Two Roads Partners

What Two Roads Partners does

Two Roads Partners is a New York-based private equity firm managing TRP Fund 1, a $400M committed-capital vehicle that invests in essential, need-to-have commercial and industrial businesses in the United States. The firm targets founder- and family-owned companies with up to $15M of net income operating in fragmented markets, acquiring a minimum 51% stake while encouraging seller rollover to retain alignment. Its stated "Do-No-Harm" approach emphasizes preserving legacy, brand, culture, and management teams, in contrast to typical cost-cutting sponsor models; the firm brands this as "hiring, not firing" and "growing at the company's pace."

The firm's go-to-market is a direct, relationship-driven origination model with a dedicated Principal & Head of Origination (Frank Mancuso) and a VP of Origination (Jack Tatlow) structured to interact with business owners, intermediaries, and prospective investors (Devin McTague) through separate channels. The team is unusually concentrated in alumni of Soundcore Capital Partners, including the Managing Partner (Feliks Zarotsky), Principals, VPs, and Associates, providing domain expertise in route-based repair and maintenance, industrial services, environmental services, and infrastructure services.

The product offering is a single fund (TRP Fund 1) and a portfolio of 11 platform companies and 50+ completed partnerships spanning power sweeping (Sweeping Corp of America), line striping (InfraStripe), roofing (Roofing Corp of America), snow and ice management (GroundMasters), restoration (American Restoration), industrial cleaning (New Age Industrial), logistics (Custom Goods), heavy rigging (Omega Morgan), specialty liquid bulk transportation (Texas TransEastern), precast concrete manufacturing (Wausau Tile), electrical services (One Team Electrical Group), and facility services (Uniserve). Revenue is generated through standard management fees (typical of lower-middle-market PE) and carried interest on realized investments; specific fee rates and revenue figures are not publicly disclosed.

Name

Two Roads Partners

Legal name

Two Roads Partners LLC

Website

https://tworoads.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Two Roads Partners is a New York-based private equity firm managing a $400M fund that acquires majority stakes in founder-owned essential services businesses with up to $15M net income in fragmented U.S. markets, using a "do-no-harm" partnership approach.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Equity Fund Management: Two Roads Partners operates TRP Fund 1 ($400M) generating returns through portfolio company investments in essential services industries. Revenue derived from management fees and carried interest on realized investments.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Two Roads Partners is a private equity firm that manages TRP Fund 1, a $400 million fund that acquires majority stakes (at least 51%) in essential, need-to-have U.S. businesses with up to $15 million in net income. The firm partners with business owners in fragmented markets, providing capital, strategic support, and operational autonomy while preserving company legacy, brand, culture, and management teams.

Product overview

Two Roads Partners operates as a private equity firm with a single fund (TRP Fund 1, $400M) that provides partnership capital to essential service businesses. The firm's investment approach focuses on a 'Do-No-Harm' philosophy, preserving legacy and culture while supporting growth through add-on acquisitions and geographic expansion. The product offering consists of the TRP Fund 1 investment vehicle and a portfolio of 13 partnership companies spanning essential industries: infrastructure services (Sweeping Corp of America, InfraStripe), facility services (Roofing Corp. of America, Uniserve Facilities Services, American Restoration), industrial services (GroundMasters, Omega Morgan, New Age Industrial), transportation/logistics (Custom Goods, Texas TransEastern), specialty distribution (Wausau Tile), and electrical services (One Team Electrical Group). The firm targets businesses with up to $15M net income in fragmented markets with strong management and culture, typically acquiring at least 51% ownership while encouraging seller rollover.

Differentiator

Problem solved

Functional benefit

Products and services

• TRP Fund 1 Private equity fund that invests partnership capital in essential, need-to-have U.S. businesses with up to $15M net income, providing acquisition financing, geographic expansion capital, and add-on investment support through majority acquisitions.

Quantifiable outcome

• 763% revenue growth achieved by Sweeping Corp of America during partnership
• +3 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• DFW Capital Partners: LMM PE firm focused on business services and industrial companies with $10-100M EBITDA; comparable lower-middle-market deal size and operations-focused value creation approach.
• Sterling Group: LMM PE firm investing in industrial, distribution, and services businesses; comparable in operational improvement focus and essential services platform building.
• Soundcore Capital Partners: Lower-middle-market PE firm focused on essential services and route-based businesses; nearly all Two Roads senior team came directly from Soundcore, making it the closest operational and strategic peer.
• Garnett Station Partners: LMM PE firm targeting founder-owned essential services businesses with buy-and-build strategies; comparable deal size, sector focus, and operating approach to Two Roads.
• Shore Capital Partners: LMM PE firm focused on micro-cap companies in fragmented healthcare and essential services markets; directly comparable in check size, founder-friendly approach, and add-on acquisition strategy.
• Periscope Equity: Lower-middle-market PE firm investing in industrial, business, and consumer services with buy-and-build tactics; comparable target company profile and operational partnership model.
• May River Capital: LMM PE firm investing in industrial and consumer services companies; directly comparable in essential services focus and majority recapitalization transactions.
• NewSpring Capital: LMM growth and buyout PE firm with a lower-middle-market strategy across services and industrial businesses; comparable founder-friendly approach and add-on acquisition playbook.

Broad incumbents

• Wynnchurch Capital: Larger middle-market PE firm with significant industrial services and business services portfolio; operates in similar end markets but at higher entry sizes than Two Roads' $15M net income cap.
• BayPine Capital: Private equity firm investing in services and industrial sectors with a buy-and-build strategy; overlaps with Two Roads on sector focus but operates at larger scale and check size.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/two-roads-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Two Roads Partners