Lower middle market private equity firm
Two Roads Partners
- Websitetworoads.com
- Last verifiedOctober 28, 2026
At a glance
| Latest fund | TRP Fund I, $400M S1 |
|---|---|
| Deal types | Platform, Add-on S2 |
| Geography | United States S2 |
| Sectors | Environmental & Waste, Construction Services, HVAC, Plumbing & Electrical, Transportation & Logistics, Industrial & Manufacturing |
What Two Roads Partners buys
Two Roads Partners is a private equity firm that buys control of US companies in essential, often overlooked industries. Its criteria cover services (industrial and facility, environmental and waste, commercial and residential, utility and power, infrastructure and municipal), specialty distribution and transportation, and value-added assembly and manufacturing. It looks for fragmented markets where a company can grow through acquisitions, and it has particular experience with route-based repair and maintenance businesses. The firm counts more than 50 completed partnerships and 14 platforms, and it lists a $400 million first fund.
Two Roads buys at least 51% and encourages owners to keep the rest. Its stated ceiling is $15 million of net income, with no published minimum. Recent platforms include a western US cleaning and porter company in December 2025, a septic services business in June 2026 and a renovation and facility services firm in August 2026. Smaller owners in those trades, or in industrial cleaning, commercial electrical work or snow and ice management, may fit as add-ons to a current platform.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| August 2026 | WathcoTurnkey renovation and facility services for multi-site commercial customers on scheduled refresh cycles | Platform | Construction Services | Source |
| June 2026 | Septic Buyer, LLCSeptic pumping, inspection, drain cleaning, drainfield repair and installation platform; two acquisitions counted so far | Platform | Environmental & Waste | Source |
| December 2025 | Uniserve Facilities ServicesCleaning and porter services for high-security sites such as airports and correctional facilities across the western US | Platform | Source | |
| October 2025 | Wausau TileMaker and distributor of precast concrete security and infrastructure products for municipal and commercial buyers | Platform | Industrial & Manufacturing | Source |
| June 2025 | Texas TransEasternSpecialty liquid bulk carrier serving customers across the US; two acquisitions counted so far | Platform | Transportation & Logistics | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services
- Septic Buyer, LLC
- Wathco
Commercial & Facility Services
- GroundMasters
Industrial and Commercial Services
- One Team Electrical Group
- Uniserve Facilities Services
Industrial, Commercial and Environmental Services
- New Age Industrial
Specialty Manufacturing & Distribution
- Wausau Tile
Transportation
- Texas TransEastern
Past investments: American Restoration, Custom Goods, InfraStripe, Omega Morgan, Roofing Corp. of America, Sweeping Corp of America
Greymont’s take
How Two Roads Partners fits a seller
Two Roads fits founders of route-based or field service companies, such as septic, sweeping, industrial cleaning, roofing or restoration, who want to sell a majority but keep a stake and keep running the business. The firm says it must buy at least 51%, wants owners to roll over equity, and would rather keep the whole team in place. Its realized platforms show the usual path: Sweeping Corp of America grew through 15 acquisitions and Roofing Corp of America through 10, and at Sweeping Corp most of the selling owners became shareholders in the combined company.
Owners should ask how large a rollover Two Roads expects, how that rolled stake is treated when the platform is sold, and how long the firm usually holds a platform before an exit.
Questions owners ask
Do I have to sell 100% of my company to Two Roads?
No. The firm says it needs to buy at least 51%, is flexible on structure and encourages owners to keep a meaningful stake so that both sides benefit from future growth.
Does Two Roads invest in environmental and waste services?
Yes. Environmental and waste is one of its stated service sub-sectors. It formed a septic services platform in June 2026, owns industrial cleaning company New Age Industrial, and earlier built Sweeping Corp of America through 15 acquisitions.
What size company does Two Roads look for?
Its criteria page sets an upper limit of $15 million of net income and asks for strong management in a fragmented, mission-critical US industry. It does not publish a minimum size.
What happens to employees after a sale to Two Roads?
Two Roads calls itself a net hirer and says it prefers that the management team and employees stay with the business and keep leading daily operations after the deal.
Sources
- S1Two Roads Partners home page (50+ partnerships, $400M TRP Fund 1, 14 platforms) Accessed October 28, 2026
- S2Two Roads Partners: Criteria Accessed October 28, 2026
- S3Two Roads Partners: Approach and FAQ Accessed October 28, 2026
- S4Two Roads Partners: Partnerships (portfolio; status shown on each company page) Accessed October 28, 2026
- S5Two Roads: Septic Buyer, LLC (initial investment June 2026) Accessed October 28, 2026
- S6Two Roads: Uniserve Facilities Services (initial investment December 2025) Accessed October 28, 2026
- S7Two Roads: Wathco (initial investment August 2026) Accessed October 28, 2026
- S8Two Roads: New Age Industrial (initial investment April 2023) Accessed October 28, 2026
- S9Two Roads: Sweeping Corp of America case study (realized) Accessed October 28, 2026
- S10Two Roads: Roofing Corp. of America case study (realized) Accessed October 28, 2026
- S11Uniserve: About (founded 1966 in Commerce, California) Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Two Roads Partners. Figures are as reported on the dates shown and may have changed. Request a correction