Industrial Growth Partners

What Industrial Growth Partners does

Industrial Growth Partners (IGP) is a San Francisco-based private equity firm founded in 1997 that invests exclusively in middle-market industrial businesses. The firm targets niche manufacturers, value-added distributors, and technical industrial services companies headquartered in the US or Canada with revenues up to $250 million, pursuing transformative capital transactions including management buyouts, recapitalizations, corporate divestitures, and secondary buyouts. Since inception, IGP has raised six funds totaling $3.4 billion in equity capital — most recently a $1.2 billion Fund VI activated in 2022 — and has executed more than $6 billion in cumulative transaction value across 40+ platform investments. Notable exits include Grakon ($420 million sale to Methode Electronics), FMH Aerospace ($235 million sale to AMETEK), IOTA Engineering (sold to Acuity Brands), and Cambridge International (sold to Rexnord).

The firm's operating model centers on partnership with management teams, with management typically co-investing alongside IGP and retaining meaningful ownership stakes. IGP's value proposition rests on nearly three decades of exclusive industrial sector focus, a conservative leverage philosophy (no credit defaults during the 2008-2010 recession, zero bankruptcies in firm history), an integrated senior team that has invested together for over a decade, and an Operating Partner network providing hands-on support to portfolio CEOs. Current portfolio companies span aerospace & defense components (AMG, Marki Microwave for RF/microwave), battery and power systems (SENS), analytical instrumentation (Process Insights), sealing solutions (Hultec), web converting (Double E Company), and printed circuit boards (APCT). IGP operates from offices in San Francisco, CA and Chicago, IL, with portfolio operations and add-on acquisition activity extending globally including the UK, Ireland, France, Denmark, China, Japan, South Korea, India, Israel, Slovakia, Romania, and Mexico.

Revenue is generated through private equity fund management fees on committed/invested capital across six fund vintages, performance-based carried interest from portfolio realizations, and transaction-related fees from acquisitions and add-on deals within portfolio companies. The firm's blue-chip LP base includes leading endowments, foundations, family offices, fund of funds, insurance companies, and pension plans, with some relationships spanning multiple fund vintages.

Name

Industrial Growth Partners

Legal name

IGP Industries, LLC

Website

https://igpequity.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Private Equity / Industrial Sector Investment Management

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

akta.pro primary industry

Industrials & Manufacturing Growth Equity (FSANACAF)

akta.pro secondary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

Keywords

• Industrial private equity
• Middle-market industrial investing
• Management buyouts
• Industrial sector buyouts
• Specialist industrial fund

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Management Fees: Private equity management fees from limited partner investors across six funds, with Fund VI being a $1.2 billion blind pool activated in 2022.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits and realizations.
3. Transaction/Deal Fees: Fees associated with acquisitions, divestitures, and add-on transactions within portfolio companies.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Industrial Growth Partners (IGP) is a private equity firm that invests in and builds global, market-leading middle-market industrial businesses. The firm partners with management teams of niche manufacturers, value-added distributors, and critical industrial services companies—primarily headquartered in the U.S. or Canada with revenues up to $250 million—providing transformative equity capital, strategic resources, and operating expertise, while pursuing growth through new product development, geographic expansion, and add-on acquisitions.

Product overview

Industrial Growth Partners is a private equity firm specializing in industrial sector investments, not a product company. The firm operates as a financial investment partner providing capital, strategic resources, and operational expertise to niche industrial manufacturers and technical industrial services businesses. IGP's model focuses on partnering with management teams to build value in portfolio companies through initiatives such as new product development, geographic expansion, and add-on acquisitions. Rather than offering a unified product platform, IGP's value proposition centers on its domain expertise, capital resources, and network of advisors to accelerate growth in target industrial companies. The firm's portfolio spans diverse industrial verticals including aerospace and defense components, analytical instruments, electrical equipment, engineered materials, fluid control, medical equipment, and process instrumentation.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Growth Partners VI, L.P. (Fund VI) A $1.2 billion blind-pool private equity fund raised from a blue-chip base of limited partners (endowments, foundations, family offices, fund of funds, insurance companies, pension plans) and deployed into industrial sector platform investments and add-on acquisitions.
• Industrial Growth Partners V, L.P. (Fund V) The fifth fund in IGP's series, closed at $800 million in committed capital from institutional limited partners and used to invest in middle-market industrial companies.
• Management Partnership and Operational Support Services Partnership with management teams of industrial companies providing transformative capital, strategic resources, operating expertise, Board-level oversight, strategic planning, organizational development, go-to-market design, best practices/systems implementation, employee incentive design, and add-on integration support to build better industrial businesses.

Quantifiable outcome

• 40+ platforms invested across niche industrial manufacturers and technical industrial services companies
• +4 more outcomes

Named customers5 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 indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Arsenal Capital Partners: Middle-market PE firm with a strong industrial growth sector focus. Highly comparable model and is the prior employer of IGP's newly added partners Seroussi and Orkin, making it a closely watched peer.
• Aterian Investment Partners: PE firm focused on industrial and consumer products businesses in the lower middle market. Highly comparable to IGP's sector mandate, deal size band, and add-on acquisition strategy.
• Argonne Capital Group: Middle-market PE firm investing in niche industrial manufacturers and specialty service companies. Directly comparable to IGP on industrial sector focus, check sizing, and management partnership model.
• Wynnchurch Capital: Middle-market PE firm specializing in industrial services and value-added manufacturing businesses. Comparable industrial focus, fund size, and operationally intensive value creation approach.
• The Halifax Group: Middle-market PE firm targeting industrial, distribution, and business services companies. Comparable on industrial emphasis, lower middle-market focus, and partnership-driven model.
• Pfingsten Partners: Chicago-based PE firm focused on lower middle-market manufacturing, distribution, and business services companies with revenues typically $20M-$200M. Closely comparable to IGP's target company profile, check size, and industrial sector focus.
• Frontenac Company: Chicago-based middle-market PE firm focused on industrial, distribution, and business services companies. Similar to IGP on deal size, industrial sector focus, and partnership-driven approach.
• HKW (Halton Kauffman Weckesser): Middle-market PE firm focused on niche manufacturing and value-added distribution businesses. Comparable to IGP on industrial sector focus, target company profile, and partnership approach.
• Platte River Equity: Denver-based PE firm investing in lower middle-market industrial technology and manufacturing companies. Overlapping industrial mandate, similar fund sizes, and comparable add-on acquisition orientation.

Broad incumbents

• Stonepeak Partners: Larger PE firm with significant industrial and infrastructure focus, including specialty manufacturing and industrial services. Operates at a broader fund size but overlaps with IGP in the industrial growth equity category.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/industrial-growth-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A20 records

Investments

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

Frequently asked questions about Industrial Growth Partners