Banner Capital Management, LLC
Banner Capital Management is a privately held lower middle market private equity firm providing partnership capital to founder-led and family-owned businesses across the Intermountain West, managing approximately $630M in AUM across two funds and a portfolio spanning Main Street Services.
- Company typePrivate
- Founded2020
- HeadquartersLehi, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Banner Capital Management, LLC does
Banner Capital Management, LLC is a privately held lower middle market private equity firm founded in 2018 (with operating entity formally established by 2020) by Tanner Ainge and headquartered in Lehi, Utah. The firm provides partnership capital to founder-led and family-owned businesses across the Intermountain West, targeting companies with $4M-$15M in EBITDA and deploying $15M-$60M per transaction. Banner positions itself as a "founder-friendly" investor focused on what it categorizes as "Main Street Services" — essential, service-based businesses across Core Business Services, Critical/Industrial Services, Household Services, and Specialty Services.
The firm operates two primary fund vehicles. Fund I is a multi-asset continuation fund closed in June 2025 with over $400 million in capital commitments, anchored by Hamilton Lane as lead investor, and used to acquire interests in eight pre-fund portfolio companies. Fund II is a $200 million target lower middle market buyout fund launched in June 2025, with anchor capital secured from GCM Grosvenor's Elevate strategy in June 2026. As of December 2025, Banner manages approximately $630 million in assets under management and has completed 16 transactions since inception. The firm earns revenue primarily through management fees on AUM and carried interest on investment returns above hurdle rates.
Banner's portfolio spans diverse verticals including e-commerce acceleration (Pattern), medical device packaging (Averra Holdings), residential and commercial cleaning (Zerorez), men's grooming (Manscaped), visual communications (Vision Graphics with add-ons Queen of Wraps and 1Source), asphalt maintenance (Western Pavement Services), employee benefits (Beam), smart-home fragrance (Pura), and post-purchase e-commerce (Route). Portfolio companies collectively generate more than $2.2 billion in annual revenue and employ over 3,600 individuals. The firm operates from offices in Lehi, Utah and Phoenix, Arizona, with a core investment team of approximately 15 professionals supplemented by a network of 7+ advisors and operating partners. Distribution is exclusively direct, sourced through regional founder networks, referrals, and relationship-based business development rather than auctions or intermediaries.
Banner Capital Management, LLC firmographics
Firmographics- Name
- Banner Capital Management, LLC
- Legal name
- Banner Capital Management, LLC
- Website
- https://bannercap.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Banner Capital Management is a privately held lower middle market private equity firm providing partnership capital to founder-led and family-owned businesses across the Intermountain West, managing approximately $630M in AUM across two funds and a portfolio spanning Main Street Services.
- Ownership category
- akta.pro rank
Banner Capital Management, LLC industry classification
Industry- Product category
- Lower Middle Market Private Equity
- NAICS
- Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111)
- SIC
- Services-Management Consulting Services (8742), Investment Advice (6282)
- akta.pro primary industry
- Late-Stage Venture Capital (Series C+) (FSANAAAC)
- akta.pro secondary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
Keywords
Where Banner Capital Management, LLC is headquartered
LocationHeadquarters
- HQ city
- Lehi
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Banner Capital Management, LLC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Fund Management Fees: Banner Capital generates revenue through management fees charged on assets under management. As of various dates, the firm reported AUM ranging from $451M (June 2024) to $654M (September 2025) to $653M (June 2025) to $630M (December 2025).
- Carried Interest: Private equity firms typically earn carried interest (performance fees) on investment returns above a specified hurdle rate. The firm has completed 16 transactions since inception across multiple fund vehicles including Fund I and Fund II.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Banner Capital Management, LLC product offering
Product offeringCore offering
Banner Capital Management is a lower middle market private equity firm that provides partnership capital to founder-led and family-owned businesses in the Intermountain West. The firm invests $15M-$60M in companies with $4M-$15M in EBITDA through growth capital, recapitalizations, and ownership transitions, sourcing deals directly via deep regional networks. It manages two active funds: Fund I (a $400M+ multi-asset continuation fund) and Fund II (a $200M target buyout fund).
