Station Partners

What Station Partners does

Station Partners is a Morristown, New Jersey-based private equity firm that makes control and control-like investments in profitable U.S. lower middle market businesses with annual revenue of up to $40 million. The firm partners with experienced management teams to execute transformation, growth acceleration, and buy-and-build strategies across a diversified set of verticals, including business and consumer services, niche manufacturing, healthcare services, specialty finance, industrial services, and educational services. Capital is deployed primarily from Station Partners I, L.P., which closed at approximately $750 million, alongside co-investments from the firm's principals and a select group of industry pioneers and executive partners.

The firm operates from a small core team of investment professionals (1–10 employees) led by Managing Partners Kreamer Rooke and Ryan Kelly, supported by an Investment Committee of senior advisors with operating backgrounds in insurance, asset management, consulting, and family-office investment. The active and realized portfolio includes nine companies — Ark Technology Companies (IT services roll-up), COR Health (home health and behavioral health in Maine), Evolve Logistics Group (FedEx Ground linehaul), Granite Hills Group (commercial landscaping), Molecular Imaging Technologies (PET/CT services, realized 2020), River Riders (outdoor recreation resort), Source One Financial Services (RV/marine lending, realized 2021), Arketi Group (B2B digital marketing/PR), and First Children Services (behavioral health and special education). Station Partners sources deals through a proprietary network of 30,000+ relationships with investment bankers, business brokers, M&A advisors, accountants, and attorneys, built on a stated reputation for transparency and candor.

The firm has achieved $91.9 million in realized gross distributions to investors, a 2.9x multiple on invested capital, and an estimated 26.3% IRR over the average investment hold period. Station Partners has demonstrated consistent deployment across cycles (2011–2025) and active buy-and-build execution through portfolio company add-on acquisitions. There is no evidence of AI, software, or technology-product capabilities; the firm operates as a traditional, relationship-driven lower middle market private equity sponsor.

Name

Station Partners

Legal name

Station Partners

Website

https://stationpartners.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Station Partners is a Morristown, NJ-based private equity firm that makes control investments in profitable U.S. lower middle market companies with up to $40 million in annual revenue, partnering with management teams to execute transformation, growth acceleration, and buy-and-build strategies across diversified industries.

Ownership category

akta.pro rank

Product category

Private Equity (Lower Middle Market)

NAICS

Investment Banking and Securities Intermediation (523150)

akta.pro primary industry

LP-led Secondaries (Traditional LP Interest Purchases) (FSANAFAA)

Keywords

• Private equity investments
• Lower middle market
• Control buyouts
• Growth capital
• Buy and build

Headquarters

HQ city

Morristown

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: Station Partners generates returns through control investments in profitable lower middle market businesses, implementing operational improvements, accelerating growth, and executing buy & build strategies. The firm has achieved $91.9 million of realized gross distributions to investors, 2.9X invested capital, and estimated IRR of 26.3% over average investment hold period.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Station Partners is a private equity firm that makes control and control-like equity investments in profitable U.S. lower middle market businesses with annual revenue of up to $40 million. The firm partners with experienced management teams to execute transformation, growth acceleration, and buy & build strategies, and sources deals through a network of 30,000+ relationships with investment bankers, business brokers, M&A advisors, accountants, and attorneys.

Product overview

Station Partners is a Morristown, NJ-based private equity firm that operates as a single unified investment services platform rather than a technology product company. The firm makes control investments in profitable lower middle market U.S. businesses with annual revenue up to $40 million. The portfolio consists of nine portfolio companies spanning diverse industries: Ark Technology Companies (IT services/cloud consulting), COR Health (healthcare services), Evolve Logistics Group (FedEx Ground logistics), Granite Hills Group (commercial landscaping), Molecular Imaging Technologies (PET/CT healthcare services), River Riders (outdoor recreation), Source One Financial Services (RV/marine lending), Arketi Group (B2B digital marketing/PR), and First Children Services (behavioral health/special education). Station Partners does not offer a software product, API, or technology platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Station Partners Investment Services Private equity investment service making control and control-like equity investments in profitable U.S. lower middle market businesses with annual revenue up to $40 million, employing transformation, growth acceleration, and buy & build strategies alongside incumbent management teams. The service is offered to owner-operators, founders, and management teams seeking capital and operational support, and is sourced through a 30,000+ relationship network of investment bankers, business brokers, M&A advisors, accountants, attorneys, and business services providers.

Quantifiable outcome

• $91.9 million in realized gross distributions to investors
• +2 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Arketi GroupcoreStrategic or Co-development PartnerStation Partners and Go Capital invested in Arketi Group to establish it as the platform leader for a new network of best-in-class B2B technology digital marketing and public relations firms. The investment fuels expansion into new verticals and services.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Palladium Equity Partners: Middle market private equity firm investing across diverse industries with a control buyout focus. A broader incumbent with a comparable target company profile to Station Partners' lower middle market portfolio.
• CIVC Partners: Middle market private equity firm with over 50 years of history investing in business services and consumer sectors. A broader incumbent with overlapping lower middle market activity and a similar mid-cap control-buyout orientation.

Direct peers

• RFE Investment Partners: Lower middle market private equity firm executing management-led buyouts and family succession transactions. Ryan Kelly started his career at RFE as an analyst, evidencing a closely aligned lower middle market playbook.
• Atlantic Street Capital: Lower middle market private equity firm focused on control investments in profitable, growing businesses. Directly comparable in deal size, structure, and target company profile to Station Partners.
• Centre Partners: Middle market private equity firm focused on control investments in consumer, healthcare, and business services. Closely comparable lower middle market deal focus and management partnership model to Station Partners.
• Shore Capital Partners: Lower middle market private equity firm focused on healthcare and B2B services with a rigorous buy & build playbook. Highly comparable in fund size, sector mix, and operating approach to Station Partners.
• J.H. Whitney & Co: One of the oldest US private equity firms, focused on lower middle market control buyouts. Managing Partner Ryan Kelly began his PE career at J.H. Whitney, signaling directly comparable deal sizes and structures.
• The Riverside Company: Global middle market private equity firm with a parallel lower middle market focus and active buy & build program. A Station Partners team member previously worked at Riverside, evidencing close operational and cultural overlap with Station Partners' approach.
• Stonebridge Partners: Lower middle market private equity firm operating across multiple sectors with a buy & build orientation. A Station Partners team member worked at Stonebridge as an analyst, indicating comparable lower middle market deal flow.
• New State Capital Partners: Lower middle market private equity firm focused on founder and family-owned businesses across business services, healthcare, IT services, and industrials — a virtually identical target profile and strategy to Station Partners. A Station Partners VP previously worked at New State.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Station Partners