Midwest Growth Partners

What Midwest Growth Partners does

Midwest Growth Partners (MGP) is a privately held private equity fund manager founded in 2013 in Des Moines, Iowa by John Mickelson, Mike Taylor, and Joe Greving. The firm invests equity and debt capital of $500,000 to $30 million per transaction in profitable lower middle market companies with $4–100 million in annual revenue, concentrated in three verticals: food and agriculture, manufacturing, and distribution and logistics. MGP's defining differentiator is its rural focus — it operates licensed Rural Business Investment Company (RBIC, Fund III) and Small Business Investment Company (SBIC, Fund IV) vehicles that channel capital to underserved geographies, primarily across the upper Midwest and rural United States, where traditional private equity activity is limited.

MGP makes control and structured minority investments via management buyouts, succession-planning liquidity events, internal recapitalizations, growth capital, and competitive roll-ups; it also pursues distressed and turnaround situations with EBITDA up to $12 million. Across Funds I–IV, the firm has raised more than $510 million in committed capital and invested in over 40 private businesses. Its portfolio spans a diverse set of operating companies including FAST Ag Solutions, Incorp Holdings, Livingston Machinery, Gilman Cheese, Dairyfood USA, Catalina Finer Foods, Adams Flavors, French Gourmet, Manitowoc Tool & Machining, ConTeras Industrial Group, and MACH (an off-road autonomy technology platform). Combined portfolio company revenue exceeds $1 billion annually, and portfolio companies collectively employ more than 4,200 people as of September 2024.

MGP monetizes through the standard private equity fund model: recurring management fees on committed/invested capital across its four funds, plus carried interest on realized gains above the LP hurdle. The firm sources deals through direct relationship-driven origination with business owners, intermediaries, and the Farm Credit System network, and it raises capital from family offices, commercial banks, Farm Credit System members, corporations, and trade organizations. MGP operates from two offices — its West Des Moines, Iowa headquarters and a regional office in Omaha, Nebraska — with an internal team that includes the three founding partners, a CFO, a Managing Director, two Vice Presidents, associates and analysts, and supporting operations staff.

Name

Midwest Growth Partners

Legal name

Midwest Growth Partners

Website

https://mgpfund.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Midwest Growth Partners is a privately held private equity firm founded in 2013 that manages RBIC and SBIC-licensed funds deploying $500,000 to $30 million into profitable lower middle market food and agriculture, manufacturing, and distribution companies in rural and underserved U.S. markets.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Other Financial Investment Activities (5239), All Other Financial Investment Activities (52399), Miscellaneous Financial Investment Activities (523999)

SIC

Investors, Nec (6799)

akta.pro industry

PRIMARYFSANACAO

Multi-Sector / Generalist Growth Equity

Financial & Insurance/Private Equity & Venture Capital/Growth Equity Firms

Keywords

• Private equity investments
• Lower middle market
• Succession planning capital
• Rural business investment
• Growth capital funds

Headquarters

HQ city

West Des Moines

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees: MGP charges management fees on the assets under management across their four investment funds (Fund I, II, III, and IV). This provides recurring revenue based on the size of committed capital.
2. Carried Interest: MGP earns carried interest (performance fees) when investments generate returns above a specified hurdle rate for limited partners. This aligns GP and LP interests and provides upside participation in successful portfolio company exits.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels5 records

Core offering

Midwest Growth Partners is a private equity fund manager that makes equity and debt investments ranging from $500,000 to $30 million in lower middle market companies in food & agriculture, manufacturing, and distribution & logistics industries. Investments include succession planning liquidity, management buyouts, internal recapitalizations, growth capital, competitive roll-ups, and distressed/turnaround situations in underserved rural markets in the United States, deployed through RBIC- and SBIC-licensed fund vehicles.

Product overview

Midwest Growth Partners is a private equity fund manager offering a unified investment platform through multiple licensed fund vehicles (RBIC and SBIC). The firm provides two core service offerings: succession planning investments (enabling owner liquidity and management buyouts) and growth capital investments (supporting organic growth and acquisitions). Investments target companies with $10-200 million annual revenue in food & agriculture, manufacturing, and distribution sectors, with individual equity and debt investments up to $30 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Midwest Growth Partners Fund Management
• Succession Planning Investments
• Growth Capital Investments

Quantifiable outcome

• More than $140 million directly invested with over $500 million in additional co-investment capital aggregated
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 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.

• MACH (off-road autonomy)coreStrategic or Co-development Partner · 5 December 2025MGP participated in Mach's $7 million seed funding round alongside The Venture Collective and Next Level Ventures. Mach is a Tier 1 supplier of full-stack autonomy solutions for off-road equipment, supporting over 25 OEM partners.
• MACH (formed from merger of LSA Autonomy and Redshield Electronics)coreStrategic or Co-development Partner · 13 December 2022MGP partnered with Colin Hurd to form MACH through the merger of LSA Autonomy and Redshield Electronics. MACH provides foundational software and hardware for OEM customers seeking off-road autonomy solutions. MGP provides financial backing for the venture, and MACH serves OEMs in agriculture, defense, and landcare sectors with perception, navigation, and autonomous systems.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Promus Equity Partners: Lower middle market PE firm making control investments in profitable, niche-leading companies across multiple sectors. Directly comparable to MGP in size, multi-sector lower-middle-market focus, and equity/debt investment structures.
• CIVC Partners: Chicago-based middle market private equity firm investing in business services and consumer products companies. Comparable to MGP in lower-middle-market check size, sector breadth, and Midwest geographic focus.
• Wynnchurch Capital: Middle market PE firm focused on operational value creation across industrial, distribution, and business services. Comparable to MGP in target company size, multi-sector approach, and active operational involvement.
• Bertram Capital: Lower middle market PE firm focused on industrial, consumer, and business services companies. Comparable to MGP in fund size range, multi-sector mandate, and equity-plus-debt structures.
• Heartland Capital Partners: Lower middle market PE firm headquartered in the Midwest investing in manufacturing and business services. Comparable to MGP in regional Midwestern orientation, lower-middle-market focus, and equity investment structures.
• NewSpring Capital: Lower middle market PE firm with multiple funds including growth equity and mezzanine. Comparable to MGP in co-investment relationships (Incorp, Manitowoc Tool), lower-middle-market focus, and sector breadth.
• Argonaut Private Equity: Lower middle market PE firm focused on niche manufacturing, distribution, and business services. Comparable to MGP in target company size, sector mix, and rural/secondary-market orientation.
• Keystone Capital Partners: Lower middle market PE firm focused on manufacturing, industrial distribution, and business services. Comparable to MGP in check size, fund size, and operator-led value creation approach.

Broad incumbents

• Main Street Capital: Publicly traded lower middle market debt and equity provider with a much larger and more diversified portfolio. Comparable to MGP in target company profile and lower-middle-market focus, but operates at significantly greater scale and via permanent capital.

Emerging players

• Generation Growth Capital: Lower middle market PE firm focused on emerging and founder-led businesses in the Midwest. Comparable to MGP in regional focus, lower-middle-market check size, and partnership with founder-operators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCh0hwfC8PgRRbDXVoyj4Fw
• LinkedInlinkedin.com/company/midwest-growth-partners
• Xx.com/puretango
• Facebookfacebook.com/puretango

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments26 records

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

Frequently asked questions about Midwest Growth Partners