Product overview
Banner Capital Management, LLC is a lower middle market private equity firm that provides partnership capital to founder-led and family-owned businesses across the Intermountain West. Rather than offering a unified software product, the firm operates investment funds (Fund I and Fund II) and maintains a portfolio of portfolio companies across various service sectors including e-commerce acceleration (Pattern), medical device packaging (Averra Holdings), residential cleaning (Zerorez), men's grooming (Manscaped), visual graphics (Vision Graphics with Queen of Wraps and 1Source), asphalt maintenance (Western Pavement Services), employee benefits (Beam), smart home fragrance (Pura), and post-purchase solutions (Route). The firm targets companies with $4M-$15M in EBITDA and typically invests $15M to $60M per transaction.
Differentiator
Problem solved
Functional benefit
Products and services
- Banner Capital Fund I A multi-asset continuation fund with over $400 million in capital commitments, structured to acquire interests in eight of Banner's pre-fund portfolio companies and provide partial liquidity to pre-fund investors while crystallizing performance. Available to limited partners as a closed-end private equity vehicle.
- Banner Capital Fund II A lower middle market buyout fund with a $200 million target that invests in founder-led and family-owned businesses in the Western United States. GCM Grosvenor provided anchor capital through its Elevate strategy, and the fund targets companies with $4M-$15M in EBITDA with typical investments of $15M-$60M.
- Partnership Capital Investment Services Equity capital investment services providing $15M-$60M to founder-led and family-owned businesses with $4M-$15M in EBITDA across the Intermountain West. The service offers growth capital, recapitalizations, and ownership transitions with founder-friendly terms, paired with hands-on operational support from Banner's investment team and network of advisors and operating partners.
Quantifiable outcome
- Portfolio companies collectively generate $2.2B+ in annual revenue and employ 3,600+ individuals
- +2 more outcomes
Companies that use Banner Capital Management, LLC
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles2 records
Banner Capital Management, LLC technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Banner Capital Management, LLC partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor and core.
- 1SourceminorVision Graphics, a Banner portfolio company, acquired 1Source, a Michigan-based full-service digital, print, and signage company. Founder and CEO Amit Soman continues to lead the business and remains a meaningful shareholder in the combined organization.
- Roadrunner Paving and Asphalt MaintenancecoreThird-generation business founded by the Slade family in Mesa, AZ became the first partner company in Western Pavement Services platform. Led by Kendall Power, Roadrunner has a 40+ year legacy serving Phoenix Metro area customers.
- Queen of WrapsminorUtah-based graphics provider specializing in commercial vehicle wraps, acquired by Vision Graphics. Founded in 2007, Queen of Wraps becomes a wholly-owned subsidiary while founders Bryan and the Griffith family remain significant owners.
- SBR Technologies Inc.minorPartnered with SBR Technologies Inc. and Vision Graphics to provide growth capital and recapitalize the company. Vision Graphics, founded in 1966, is a regional market leader in large format commercial printing services.
- Zerorez Franchising SystemscorePartnership with Zerorez and several franchisee partners including locations in Colorado Springs, Dallas, Denver, Minneapolis, Phoenix, Pittsburgh, Raleigh, Salt Lake City, Spokane, and St. Louis. Zerorez has system-wide revenue of nearly $150M and presence in over 70 geographic markets.
- Premier PlasticscorePartnership with Premier Plastics founded by Jim Holbrook in 1989, now market leader for specialty plastic packaging in Intermountain West with focus on medical device and consumer packaging sectors. Holbrook retained meaningful ownership and continues as CEO.
Scale indicators12 records
Recent moves9 records
Expansion highlights6 records
Banner Capital Management, LLC competitors and assessment
Company assessmentDirect peers
- Tower Arch Capital: Salt Lake City-based lower middle market PE firm focused on founder-led and family-owned businesses in the Western U.S., with similar check size and sector mix. Two Banner senior team members (Tyler Price and McKay Potter) previously worked at Tower Arch, making it a directly comparable strategy and regional peer.
- Mercato Partners: Salt Lake City-based private equity firm investing in growth-stage and lower middle market companies across the Western U.S. Overlapping geography, target company profile, and check size make it a near-direct competitor for founder-led deals in the Intermountain West.
