What Edgewater Capital Partners does

Edgewater Capital Partners is a Cleveland, Ohio-based private equity firm founded in 1998 that focuses exclusively on acquiring lower middle-market performance materials, components, and services businesses. The firm operates across four dedicated practice areas—Specialty Industrials, Life Sciences, Advanced Materials, and Specialty Chemicals—and typically invests $3-7 million in equity per transaction in companies generating $20-100 million in annual revenue, with completed transactions ranging from $15 million to $150 million in revenue. Deal flow is sourced through deep sector relationships, an Operating Partner network spanning former industry executives, and a focus on owner-operator situations and corporate carve-outs.

The firm's current portfolio includes ten active companies spanning water purification (AmeriWater), crop nutrition (Deerpoint Group), engineered components (Evantic), pharmaceutical CDMO (GL Chemtec), defense composites (Iten Defense, pending sale to NP Aerospace), electronics manufacturing (Naprotek), specialty graphite (NeoGraf Solutions), protein analytics CRO (Prolytix), clinical research (REV Clinical), and oil and gas artificial lift (Well Master). The firm generates revenue through management fees on committed fund capital (Edgewater Capital Partners Fund IV closed at $330 million in December 2023) and performance-based carried interest on portfolio company exits, including notable realizations such as the Tractech sale to Eaton Corporation at a 105% net IRR and the pending divestiture of Luxium Solutions to Excelitas Technologies.

Edgewater differentiates through three pillars: deep sector experience (20+ years of dedicated thesis development), Midwestern Values emphasizing cultural fit in owner-operator transactions (representing nearly half of all deals), and a growth-enabling investment philosophy that emphasizes operational support beyond capital deployment. The firm maintains a lean team of 11-50 employees across managing partners, partners, principals, vice presidents, associates, and business development staff, augmented by an Operating Partner ecosystem with deep industry expertise in materials, life sciences, and aerospace/defense.

Name

Edgewater Capital Partners

Legal name

Edgewater Capital Partners

Website

http://edgewatercapital.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Edgewater Capital Partners is a Cleveland-based private equity firm founded in 1998 that acquires lower middle-market performance materials, specialty industrials, life sciences, and specialty chemicals companies, typically investing $3-7M in equity per transaction.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

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

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Private equity investing
• Lower middle market
• Performance materials
• Specialty chemicals
• Sector focused buyouts

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Management Fees: Private equity firms typically charge management fees on committed capital under management, generating steady revenue regardless of investment performance.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, representing the primary upside for fund managers after returning capital to LPs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Edgewater Capital Partners is a sector-focused private equity firm that acquires and manages lower middle-market companies in performance materials, components, and services. The firm invests in companies generating $20-100 million in revenue, primarily through buyouts of owner-operator businesses and corporate carve-outs across Specialty Industrials, Life Sciences, Advanced Materials, and Specialty Chemicals sectors, with typical equity investments of $3-7 million per deal in transactions ranging from $15-150 million in revenue.

