What WILsquare Capital does

WILsquare Capital is a St. Louis-based private equity firm founded in 2015 by Bill Willhite and Jamie Wilmsen that acquires and grows lower-middle market businesses in the Midwest and Southern United States. The firm targets companies with revenues of $20-60 million and EBITDA of $3-10 million across business services, niche manufacturing, distribution, and select technology-enabled verticals, deploying capital from two committed funds: WILsquare Capital Partners Fund I ($37M, 2017) and Fund II ($190M, 2019). WILsquare structures investments as control acquisitions with explicit buy-and-build theses, having executed add-on acquisitions within digital marketing (OuterBox, Trinity Insight, TopSpot, Accelerated Digital Media, GRO Marketing), space efficiency (Versare, EverBlock, Screenflex), quilting and crafting (TekBrands, June Tailor, Arrow), and automotive paint distribution (ACS, Paint Works, Smetzer).

The firm operates as a traditional relationship-sourced PE platform with a lean ~10-person investment team, a dedicated VP of Business Development, and an Operating Partner with deep lower-middle market execution experience. Revenue is generated through management fees and carried interest on committed fund capital, with realized exits including Crown Holdings (sold to Shoreview Industries in 2022 after 4.5 years and four add-ons) and Questx (combined with Nation Safe Drivers in 2023). Portfolio company add-ons are typically executed by the platform's own management team with WILsquare oversight rather than being standalone firm-led deals. The competitive positioning emphasizes preserving founder legacy and culture during ownership transitions, operating partner engagement, and repeatable industry consolidation plays within fragmented niches.

Name

WILsquare Capital

Legal name

WILsquare Capital LLC

Website

http://www.wilsquare.com/

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

WILsquare Capital is a St. Louis-based private equity firm founded in 2015 that acquires and grows lower-middle market businesses (EBITDA $3-10M) in the Midwest and Southern U.S., managing two funds totaling $227M across platform investments in digital marketing, niche manufacturing, and distribution.

Ownership category

akta.pro rank

Product category

Private Equity / Lower-Middle Market Investment

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-PE / Lower Middle Market ETA Funds (FSANALAG)

Keywords

• Lower-middle market private equity
• Business acquisitions and growth capital
• Private equity fund management
• Operational improvement and add-on acquisitions
• Succession and transition capital

Headquarters

HQ city

St Louis

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, Infrastructure, Technology or R&D

Revenue model

1. Private Equity Fund Management: WILsquare Capital generates returns through capital appreciation of portfolio companies. The firm invests out of dedicated private equity funds (Fund I at $37M raised in 2017, Fund II at $190M raised in 2019) and earns returns through exit events including strategic sales, recapitalizations, and other liquidity events. Revenue is derived from management fees and carried interest on fund returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

WILsquare Capital is a private equity firm that acquires and grows lower-middle market businesses (EBITDA $3-10 million) in the Midwest and Southern U.S., spanning business services, niche manufacturing, distribution, and technology companies. The firm invests out of dedicated funds (Fund I at $37M and Fund II at $190M) and provides operating expertise, add-on acquisition support, and strategic guidance to portfolio companies during multi-year ownership periods.

Product overview

WILsquare Capital is a private equity firm that offers a unified investment and operational expertise service for acquiring and growing lower-middle market businesses. The firm does not operate a traditional software product platform; rather, it provides private equity investment services, deploying capital from WILsquare Capital Partners Fund I, L.P. and WILsquare Capital Partners Fund II, L.P. to acquire and support portfolio companies across diverse industries including space efficiency products (Versare Solutions, Screenflex, EverBlock), quilting and crafting (TekBrands, June Tailor, Arrow Companies), digital marketing (OuterBox, Trinity Insight, TopSpot, Accelerated Digital Media, GRO Marketing), automotive paint distribution (Automotive Color & Supply, Paint Works, Smetzer), heating and air movement (Rock Energy Systems), senior care products (Resident Essentials), and other niche manufacturing and distribution businesses.