- L Squared Capital Partners: Newport Beach-based lower middle market PE firm partnering with founder-led businesses, with comparable fund size and growth-oriented playbook. Banner CFO Bianca Bonus previously served as VP of Finance at L Squared, indicating close strategic alignment.
- Knox Lane: Growth equity firm partnering with founder-led businesses across consumer, services, and tech-enabled sectors. Knox Lane led the Pattern $225M round in October 2021 in which Banner participated, making it both an investment co-partner and a comparable lower-middle-market growth investor.
- Cove Hill Partners: Lower middle market PE firm partnering with founder-led businesses across consumer, services, and healthcare. Similar founder-friendly orientation, fund size, and partnership-capital strategy make it a comparable direct peer for lower-middle-market founder transactions.
Broad incumbents
- HGGC: Palo Alto-based private equity firm investing in middle-market companies through partnerships with founders and management teams. Larger and more established than Banner, but pursues a comparable partnership-capital strategy. Banner CEO Tanner Ainge is a former HGGC investor.
- Marlin Equity Partners: Los Angeles-based global private equity firm focused on middle-market operating businesses, with a founder-friendly partnership approach. Larger and broader than Banner, but Banner Principal Michael Muscheid previously worked at Marlin, indicating overlapping investment style.
Others
- GCM Grosvenor: Publicly traded alternative asset manager (~$91B AUM) providing anchor capital to Banner's Fund II through its Elevate emerging-manager strategy. Not a direct competitor but a strategic capital partner with deep insight into Banner's positioning.
- Hamilton Lane: Global private markets investment firm (~$958B AUM) that led the $400M+ Fund I continuation fund. Acts as both LP and strategic validator for Banner's emerging-manager thesis, providing benchmarking visibility into comparable lower-middle-market firms.
Emerging players
- StratCap: Emerging private investment firm with a Western U.S. focus and lower-middle-market orientation. Smaller and earlier-stage than Banner but pursues a comparable partnership-capital model in adjacent geographies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Banner Capital Management, LLC social profiles
Digital presenceBanner Capital Management, LLC financial estimates
Financial estimateRevenue estimate
Valuation estimate
Banner Capital Management, LLC leadership team
Management profileNumber of profiles
Profiles8 records
Banner Capital Management, LLC funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Banner Capital Management, LLC M&A and investment
M&A and investmentM&A
Investments12 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Banner Capital Management, LLC
What does Banner Capital Management, LLC do?
Banner Capital Management is a lower middle market private equity firm that provides partnership capital to founder-led and family-owned businesses in the Intermountain West. The firm invests $15M-$60M in companies with $4M-$15M in EBITDA through growth capital, recapitalizations, and ownership transitions, sourcing deals directly via deep regional networks. It manages two active funds: Fund I (a $400M+ multi-asset continuation fund) and Fund II (a $200M target buyout fund).
Is Banner Capital Management, LLC a public or private company?
Banner Capital Management, LLC is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Banner Capital Management, LLC founded?
Banner Capital Management, LLC was founded in 2020. It employs 1 to 10 people.
Where is Banner Capital Management, LLC based?
Banner Capital Management, LLC is headquartered in Lehi, United States, in the North America region.
How does Banner Capital Management, LLC make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest.
Who are Banner Capital Management, LLC's main competitors?
Direct peers on record are Tower Arch Capital, Mercato Partners, L Squared Capital Partners, Knox Lane and Cove Hill Partners. Broad incumbents are HGGC and Marlin Equity Partners. Others are GCM Grosvenor and Hamilton Lane. StratCap is listed as an emerging player.
Does Banner Capital Management, LLC have an API?
No public API is recorded for Banner Capital Management, LLC.
What industry is Banner Capital Management, LLC in?
Banner Capital Management, LLC's product category is Lower Middle Market Private Equity. Its primary akta.pro industry code is FSANAAAC, Late-Stage Venture Capital (Series C+), with a secondary code of BPAHADAB, Corporate Finance & Capital Advisory. Its NAICS code is 523940 and its SIC code is 8742.