Independent sponsor
Upside Growth Partners
- HeadquartersNashville, TN S1
- Websiteupsidegp.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $2M+ S1 |
|---|---|
| Revenue range | $10M+ S1 |
| Deal types | Platform, Minority, Growth S1 |
| Geography | United States S1 |
| Sectors | Roofing, Transportation & Logistics, Software & SaaS, Healthcare Services |
What Upside Growth Partners buys
Upside Growth Partners is a Nashville independent sponsor, led by Rick Apple and Erik Stiller, that does two kinds of deals. Its main work is buying family businesses from owners who care about what happens next, typically above $10 million of revenue and $2 million of EBITDA. Software companies need at least $2 million of recurring revenue. It looks anywhere in the US, and past sectors include business services, home services, technology, healthcare and e-commerce. A podcast summary from co-investor Minds Capital puts its closed platforms at 12.
Its second line is minority stakes in early-stage and growth companies. The firm gives no split, but that summary describes the early-stage work as a side track of modest checks. Its site shows Radnor Roofing, ICON, ICAN, Home Care Pulse and Waybridge as investments. A smaller roofer could meet Upside through Radnor, which buys roofing companies. Its latest deal, from July 2026, is a Pennsylvania railroad materials recovery business known only by a code name.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| July 2026 | Pennsylvania railroad materials recovery business (code name Project Commodore)Recovers, processes and sells railroad materials and provides on-track services to rail operators. Project Commodore is a code name from co-investor Minds Capital's page, which gives no company name | Investment | Transportation & Logistics | Source |
Portfolio by sector
From the firm's portfolio page S1.
Listed by co-investor
- Pennsylvania railroad materials recovery business (code name Project Commodore)
Upside Investments
- Radnor Roofing Listed on firm site
- ICON Listed on firm site
- ICAN Listed on firm site
- Home Care Pulse Listed on firm site
- Waybridge Listed on firm site
Past investments: The Beaufort Bonnet Company, Altus, ReDoc, Playmaker CRM, NContracts, FSI
Greymont’s take
How Upside Growth Partners fits a seller
Upside suits a family owner who wants a smaller, hands-on buyer instead of a large fund, and who is ready for real change after closing. The Minds Capital summary describes two to three intensive years of new systems, ERP, KPIs, marketing tools and management upgrades, after which Upside moves to a board role. Its site stresses character and a long-term mindset, and it looks at companies that bigger investors skip because of size or location.
As an independent sponsor it brings in outside equity, as the Minds Capital listing of its July 2026 deal shows. An owner should ask who the equity partners are and how firm that money is. Also ask whether your deal would be a buyout or a minority stake, and how family members and long-time staff fit the plan.
Questions owners ask
How much of Upside Growth Partners' work is early-stage investing?
The firm gives no split. Its site offers minority positions in early-stage and growth companies alongside family business purchases. A Minds Capital podcast summary calls the early-stage work a side track of modest checks into young or near-break-even concepts, held to a much higher return bar than its buyouts.
What size company does Upside Growth Partners look for?
It typically invests above $10 million of annual revenue and $2 million of EBITDA, and software companies qualify at $2 million of recurring revenue. It looks across the whole US, and says recent deals were in states such as Arkansas, Idaho, Nebraska and Mississippi.
Does Upside Growth Partners invest in roofing companies?
Its site lists Radnor Roofing, a group that buys and partners with roofers and includes David's Roofing, Pinnacle Roofing and Strength Roofing & Siding. A roofing owner would most likely talk with Radnor directly rather than with Upside.
What happens after Upside Growth Partners buys a company?
The Minds Capital podcast summary describes two to three years of heavy work on systems, ERP, KPIs, marketing tools and management, followed by a move to a board role focused on strategy, acquisitions and capital allocation.
Sources
- S1Upside Growth Partners home page (criteria, portfolio logos, team) Accessed November 5, 2026
- S2Minds Capital: Investments (co-investor's list, Project Commodore, July 2026) Accessed November 5, 2026
- S3Minds Capital podcast summary: Rick Apple of Upside Growth Partners Accessed November 5, 2026
- S4Radnor Roofing home page Accessed November 5, 2026
- S5Plexus Capital announces an investment in Radnor Group Holdings (May 31, 2024) Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Upside Growth Partners. Figures are as reported on the dates shown and may have changed. Request a correction