WILsquare Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	$3M to $10M S2
Deal types	Platform, Add-on S2
Geography	Midwest US, Southern US, No set region for add-ons S2
Sectors	Distribution, Industrial & Manufacturing, Consumer & Food

What WILsquare Capital buys

WILsquare Capital is a St. Louis private equity firm that buys lower middle market companies based in the Midwest and the South. For a new platform it wants $3 million to $10 million of EBITDA, margins of at least 10%, a record of positive cash flow and only modest needs for working capital and equipment spending. Its areas of interest are business services, technology infrastructure and services, distributors and value-added resellers, niche manufacturing, and ecommerce or catalog sellers. Its releases say it invests from WILsquare Capital Partners Fund II.

Once it owns a platform, WILsquare grows it mostly through add-ons, and for those it sets no size minimum and no geographic limit. That makes an add-on the most likely way for a small company to meet the firm. Its six platforms include Automotive Color & Supply, an automotive and industrial paint distributor that has bought three regional distributors since late 2024, and OuterBox, a digital marketing agency in Ohio that has added four agencies since 2023.

Recent deals

Announced in the 24 months before October 26, 2026.

Date	Company	Type	Sector	Source
Jul 2026	Ohio Paint SupplyOhio automotive and industrial paint distributor added to Automotive Color & Supply, the fourth deal in that platform	Add-on	Distribution	Source
Jan 2026	GRO MarketingMarketing agency for apartment, student housing and senior living communities added to OuterBox; its founder became an investor and adviser	Add-on		Source
Nov 2025	Smetzer Paint & SupplyNorthern Ohio paint and supply distributor added to Automotive Color & Supply	Add-on	Distribution	Source
Oct 2025	Accelerated Digital MediaHealthcare and ecommerce marketing agency added to OuterBox; its founder joined the OuterBox leadership team	Add-on		Source
Dec 2024	Paint WorksPaint distributor serving Texas, Arkansas and Louisiana added to Automotive Color & Supply; it keeps its own brand	Add-on	Distribution	Source

Portfolio by sector

From the firm's portfolio page S3.

Current Investments

Versare Solutions
EverBlock Systems
Screenflex Portable Room Dividers
Rock Energy Systems
TekBrands
June Tailor
Arrow Companies
OuterBox Solutions
Trinity Insight
TopSpot
Accelerated Digital Media
GRO Marketing
Resident Essentials
Automotive Color & Supply
Paint Works
Smetzer Paint & Supply
Ohio Paint Supply

Greymont’s take

How WILsquare Capital fits a seller

WILsquare fits an owner in the Midwest or South running a profitable distributor, niche manufacturer or service business, and it has been an especially steady buyer of automotive and industrial paint distributors and digital marketing agencies. All five of its deals since late 2024 were add-ons, so a sale usually means joining one of its existing platforms. Sellers have kept their names and roles: Paint Works still operates under its own brand, and the founders of ADM and GRO took executive or adviser roles at OuterBox.

Because WILsquare invests from a numbered fund, an owner who rolls over part of the proceeds should ask when the firm expects to sell the platform. A smaller owner should also ask whether the company would be bought as an add-on or as a new platform, since WILsquare's EBITDA range applies only to platforms.

Questions owners ask

What size company does WILsquare Capital buy?

For a new platform it looks for $3 million to $10 million of EBITDA with margins of 10% or more. Add-on acquisitions for its existing companies have no size minimum.

Does WILsquare buy automotive businesses?

It owns Automotive Color & Supply, a distributor of automotive and industrial paint and supplies, and has added Paint Works, Smetzer Paint & Supply and Ohio Paint Supply since December 2024. These are distributors; its releases do not describe any repair shops.

Where does WILsquare invest?

Platform companies should be based in the Midwest or the Southern United States. For add-ons the firm sets no geographic limits, and its paint platform now serves Illinois, Indiana, Ohio, Arkansas, Texas and Louisiana.

Do sellers stay involved after a WILsquare deal?

Often. The founder of GRO Marketing became an investor and senior adviser at OuterBox, the founder of ADM joined the OuterBox executive team, and OuterBox's own founders stayed on to lead it after WILsquare bought it in 2022.

Sources

S1WILsquare Capital home page Accessed October 26, 2026
S2WILsquare Capital: Focus Accessed October 26, 2026
S3WILsquare Capital: Portfolio Accessed October 26, 2026
S4WILsquare Capital: News Accessed October 26, 2026
S5Automotive Color & Supply Acquires Ohio Paint Supply (July 1, 2026) Accessed October 26, 2026
S6WILsquare Capital Expands Digital Marketing Platform with Acquisition of GRO Marketing (January 22, 2026) Accessed October 26, 2026
S7Automotive Color & Supply Acquires Smetzer Paint & Supply (November 12, 2025) Accessed October 26, 2026
S8OuterBox Expands Capabilities with Strategic Acquisition (October 22, 2025) Accessed October 26, 2026
S9WILsquare Capital Expands Paint Distribution Footprint with Acquisition of Paint Works (December 18, 2024) Accessed October 26, 2026
S10WILsquare Capital Acquires Automotive Color & Supply Corp. (November 28, 2023) Accessed October 26, 2026
S11WILsquare Capital Acquires OuterBox Solutions (June 28, 2022) Accessed October 26, 2026
S12WILsquare Capital firm overview (PDF) Accessed October 26, 2026
S13WILsquare Capital: About Accessed October 26, 2026

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