Lower middle market private equity firm
Wacona Capital
- HeadquartersCharlottesville, VA S1
- Founded2024 S2
- Websitewaconacapital.com
- Last verifiedOctober 28, 2026
At a glance
| Deal types | Platform, Add-on, Growth S1 |
|---|---|
| Geography | United States S1 |
| Sectors | Construction Services, HVAC, Plumbing & Electrical |
What Wacona Capital buys
Wacona Capital is a Charlottesville, Virginia private equity firm founded in 2024 by Joel Carter, who spent fifteen years at Harren Equity Partners and built its industrial services practice. Wacona backs founder and family-owned U.S. companies in the lower middle market, in transactions of $20 million to $100 million. It puts in equity through majority recapitalizations, growth capital and management buyouts, and it is looking both for new platforms and for add-ons to the companies it already owns.
Its first platform, closed in October 2024, was a recapitalization of Mid-Atlantic Power Specialists, a Sterling, Virginia specialty electrical contractor that works in data centers, commercial buildings and government sites; the company's president kept a large stake. In July 2026 Wacona closed a single-asset continuation vehicle of about $210 million, led by Painswick Capital, so it could keep backing Core States Group, an engineering, architecture and design firm that runs multisite renovation programs for large corporate clients. Wacona does not publish an EBITDA or revenue range or a fund size.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Core States GroupSingle-asset continuation vehicle of about $210 million, led by Painswick Capital, that lets Wacona keep sponsoring the company and gives its existing investors liquidity | Investment | Construction Services | Source |
Portfolio by sector
From the firm's portfolio page S1.
Construction Services
- Core States Group
HVAC, Plumbing & Electrical
- Mid-Atlantic Power Specialists
Greymont’s take
How Wacona Capital fits a seller
Wacona suits founders of specialty contracting and industrial services businesses who want to sell a majority stake but keep a meaningful share and stay involved. Its first deal shows the pattern: the president of Mid-Atlantic Power Specialists, which had operated for more than 30 years, partnered with Wacona and remained a significant investor after the recapitalization. As a young firm with two current companies, Wacona offers close attention from a small team, and its managing partner brings long experience in industrial services and the data center market. Owners should ask where the equity for a new deal will come from, since the firm has not announced a committed fund on its site, and how Wacona plans to grow the company, for example through add-ons, before an eventual sale.
Questions owners ask
How large are the deals Wacona Capital does?
Its site lists transactions of $20 million to $100 million for founder and family-owned U.S. companies in the lower middle market. It does not publish an EBITDA or revenue range.
Does the founder keep a stake after a Wacona recapitalization?
In its first deal, the October 2024 recapitalization of Mid-Atlantic Power Specialists, the company's president partnered with Wacona and stayed on as a significant investor in the business.
Is Wacona connected to Harren Equity Partners?
Its managing partner, Joel Carter, spent fifteen years at Harren and led its industrial services practice before he founded Wacona in 2024. He now sits on the boards of both of Wacona's current companies.
Is Wacona looking for add-on acquisitions?
Yes. Its June 2025 announcement of a new downtown Charlottesville office said the firm was actively looking for new platform investments and for add-ons on behalf of its portfolio companies.
Sources
- S1Wacona Capital home page (about, transaction criteria, portfolio, team and news) Accessed October 28, 2026
- S2Wacona Capital Announces Recapitalization of Mid-Atlantic Power Specialists (October 21, 2024) Accessed October 28, 2026
- S3Wacona Announces Move to New Office Location, Addition of New Team Member (June 25, 2025) Accessed October 28, 2026
- S4Wacona Capital Closes $210 Million Continuation Vehicle of Core States Group (Business Wire, July 30, 2026; lead quoted on the firm's home page) Accessed October 28, 2026
- S5Kirkland Advises Wacona Capital on Close of $210 Million Continuation Vehicle (July 30, 2026) 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 Wacona Capital. Figures are as reported on the dates shown and may have changed. Request a correction