BHMS Investments

What BHMS Investments does

BHMS Investments, LP is a Westport, Connecticut-based private investment firm founded in 2010 that focuses on control and structured equity opportunities in the North American lower middle-market. The firm makes equity investments of $25-100+ million in businesses generating greater than $15 million in revenue, with a sector emphasis on Business and Insurance Services. BHMS pursues a range of transaction structures including consolidation strategies and conventional leveraged buyouts, partnering directly with founders and owners. The firm maintains a deliberately concentrated portfolio of 5-7 investments per fund, and over its 15-year history has invested in 17 platforms and completed more than 300 add-on transactions, resulting in over $3 billion of enterprise value created.

The firm's operating model is relationship-driven, with deal sourcing conducted through direct outreach to founders, industry networks, and referrals rather than broad marketing channels. BHMS employs a lean 13-person team organized across two Managing Partners, three Managing Directors, a General Counsel, three Principals, a Vice President, two Associates, and an Analyst. The firm closed its most recent dedicated fund in July 2024 and is currently in active deployment mode. Notable portfolio activity includes the November 2024 sale of specialty insurance services platform Innovisk to Ryan Specialty, ongoing growth investment in King Risk Partners alongside Lightyear Capital, and Exscape Group's geographic expansion into Columbus, Ohio. The BHMS brand identity draws on the ticker symbol of Bethlehem Steel Corporation, reflecting a stated philosophy of building enduring value.

Revenue mechanics for BHMS follow standard private equity conventions: management fees on deployed capital and carried interest from successful portfolio exits. The firm co-invests with other financial sponsors such as Abry Partners (Innovisk) and Lightyear Capital (King Risk Partners), and operates from a single headquarters at 285 Riverside Avenue, Suite 300, Westport, CT 06880.

Name

BHMS Investments

Legal name

BHMS Investments, LP

Website

https://bhmsinvestments.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

BHMS Investments is a Westport, Connecticut-based private equity firm founded in 2010 that makes $25-100M+ equity investments in North American lower middle-market companies, primarily in Business and Insurance Services, maintaining a concentrated 5-7 deal portfolio per fund.

Ownership category

akta.pro rank

Product category

Private Equity Investment Services

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

Keywords

• Private equity investments
• Lower middle market
• Structured equity opportunities
• Insurance services investing
• Leveraged buyouts

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Returns: BHMS generates returns through management fees on deployed capital and carried interest from successful exits of portfolio companies. The firm maintains a concentrated portfolio of 5-7 investments per fund, with over 300 add-on transactions completed across 17 platforms, generating more than $3 billion in enterprise value.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

BHMS Investments, LP is a private investment firm that makes control and structured equity investments of $25-100+ million in North American lower middle-market companies with greater than $15 million of revenue. The firm specializes in Business and Insurance Services, executing consolidation strategies, add-on acquisitions, and conventional leveraged buyouts, and is currently deploying capital from its most recent fund closed in July 2024.

Product overview

BHMS Investments, LP is a Westport, CT based private investment firm focused on the North American lower middle-market. Founded in 2010, the firm offers private equity investment services, making equity investments of $25-100+ million in businesses with greater than $15 million of revenue. The firm invests in a wide variety of control and structured equity opportunities ranging from consolidation strategies to conventional leveraged buyouts, primarily focused on Business and Insurance Services industries. The company has invested in 17 platforms and completed over 300 add-on transactions, resulting in more than $3 billion of enterprise value.

Differentiator

Problem solved

Functional benefit

Products and services

• Control Equity Investments
• Structured Equity Opportunities
• Consolidation / Add-On Acquisition Platform

Quantifiable outcome

• 17 platforms invested, 300+ add-on transactions completed, $3B+ enterprise value created

Named customers3 records

Segments1 record

Ideal customer profiles1 record

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 highlights4 records

Direct peers

• Lightyear Capital: New York-based private equity firm focused on financial services, including insurance. Directly comparable to BHMS's lower middle-market focus and Insurance Services specialization, and recently co-invested with BHMS in King Risk Partners.
• Abry Partners: Boston-based private equity firm with a focus on insurance, business services, and healthcare. Highly comparable to BHMS — both firms co-invested in Innovisk, which was sold to Ryan Specialty in November 2024.
• Gryphon Investors: San Francisco-based lower middle-market private equity firm making control and structured equity investments in business services and consumer sectors. Highly comparable deal size and lower middle-market focus to BHMS.
• CIVC Partners: Chicago-based private equity firm focused on business services and financial services companies in the lower middle-market. Comparable to BHMS in target sector, check size, and partnership-oriented approach with founders and management.
• Huron Capital: Detroit-based private equity firm executing control investments in lower middle-market Business Services companies. Comparable to BHMS in sector focus, deal size, and concentrated portfolio approach.
• Welsh, Carson, Anderson & Stowe: New York-based private equity firm with a long-standing focus on financial services and business services. Comparable to BHMS in sector specialization and concentrated investment approach, though typically operating at a larger fund size.
• LLR Partners: Philadelphia-based lower middle-market private equity firm investing in business services, financial services, and healthcare. Comparable in target sectors, equity check size, and partnership model with founders and management teams.
• Genstar Capital: San Francisco-based private equity firm focused on middle-market investments in financial services, business services, and software. Comparable to BHMS in deal archetype and sector emphasis, though operating at a slightly larger fund size.
• Quad-C Management: New York-based lower middle-market private equity firm focused on business services, consumer, and specialty industrials. Comparable to BHMS in check size, founder partnership approach, and add-on acquisition strategy.
• Sterling Investment Partners: Westport, CT-based lower middle-market private equity firm focused on business services and consumer companies. Highly comparable to BHMS in geography, sector focus, deal size, and operating philosophy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

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&A2 records

Investments7 records

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

Frequently asked questions about BHMS Investments