Differentiator

Problem solved

Functional benefit

Brands

• Crown Products Holdings: Holding company comprised of flooring distribution companies (Walcro, Cartwright Distributing, Tri-State Wholesale Flooring, Jer-And) - now exited
• TEK Holdings
• OuterBox

Products and services

• WILsquare Capital Partners Fund I, L.P. Debut lower-middle market private equity fund with $37 million raised in 2017 from three limited partners, used to invest in lower-middle market businesses in the Midwest and Southern U.S.
• WILsquare Capital Partners Fund II, L.P. Second lower-middle market private equity fund with $190 million raised in 2019, significantly oversubscribing its $150 million target within three months; backed by endowments, foundations, fund of funds, family offices, and other institutional investors.
• Lower-Middle Market Acquisition and Growth Capital Service Core investment service in which WILsquare acquires lower-middle market businesses (EBITDA $3-10M) in the Midwest and Southern U.S. across business services, niche manufacturing, distribution, and technology, and supports them with operational expertise during multi-year holds.
• Add-On Acquisition Platform Building Service Operational service to portfolio companies executing add-on acquisitions as part of industry build-up and roll-up strategies, supporting growth without geographic constraints. Examples include Crown Products executing four acquisitions to expand to 20 locations, OuterBox acquiring Trinity Insight, TopSpot, Accelerated Digital Media, and GRO Marketing, and Versare Solutions acquiring EverBlock Systems and Screenflex.
• Succession and Transition Partnership Service Service to family- and founder-owned business owners in which WILsquare provides capital, operational expertise, and a transition partnership designed to preserve company legacy, culture, and customer relationships during ownership change.

Quantifiable outcome

• Successfully completed 100+ M&A transactions totaling nearly $6 billion across fund history
• +3 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Nation Safe Drivers (NSD)coreStrategic or Co-development Partner · 21 June 2023WILsquare exited its investment in Questx through the company's combination with Nation Safe Drivers (NSD). The strategic partnership formed one of the largest and most innovative leaders in roadside assistance and mobility services. Questx was WILsquare's portfolio company providing emergency roadside assistance and auto glass claims solutions.
• Winston & Strawn, LLPminorOthers · 8 June 2022Winston & Strawn, LLP acted as legal counsel to Crown and WILsquare Capital on the sale of Crown Products to Shoreview Industries. Also served as legal counsel to WILsquare on Fund II raise.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Benford Capital Partners: Chicago-area lower-middle market PE firm where Jeff DePlanty was previously Operating Partner. Similar deal-size discipline, founder-owned business focus, and operating-partner model.
• Cortec Group: New York-based PE firm focused on founder/family-owned lower-middle market companies with EBITDA in similar size ranges. Comparable buy-and-build and operational value creation playbook.
• Shoreview Industries: Minneapolis-based lower-middle market PE firm that purchased Crown Products from WILsquare in 2022. Directly comparable in deal size, regional Midwest focus, and lower-middle market strategy.
• Thompson Street Capital Partners: St. Louis-based PE firm where WILsquare co-founder Bill Willhite was previously Managing Partner. Same city, same lower-middle market focus, and similar diversified portfolio approach.
• Harbour Group: St. Louis-based PE firm where Willhite (SVP/CFO/MD) and DePlanty (18 years) previously worked. Direct overlap in leadership pedigree and lower-middle market industrial/distribution investing.
• Sentinel Capital Partners: Lower-middle market PE firm investing in founder-owned businesses and management buyouts with similar EBITDA range. Strong comparable on platform-building and add-on acquisition strategy.
• Trive Capital: Dallas-based PE firm focused on lower-middle market companies in the $10-150M EV range across industrial, business services, and distribution. Comparable sector mix and operational approach.
• Gryphon Investors: San Francisco-based PE firm with Profitability & Continuity and Core Graspon strategies for lower-middle market companies. Comparable focus on founder-owned transitions and operational improvement.
• Pfingsten Partners: Chicago-based lower-middle market PE firm investing in manufacturing, distribution, and business services. Overlapping Midwest orientation and similar portfolio construction.
• Mason Wells: Milwaukee-based PE firm focused on lower-middle market manufacturing, distribution, and business services. Strong geographic and sector overlap with WILsquare's Midwest platform focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/wilsquare-capital-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

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

M&A9 records

Investments

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

Frequently asked questions about WILsquare Capital