May River Capital
- Company typePrivate
- Founded2012
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
May River Capital firmographics
Firmographics- Name
- May River Capital
- Legal name
- May River Capital LLC
- Website
- https://mayrivercapital.com/
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
May River Capital industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Business Services (B2B) Growth Equity (FSANACAD)
Keywords
Where May River Capital is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
May River Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: May River Capital earns management fees on committed capital from its limited partner investors. The firm manages approximately $1 billion in regulatory assets under management across its three funds.
- Carried Interest: The firm earns carried interest (performance fees) from successful portfolio company exits, aligning the firm's interests with those of its limited partners.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
May River Capital product offering
Product offeringCore offering
May River Capital is a private equity firm that invests equity capital of $30M-$90M per platform in lower middle-market industrial growth businesses with $4M-$15M EBITDA and 15%-45%+ EBITDA margins. The firm acquires controlling or significant ownership stakes in family/founder-owned businesses, corporate carve-outs, and majority recapitalizations, then supplements capital with dedicated operational support from an Operations Team and specialized expertise from an Executive Resource Group. Since 2012, the firm has raised more than $1.2 billion across three funds and completed nearly 40 acquisitions across the U.S., U.K., and EU.
Product overview
May River Capital is a Chicago-based private equity firm that partners with lower middle-market industrial growth businesses. The firm's portfolio consists of distinct industrial platforms rather than a unified software product. Current portfolio companies include: Tusk Industrial (high-performance pumping and fluid handling solutions via Dean, Fybroc, and Sethco brands); Akona Process Solutions (material processing and handling equipment via Cablevey, Kason, Marion, and Spiroflow brands serving food, pharmaceutical, and chemical industries); Cashco (pressure management solutions including regulators, control valves, tank safety equipment, and flame arrestors); Parameter (environmental monitoring and battery management via RLE Technologies' Falcon, SeaHawk, Triad products and NDSL's Cellwatch brand); Boston Centerless (precision metal bar materials); Unibloc Hygienic Technologies (hygienic pumps and flow control); PaperTech (sustainable paperboard packaging); Dickson (environmental monitoring systems with Oceasoft); Industrial Flow Solutions (pumping solutions); Precision Roll Solutions (cylindrical rolls); Hunt Valve (fluid power valves); Pride Engineering (can-making equipment); and GCM (precision components). Prior portfolio companies include NSL Analytical Services.
Differentiator
Problem solved
Functional benefit
Products and services
- May River Capital Fund III, LP Private equity fund that invests $30M-$90M of equity per platform in lower middle-market industrial growth businesses. Earns management fees on committed capital and carried interest on successful exits. Limited partner investors include endowments, foundations, insurance companies, fund-of-funds, family offices, wealth managers, and high-net-worth individuals.
- Tusk Industrial Specializes in tough, high-performance pumping and fluid handling solutions engineered for rugged industrial environments including chemical processing. Designs, manufactures, and services metallic, fiberglass, and thermoplastic pumps serving over 1,500 customers globally.
- Akona Process Solutions Material processing and material handling solutions platform serving food and beverage, pharmaceutical, nutraceutical, and chemical industries with equipment for mixing, blending, drying, screening, conveying, and bulk material filling applications.
- Cashco Provider of highly-engineered pressure management solutions including regulators, control valves, and tank safety equipment for industrial gas, chemicals, pharmaceuticals, food and beverage, and petrochemical applications. Headquartered in Ellsworth, Kansas with operations in Houston, Texas and outside Berlin, Germany.
- Parameter Comprehensive monitoring and detection equipment platform for data centers and critical infrastructure, combining RLE Technologies' facility environment monitoring, fluid leak detection, and airflow management with NDSL Group's Cellwatch battery monitoring products.
- Boston Centerless Manufacturer and distributor of precision ground metal bar materials and preparation services for medical, dental, aerospace, defense, and other mission-critical end market applications.
- Unibloc Hygienic Technologies Manufacturer of precision-engineered positive displacement pumps, air operated double diaphragm pumps, and other hygienic flow control products for food, pharmaceutical, and beverage processing applications.
- PaperTech Pressed paperboard packaging products manufacturer for frozen food and foodservice markets, providing environmentally friendly trays and bowls made from 90% or greater renewable materials.
- Dickson Environmental monitoring systems provider for temperature, humidity, pressure, and other variables serving pharmaceutical, medical device, and food and beverage markets for regulatory compliance. Includes the Oceasoft sub-brand in Europe.
- Industrial Flow Solutions Pumping and fluid management solutions provider for harsh, rugged environments in water and wastewater applications.
- Precision Roll Solutions Full-service provider of highly-engineered cylindrical rolls, plates, and related process componentry for corrugated packaging, consumer goods, and manufacturing.
- Hunt Valve Fluid power engineering innovations including severe-duty valves, actuators, and engineered components for industrial and U.S. Navy nuclear-powered vessels.
- Pride Engineering Mission critical machine tools and equipment for two-piece metal can production including can body-forming tool packs, can bottom formers, precision grinders, and Guardian Over Travel Sensors for beverage and food industries.
- GCM Low-to-medium volume mission critical precision components and system assemblies for medtech, aerospace, industrial, and research clients.
