Middle market private equity firm
Revelar Capital
Formerly Wellspring Capital Management
- HeadquartersNew York, NY S4
- Founded1995 S5
- Websiterevelarcapital.com
- Last verifiedOctober 19, 2026
At a glance
| Assets under management | $4.6B (as of Dec 2025) S1 |
|---|---|
| Deal types | Platform, Add-on S2 |
| Geography | North America S1 |
| Sectors | Healthcare Services, Industrial & Manufacturing, Distribution |
What Revelar Capital buys
Revelar Capital, called Wellspring Capital Management until October 2025, is a New York private equity firm founded in 1995 that buys middle market companies based in North America. It invests in only three areas. In healthcare it targets home-based care, outpatient specialty care, infusion and specialty pharmacy, imaging, pharma services and rehabilitation. In essential services it looks at facility services, franchise and multi-unit businesses, specialty distribution, and industrial, environmental and infrastructure services. In specialty manufacturing it likes packaging, automation, safety products, auto aftermarket parts and precision components. It favors steady, cash-generating businesses that other buyers may skip because they look complex. The firm reports $4.6 billion of assets under management and does not publish revenue or EBITDA ranges.
Revelar buys companies and then grows them with add-ons, and it counts 80 add-on acquisitions across its current portfolio. A smaller owner is most likely to meet the firm as an add-on, for example to Lettermen's Energy in propane distribution or Steele Solutions in engineered steel products.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Apr 2026 | Maysteel IndustriesWisconsin maker of data center enclosures and precision metal products added to Steele Solutions | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | Golden State Medical SupplyCamarillo, California company that helps drug makers supply the VA and Defense Department; the firm's sixth platform in 24 months | Platform | Healthcare Services | Source |
| Dec 2025 | Lettermen's EnergyKansas City area propane distributor serving 20 states, built through acquisitions since 2021 | Platform | Distribution | Source |
| Dec 2025 | Mile High Propane and Aspen Valley PropaneColorado and eastern Washington propane distributors added to Lettermen's Energy soon after closing | Add-on | Distribution | Source |
| Apr 2025 | Summit Spine & Joint CentersSoutheast spine care group with 17 surgery centers and 44 clinics, bought with management and prior owner MSouth Equity Partners | Platform | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Essential Services
- Lettermen's Energy
- Pinnacle Service Brands
- Batteries Plus
- Coverall
- Cadence Petroleum Group
Healthcare
- Golden State Medical Supply (GSMS)
- Summit Spine & Joint Centers
- Critical Nurse Staffing (CNS Cares)
- Pentec Health
- Caring Brands International
- HealthPRO Heritage
- RAYUS Radiology
Specialty Manufacturing
- Rohrer
- Steele Solutions
- SupplyOne
- Hoffmaster
Other
- Ascend
Past investments: Paragon Films, Lucky Strike, NN, Inc., Bellwether Behavioral Health, ProAmpac, Help at Home, Qualitor, Great Lakes Caring, National Seating & Mobility
Greymont’s take
How Revelar Capital fits a seller
Revelar suits owners of established healthcare services, essential services or specialty manufacturing companies that are big enough to anchor a middle market platform and want a buyer that keeps investing. Its recent platforms came from different kinds of sellers: Summit Spine was bought alongside its prior private equity owner, Lettermen's Energy was a young founder-built roll-up, and Golden State Medical Supply had a CEO with nearly 20 years in charge. In each case the existing leaders stayed, and Lettermen's closed two add-ons right after the deal.
Owners should ask which fund would make the investment, since the firm raised a bridge fund in 2025 ahead of its next flagship fund. They should also ask how long Revelar expects to hold, given that it has owned Steele Solutions since 2020 and is still adding to it.
Questions owners ask
Is Revelar Capital the same firm as Wellspring Capital Management?
Yes. Wellspring Capital Management rebranded as Revelar Capital in October 2025, keeping the same leadership team and the same focus on healthcare, essential services and specialty manufacturing. The old wellspringcapital.com address now redirects to revelarcapital.com.
What kinds of healthcare companies does Revelar buy?
It targets home-based care, outpatient specialty care, infusion and specialty pharmacy, imaging and diagnostics, pharma services, and rehabilitation and therapy. Recent buys include Summit Spine & Joint Centers in April 2025 and Golden State Medical Supply in April 2026.
Does Revelar make add-on acquisitions?
Yes. The firm says its current portfolio companies have completed 80 add-ons. Recent examples are Maysteel Industries for Steele Solutions in April 2026, and Mile High Propane and Aspen Valley Propane for Lettermen's Energy in December 2025.
Sources
- S1Revelar Capital home page Accessed October 19, 2026
- S2Revelar Capital: Approach Accessed October 19, 2026
- S3Revelar Capital: Portfolio Companies Accessed October 19, 2026
- S4Wellspring Capital Management Rebrands as Revelar Capital (October 15, 2025) Accessed October 19, 2026
- S5Revelar Capital-Backed Steele Solutions Acquires Maysteel Industries (April 20, 2026) Accessed October 19, 2026
- S6Revelar Capital: News Accessed October 19, 2026
- S7Revelar Capital: Healthcare Accessed October 19, 2026
- S8Revelar Capital: Essential Services Accessed October 19, 2026
- S9Revelar Capital: Specialty Manufacturing Accessed October 19, 2026
- S10Wellspring Capital Management Completes Acquisition of Summit Spine & Joint Centers (April 3, 2025) Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Revelar Capital. Figures are as reported on the dates shown and may have changed. Request a correction