Lower middle market private equity sponsor

Walk-On Capital

At a glance

EBITDA range$2M to $20M S2
Deal typesPlatform, Add-on, Growth S2
GeographyNorth America S2
SectorsIT Services & MSP, HVAC, Plumbing & Electrical, Construction Services

What Walk-On Capital buys

Walk-On Capital is a Los Angeles private equity sponsor led by co-founders Laura Gordon and Austin Browning. It buys or shares control of lower middle market companies in North America, with a stated range of $2 million to $20 million of EBITDA. Its focus areas are industrials, business services and healthcare, and it looks for fragmented industries with lasting demand, a broad customer base and consistent profits. It does control buyouts, management buyouts, shared-control deals and add-ons, and it also offers growth capital.

So far its holdings are service roll-ups: Blue Fox (HVAC and plumbing in Indiana), EXT Fire & Life Safety, BluCore Water (commercial water treatment) and Link 1 IT Solutions (managed IT services, added in 2026). All four began in 2024 or later, and the firm has listed about a dozen add-ons since January 2025. It says add-ons can be any size, so a smaller company is most likely to join one of these four platforms.

Recent deals

Announced in the 24 months before November 4, 2026.

DateCompanyTypeSectorSource
July 2026Adanac Fire ProtectionAdded to EXT Fire & Life SafetyAdd-onConstruction ServicesSource
February 2026Lifeguard Systems ServicesAdded to EXT Fire & Life SafetyAdd-onConstruction ServicesSource
February 2026RH2O EngineeringWater treatment business added to BluCore WaterAdd-onSource
2026Link 1 IT SolutionsChicago managed IT platform that partners with MSPsPlatformIT Services & MSPSource
December 2025Kodiak Fire TexasAdded to EXT Fire & Life SafetyAdd-onConstruction ServicesSource
December 2025Chas. A. Michael, Inc.Added to Blue Fox HVAC & PlumbingAdd-onHVAC, Plumbing & ElectricalSource
November 2025Knueve & SonsAdded to Blue Fox HVAC & PlumbingAdd-onHVAC, Plumbing & ElectricalSource
October 2025Precision Comfort SystemsAdded to Blue Fox HVAC & PlumbingAdd-onHVAC, Plumbing & ElectricalSource
August 2025Innovational Water SolutionsWater treatment business listed under BluCore WaterInvestmentSource
June 2025Centsible Heating & Air ConditioningAdded to Blue Fox HVAC & PlumbingAdd-onHVAC, Plumbing & ElectricalSource
April 2025Beverly Plumbing & HeatingAdded to Blue Fox HVAC & PlumbingAdd-onHVAC, Plumbing & ElectricalSource
January 2025Global Fire and SafetyAdded to EXT Fire & Life SafetyAdd-onConstruction ServicesSource
January 2025Blu Fin GroupMarine fire safety business added to EXT Fire & Life SafetyAdd-onConstruction ServicesSource

Portfolio by sector

From the firm's portfolio page S3.

Fire & Life Safety

  • EXT Fire & Life Safety

HVAC & Plumbing

  • Blue Fox HVAC & Plumbing

IT / MSP

  • Link 1 IT Solutions

Water Treatment

  • BluCore Water

Greymont’s take

How Walk-On Capital fits a seller

Walk-On suits owners of local service businesses in HVAC, plumbing, fire protection, commercial water treatment or managed IT who want to join a growing group. Because add-ons can be any size, a business too small for many private equity buyers may still get a look. The firm has moved quickly: Blue Fox added five companies in 2025, and EXT has added five since January 2025.

Walk-On says it builds on the brands founders create rather than replacing them, and it offers help with finance, recruiting and acquisitions. Owners should ask how much of their brand and team will stay in place after closing. They should also ask whether the firm is buying from a committed fund or raising money deal by deal, because its website does not say, and that affects how certain the financing is.

Questions owners ask

Does Walk-On Capital buy IT services companies?

Yes. Its partnerships page lists Link 1 IT Solutions of Chicago as an active IT and MSP holding from 2026. Link 1 says it partners with high-performing managed service providers and gives them finance, HR, sales and technology support.

How small a company will Walk-On Capital look at?

For a new platform it wants $2 million to $20 million of EBITDA. For add-ons it says any size works, so a smaller business can join one of its existing groups.

What does Walk-On Capital own today?

Its partnerships page lists four active holdings: BluCore Water, EXT Fire & Life Safety, Blue Fox Heating, Cooling and Plumbing, and Link 1 IT Solutions. Each has been added since 2024.

Sources

  1. S1Walk-On Capital home page Accessed November 4, 2026
  2. S2Walk-On Capital: Investment Parameters Accessed November 4, 2026
  3. S3Walk-On Capital: Partnerships Accessed November 4, 2026
  4. S4Walk-On Capital: About Us Accessed November 4, 2026
  5. S5Walk-On Capital: How We Partner Accessed November 4, 2026
  6. S6Walk-On Capital: EXT Fire & Life Safety Accessed November 4, 2026
  7. S7Walk-On Capital: Blue Fox Accessed November 4, 2026
  8. S8Walk-On Capital: BluCore Water Accessed November 4, 2026
  9. S9Walk-On Capital: Team Accessed November 4, 2026
  10. S10Link 1 IT Solutions home page Accessed November 4, 2026
  11. S11BluCore Water home page Accessed November 4, 2026
  12. S12EXT Fire & Life Safety home page Accessed November 4, 2026

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

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