- Value Enhancement Operational Support Operational support services provided to portfolio companies through a dedicated Operations Team of functional-area specialists and an Executive Resource Group (ERG) of experienced executives. Services include integration, value creation, finance and data services, human capital and talent management, commercial effectiveness, and supply chain optimization.
Quantifiable outcome
- Nearly 40 acquisitions completed since 2012, including 11 platform companies and 17 add-on acquisitions
- +2 more outcomes
Companies that use May River Capital
Customer profileNamed customers8 records
Segments6 records
Ideal customer profiles2 records
May River Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
May River Capital partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered major and core.
- Kirkland & Ellis LLPmajorKirkland & Ellis LLP provided legal counsel to May River Capital for Fund III and various other transactions.
- KPMG Corporate Finance LLCcoreKPMG Corporate Finance LLC served as financial advisor to May River Capital and NSL in the sale of NSL Analytical Services to Levine Leichtman Capital Partners in June 2024.
- Paul Hastings LLPcorePaul Hastings LLP served as legal counsel to May River Capital across numerous transactions, including the sale of NSL Analytical Services and multiple portfolio company acquisitions.
- BMO Capital MarketscoreBMO Capital Markets served as financial advisor to May River Capital for the acquisition of Cashco in November 2024.
- TD SecuritiescoreTD Securities served as financial counsel to May River for the establishment of Tusk Industrial through the acquisition of the Global Pump Solutions business of CECO Environmental Corp. in April 2025.
Scale indicators9 records
Recent moves7 records
Expansion highlights5 records
May River Capital competitors and assessment
Company assessmentDirect peers
- Calvert Street Capital Partners: Lower middle-market PE firm focused on industrial manufacturing, distribution, and business services companies. Comparable in target company profile, EBITDA range, and lower middle-market industrial focus.
- Wynnchurch Capital: Chicago-area lower middle-market PE firm with an industrial focus and operating partner model. Founding partner Chip Grace was a Managing Director at Wynnchurch before co-founding May River, making it the closest comparable in strategy, team background, and deal profile.
- GenNx360 Capital Partners: Middle-market PE firm targeting industrial and business services companies with an operational focus and minority/majority investments. Comparable in middle-market industrial focus, operational value-add, and platform-and-add-on strategy.
- Frontenac Company: Chicago-based middle-market PE firm investing in industrial and business services companies with an operational approach. Comparable in Chicago-based industrial focus and middle-market private equity strategy.
- KPS Capital Partners: New York-based PE firm specializing in industrial manufacturing and industrial products companies, with a focus on operational turnarounds and complex carve-outs. Comparable in industrial-only sector focus and operating-driven value creation.
- Platte River Equity: Denver-based middle-market PE firm exclusively focused on industrial businesses with EBITDA of $5M-$50M and a buy-and-build approach. Comparable in sector specialization, deal size, and value-creation strategy to May River Capital.
- Resilience Capital Partners: Cleveland-based private equity firm investing in lower middle-market industrial businesses with operational improvement focus. Comparable in target company size, industrial sector focus, and operating partner approach.
- Levine Leichtman Capital Partners: Los Angeles-based middle-market PE firm with operational approach; acquired NSL Analytical Services from May River in 2024. Comparable in lower middle-market industrial/services focus, equity check size, and active ownership model.
- Shorehill Capital: Chicago-based lower middle-market PE firm focused on engineered industrial products and industrial services. Comparable in geography, deal size, and engineered industrial product focus.
Broad incumbents
- Madison Dearborn Partners: Larger Chicago-based PE firm with a broader sector mandate but historically active in industrial businesses. Represents a broader incumbent competitor for industrial deals in the Chicago middle-market ecosystem.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
May River Capital social profiles
Digital presenceMay River Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
May River Capital leadership team
Management profileNumber of profiles
Profiles20 records
May River Capital subsidiaries and ownership
Company hierarchySubsidiaries14 records
May River Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
May River Capital M&A and investment
M&A and investmentM&A12 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about May River Capital
What does May River Capital do?
May River Capital is a private equity firm that invests equity capital of $30M-$90M per platform in lower middle-market industrial growth businesses with $4M-$15M EBITDA and 15%-45%+ EBITDA margins. The firm acquires controlling or significant ownership stakes in family/founder-owned businesses, corporate carve-outs, and majority recapitalizations, then supplements capital with dedicated operational support from an Operations Team and specialized expertise from an Executive Resource Group. Since 2012, the firm has raised more than $1.2 billion across three funds and completed nearly 40 acquisitions across the U.S., U.K., and EU.
Is May River Capital a public or private company?
May River Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was May River Capital founded?
May River Capital was founded in 2012. It employs 11 to 50 people.
Where is May River Capital based?
May River Capital is headquartered in Chicago, United States, in the North America region.
How does May River Capital make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are May River Capital's main competitors?
Direct peers on record are Calvert Street Capital Partners, Wynnchurch Capital, GenNx360 Capital Partners, Frontenac Company, KPS Capital Partners, Platte River Equity, Resilience Capital Partners, Levine Leichtman Capital Partners and Shorehill Capital. Madison Dearborn Partners is listed as a broad incumbent.
Does May River Capital have an API?
No public API is recorded for May River Capital.
What industry is May River Capital in?
May River Capital's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANACAD, Business Services (B2B) Growth Equity. Its NAICS code is 525 and its SIC code is 6282.