsIT Services & MSP, Industrial & Manufacturing, Accounting & Professional Services, Distribution

What Turnout Industries buys

Turnout Industries is a Chicago holding company formed in May 2021 by the Turnout Capital team, with committed capital from a strategic investor partner. Because it is not a fund, it has no set holding period. It looks for US and Canadian companies with $5 million to $50 million of revenue and more than $1 million of EBITDA in business services, manufacturing, and distribution and logistics. Named subsectors include food ingredients, testing and inspection, coatings, and IT, HR and marketing services.

Turnout can buy control or take a non-control stake, and it can supply both the subordinated debt and the equity in a deal, from a growth financing to a full buyout of a healthy or struggling business. In 2022 it also backed an outside buyer taking over Allways Precision. Most of its seven current companies are specialty manufacturers. The exception is Dewpoint, a Michigan IT consulting and managed services firm bought in June 2024 that has since added Mosaic and infotex. A small IT services or precision machining business could meet Turnout as an add-on to Dewpoint or KIHM.

Recent deals

Announced in the 24 months before November 2, 2026.

DateCompanyTypeSectorSource
Apr 2026infotexLafayette, Indiana managed security and IT audit firm founded in 2000 merged into Dewpoint; it keeps its brand and leadersAdd-onIT Services & MSPSource
Apr 2026IET GlobalEvansville, Indiana maker of superalloy fabrications for industrial gas turbines, founded in 1992; the deal closed in January 2026PlatformIndustrial & ManufacturingSource
Apr 2026Arbiser MachineAtlanta EDM, CNC machining and waterjet cutting shop founded in 1964, bought by KIHM Metal Technologies in late 2025Add-onIndustrial & ManufacturingSource
2025MosaicPaperless workflow automation services company added to DewpointAdd-onIT Services & MSPSource

Portfolio by sector

From the firm's portfolio page S3.

Current Investments

  • Dewpoint (with infotex and Mosaic)
  • North Point Associates
  • IET Global
  • Kihm Metal Technologies
  • Allways Precision
  • BlueRidge Fiber Solutions
  • PrivacyLink

Greymont’s take

How Turnout Industries fits a seller

Turnout suits an owner of a steady, or even struggling, lower middle market business who wants a long-term owner and some choice in how the deal is built. It can buy all of a company, take a minority stake, or provide debt and equity together, so a seller can stay on as a partner rather than leave. Its companies have kept their names and leaders: Dewpoint and infotex both carried on under their own brands and management after their deals.

Turnout is a small team whose capital comes from one strategic investor partner, so an owner should ask who that partner is, how much capital is left to invest, and what an indefinite hold means if the partner's goals change. Owners of IT services or machining firms should also ask whether Turnout would fold them into Dewpoint or KIHM or treat them as a new platform.

Questions owners ask

What size company does Turnout Industries buy?

Its criteria call for companies in the US or Canada with $5 million to $50 million of revenue and more than $1 million of EBITDA, either healthy or underperforming. It prefers private sellers but will also buy from institutional owners.

Does Turnout Industries own an IT services company?

Yes. In June 2024 it acquired Dewpoint, a Lansing, Michigan IT consulting, cybersecurity and managed services firm founded in 1996. Dewpoint added workflow automation firm Mosaic in 2025 and merged with Indiana cybersecurity provider infotex in April 2026.

How long does Turnout Industries hold its companies?

It is a holding company with an indefinite holding period rather than a fund with a fixed life. Its launch announcement said this allows more cooperation between its companies and lets it build value over longer periods.

Does Turnout Industries only buy control?

No. Its criteria cover both control and non-control investments, and it can provide the full junior capital piece of a deal, combining subordinated debt and equity, anywhere from a growth financing up to a full buyout.

Sources

  1. S1Turnout Industries home page Accessed November 3, 2026
  2. S2Turnout Industries: Investment Criteria Accessed November 3, 2026
  3. S3Turnout Industries: Investments Accessed November 3, 2026
  4. S4Turnout Industries: News Accessed November 3, 2026
  5. S5Turnout Industries Launched (May 25, 2021) Accessed November 3, 2026
  6. S6Turnout Expands Superalloy Machining Operations (April 9, 2026) Accessed November 3, 2026
  7. S7Dewpoint Acquired by Turnout Industries (June 3, 2024) Accessed November 3, 2026
  8. S8Dewpoint Announces Merger With infotex (April 22, 2026) Accessed November 3, 2026
  9. S9About Dewpoint (company timeline) Accessed November 3, 2026
  10. S10Turnout Industries Invests in Allways Precision (February 16, 2022) Accessed November 3, 2026

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

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