Lower middle market private equity firm
Tyree & D'Angelo Partners
- HeadquartersChicago, IL S5
- Websitetdpfund.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $2.5B (as of Oct 2026) S1 |
|---|---|
| EBITDA range | $1M to $5M S2 |
| Revenue range | Up to $50M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | United States, Canada S2 |
| Sectors | Dental, Veterinary, Healthcare Services, HVAC, Plumbing & Electrical, Insurance Brokerage, Wealth Management, Education |
What Tyree & D'Angelo Partners buys
Tyree & D'Angelo Partners (TDP) is a Chicago private equity firm with more than $2.5 billion under management. It buys control of lower middle market companies and grows them by partnering with many smaller owners in the same field. For a new platform it looks for companies with under $50 million of revenue and $1 million to $5 million of EBITDA, cash flow positive, in fragmented markets in the US and Canada. It leans toward healthcare, consumer and business services, uses conservative debt, and asks management and selling owners to invest alongside it.
Most of its platforms are support organizations built around practice owners: dentists, veterinarians, dermatologists and physical therapists, plus similar models for residential HVAC and plumbing contractors, insurance agencies, wealth advisors and early education centers. It has no minimum size for add-ons, so a small practice or agency would usually join one of these platforms rather than become a new one. TDP says its companies have completed more than 1,000 partnerships.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Nov 2025 | Western Veterinary PartnersSingle-asset continuation fund led by HarbourVest, with new capital for growth and acquisitions | Fund close | Veterinary | Source |
Portfolio by sector
From the firm's portfolio page S4.
Dental
- Premier Dentist Partners Current
- Signature Dental Partners Current
- Star Dental Partners Current
Education
- Premier Early Childhood Education Partners Current
Healthcare Services
- Dermatology Medical Partners Current
- Thrive Physical Therapy Partners Current
HVAC, Plumbing & Electrical
- Trusted Home Service Partners Current
Insurance Brokerage
- Superior Insurance Partners Current
Veterinary
- Veterinarian Partners Current
Wealth Management
- Generational Wealth Advisors Current
Past investments: Elite Dental Partners, Heartland Veterinary Partners, Western Veterinary Partners
Greymont’s take
How Tyree & D'Angelo Partners fits a seller
TDP suits owners of dental, veterinary, therapy and dermatology practices, small insurance agencies, advisory firms and residential HVAC or plumbing contractors who want to join a larger group while staying in the business. Its practice platforms take over back-office work such as payor relations, staffing, purchasing, finance and marketing. TDP says it shares significant economic ownership with the owners and executives it backs, and at Western Veterinary Partners the affiliated vets received equity in the company.
TDP has sold earlier platforms to other private equity firms, including Elite Dental Partners to Cressey & Company and Heartland Veterinary Partners to Gryphon Investors. Owners who take equity should ask when and how it can be cashed out, how much say they keep over clinical or client decisions, and what happened to owners in those past sales.
Questions owners ask
What size business does TDP invest in?
For a new platform it looks for under $50 million of annual revenue and $1 million to $5 million of EBITDA, with positive cash flow. It has no minimum size for add-on acquisitions into the companies it already owns.
Does TDP buy dental and veterinary practices?
Yes, through its support organizations. Current platforms include Premier Dentist Partners, Signature Dental Partners, Star Dental Partners and Veterinarian Partners, which handle non-clinical work such as payor relations, staffing, finance and marketing so clinicians can spend more time with patients.
Does TDP take control of the businesses it backs?
Yes. Its stated deal structure is a control ownership investment, with management and business owners co-investing alongside TDP and conservative use of debt.
What happened with Western Veterinary Partners in 2025?
In November 2025 TDP moved Western Veterinary Partners into a single-asset continuation fund that it manages. HarbourVest Partners led the fund, Ares secondaries funds also invested, and the deal raised new money for the company's growth and acquisitions.
Sources
- S1Tyree & D'Angelo Partners home page Accessed October 20, 2026
- S2Tyree & D'Angelo Partners: Overview (investment criteria) Accessed October 20, 2026
- S3Tyree & D'Angelo Partners: Partnering Accessed October 20, 2026
- S4Tyree & D'Angelo Partners: Investments Accessed October 20, 2026
- S5Tyree & D'Angelo Partners Announces Single-Asset Continuation Fund of Western Veterinary Partners (November 3, 2025) Accessed October 20, 2026
- S6Tyree & D'Angelo Partners News 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 Tyree & D'Angelo Partners. Figures are as reported on the dates shown and may have changed. Request a correction