Middle market private equity firm
Windjammer Capital
- HeadquartersNewport Beach, CA S7
- Founded1990 S1
- Websitewindjammercapital.com
- Last verifiedOctober 19, 2026
At a glance
| Assets under management | $3B (as of Jan 2024) S6 |
|---|---|
| Latest fund | Windjammer Capital Fund VI, $1.3B (Jan 2024) S6 |
| EBITDA range | $8M to $50M S2 |
| Check size | $50M to $200M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | United States, Canada S1 |
| Sectors | Industrial & Manufacturing, Distribution |
What Windjammer Capital buys
Windjammer Capital has been buying companies since 1990 and works from offices in Newport Beach, California and Waltham, Massachusetts. It takes control of niche market leaders in three main areas: specialized manufacturing, specialty distribution and business services, with healthcare and consumer and food as smaller categories. New platforms are based in the US or Canada, usually earn $8 million to $50 million of EBITDA, and receive $50 million to $200 million of Windjammer equity. Deals include buyouts and recapitalizations of family and privately owned companies, corporate carve-outs and take-privates.
Its sixth fund closed at a $1.3 billion hard cap in January 2024, which took the firm past $3 billion under management. Add-ons can be any size and located anywhere, and each portfolio company lists its own add-on targets on Windjammer's site, nearly all with a floor of just $1 million in revenue. A smaller owner is most likely to meet Windjammer as an add-on to a company such as Mission Critical Electronics, Vital Records Control or PDU Cables rather than as a new platform.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | IPS GroupSigned agreement to sell the smart parking meter and software company to Nayax for $350 million | Exit | Source | |
| Apr 2026 | PrecisionX GroupPrecision metal components for aerospace, defense and medical customers; fourth Fund VI investment | Platform | Industrial & Manufacturing | Source |
| Jan 2026 | MFG ChemicalChattanooga specialty chemicals maker, bought from Platte River Equity | Platform | Industrial & Manufacturing | Source |
| Dec 2025 | Paragon Energy SolutionsNuclear power parts and services supplier sold to Mirion Technologies after about four years | Exit | Industrial & Manufacturing | Source |
| Sep 2025 | PDU Cables and EPCOData center power cabling and electrical products, bought with management and the founding Lee family | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services; Healthcare
- Compex Legal Services
- Propel Health
- Vital Records Control
Niche Manufacturing
- AXH Air Coolers
- Fecon
- MFG Chemical
- Mission Critical Electronics
- PDU Cables
- PrecisionX Group
- Radix Wire & Cable
Niche Manufacturing; Consumer & Food
- Component Hardware Group
Niche Manufacturing; Healthcare
- Bio X Cell
Niche Manufacturing; Specialty Distribution
- Rowmark
Specialty Distribution; Consumer & Food
- Flinn Scientific
Greymont’s take
How Windjammer Capital fits a seller
Windjammer suits owners of profitable, specialized manufacturers and distributors whose products are hard to replace and costly for customers to do without. With $8 million or more of EBITDA, a company can be a new platform. Below that, the realistic path is a sale to one of its portfolio companies, which post their add-on wish lists on Windjammer's site, from records storage and shredding to specialty wire and power electronics.
Founders and families often sit on the other side of its deals: PDU Cables and EPCO were bought alongside the founding Lee family in 2025, and IPS Group came from family ownership in 2020. Its two most recent exits came after roughly four and six years, both to strategic buyers. An owner should ask whether the current team is expected to stay through the hold and how much equity, if any, they would be asked to roll.
Questions owners ask
What size company does Windjammer buy?
For a new platform it looks for $8 million to $50 million of EBITDA and invests $50 million to $200 million of equity. Add-ons for its existing companies can be any size, and most of its portfolio pages set the floor at $1 million of revenue.
Does Windjammer buy family-owned businesses?
Yes. Its criteria list family-owned and privately held companies next to carve-outs and take-privates. It bought PDU Cables and EPCO with the founding Lee family in 2025 and bought IPS Group from family ownership in 2020.
Which industries does Windjammer focus on?
Its stated focus is specialized manufacturing, specialty distribution and business services. Recent platforms include a precision metal parts maker, a specialty chemicals producer and a supplier of power cabling for data centers.
Who has Windjammer sold companies to recently?
It agreed in August 2026 to sell IPS Group to Nayax for $350 million, and in December 2025 it sold Paragon Energy Solutions to Mirion Technologies. Both buyers are strategic companies rather than other private equity firms.
Sources
- S1Windjammer Capital home page Accessed October 19, 2026
- S2Windjammer: Investment Criteria Accessed October 19, 2026
- S3Windjammer: About Us Accessed October 19, 2026
- S4Windjammer: Investments (current filter) Accessed October 19, 2026
- S5Windjammer: News Accessed October 19, 2026
- S6Windjammer Capital Closes Fund VI with $1.3 Billion in Commitments (January 18, 2024) Accessed October 19, 2026
- S7Windjammer Capital Acquires PDU Cables and EPCO (September 9, 2025) Accessed October 19, 2026
- S8Windjammer Capital Announces Sale of IPS Group (August 25, 2026) Accessed October 19, 2026
- S9Windjammer Capital Completes Sale of Paragon Energy Solutions, Business Wire (December 2, 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 Windjammer Capital. Figures are as reported on the dates shown and may have changed. Request a correction