Product overview

Edgewater Capital Partners operates as a sector-focused private equity firm managing a portfolio of 10 current portfolio companies across performance materials and services sectors. The portfolio includes AmeriWater (healthcare water purification), Deerpoint Group (crop nutrition), Evantic (engineered components under Altamira, PFI, Vertec brands), GL Chemtec (pharmaceutical CDMO), Iten Defense (composites and armor), Naprotek (electronics manufacturing), NeoGraf Solutions (graphite products), Prolytix (analytical CRO), REV Clinical (clinical research), and Well Master (artificial lift products). The firm also has 20+ realized investments including Luxium Solutions, Pure Wafer, Callery, and others. This is a platform of independent portfolio companies rather than a unified product architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• AmeriWater Portfolio company and industry leader in the design, manufacture, installation, and supply of water purification systems and services for the healthcare sector (dialysis, sterile processing) and industrial applications.
• Deerpoint Group Portfolio company that manufactures and develops innovative crop nutrition products for irrigated agriculture and chemical solutions to treat irrigation water, delivering fertigation services and water treatment programs.
• Evantic Portfolio company manufacturing high-performance engineered components for the semiconductor, aerospace, energy, and industrial sectors, offering machined components, molded shapes, tapes, and specialty components through the Altamira, PFI, and Vertec brands.
• GL Chemtec Portfolio company and North American Specialty CDMO providing advanced chemistry services to pharmaceutical, biotech, and medical device sectors, specializing in advanced multi-step organic synthesis, process R&D, and scale-up for API development.
• Iten Defense Portfolio company and leading provider of advanced composites and armor solutions for personal protective equipment, fixed and rotary-wing aircraft, tactical vehicles, and maritime vessels with specialized ballistic armor expertise.
• Naprotek Portfolio company and electronic manufacturing services provider of quick turn PCBA, design for manufacturability, system integration, and testing services for high-reliability applications.
• NeoGraf Solutions Portfolio company and industry-leading designer, formulator, and manufacturer of specialty natural graphite products for EV, graphene, alternative energy, electronic thermal management, industrial seals, petrochemical, nuclear, building and construction, and flame retardancy sectors.
• Prolytix Portfolio company and leading analytical CRO with 30+ years of protein chemistry experience in plasma-based protein therapies, monoclonal and polyclonal antibodies, recombinant proteins, cell and gene therapies, and vaccines from discovery through commercial GMP release.
• REV Clinical Portfolio company and multi-national clinical contract research organization with deep experience in designing and managing clinical trials across oncology, neurology, ophthalmology, and rare diseases, providing end-to-end Phase I-IV clinical trial services.
• Well Master Portfolio company and leader in artificial lift marketplace, specializing in engineering, manufacturing, and distribution of durable, high-performance artificial lift products and solutions to optimize oil and gas production and extend well life.
• Edgewater Capital Partners Fund IV Private equity fund vehicle providing committed capital for sector-focused investments in lower middle-market performance materials, components, and services businesses across four sectors: Specialty Industrials, Life Sciences, Advanced Materials, and Specialty Chemicals. The fund charges management fees on committed capital and earns carried interest from successful portfolio exits.

Quantifiable outcome

• Accelerated diligence timelines due to deep sector expertise
• +2 more outcomes

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor.

• Latham & Watkins LLPminorOthersLegal counsel to SK Capital in the acquisition of Saint-Gobain's crystals business.
• Taft Stettinius & Hollister LLPminorOthersLegal counsel to Edgewater Capital Partners in multiple transactions including the Luxium Solutions acquisition and various portfolio company investments.
• Lincoln InternationalminorOthersExclusive financial advisor to AmeriWater in its acquisition by Edgewater Capital Partners.
• KeyBanc Capital MarketsminorOthersDebt financing provider for the Luxium Solutions acquisition transaction.
• Gladstone Capital CorporationminorOthersDebt financing provider for Edgewater's acquisition of NeoGraf Solutions.
• Greyrock Capital GroupminorOthersDebt financing provider for Edgewater's acquisition of NeoGraf Solutions.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wynnchurch Capital: Lower middle-market PE firm focused on industrial, manufacturing, and specialty businesses. Comparable deal-size range and similar portfolio construction philosophy (operational value-creation in industrial niches).
• Huron Capital: Detroit-based lower middle-market private equity firm with strong industrial and specialty manufacturing focus. Geographically and operationally adjacent to Edgewater (both Midwest-rooted, similar deal-size range, similar portfolio construction philosophy).
• SK Capital Partners: Specialty materials, chemicals, and life sciences focused private equity firm. SK Capital and Edgewater have a demonstrated co-investment history (Luxium Solutions), and both target the same sectors and lower middle-market opportunities, making them the closest comparable peer.
• Insight Equity: Lower middle-market private equity firm focused on industrial, aerospace/defense, and specialty manufacturing. Similar deal-size profile and sector overlap make Insight Equity a closely comparable peer to Edgewater in specialty industrials.
• Arsenal Capital Partners: Sector-focused private equity firm investing in healthcare, industrial, and specialty chemicals/materials businesses in the lower middle market. Arsenal's vertical specialization and fund-size profile ($1B+ funds) closely mirror Edgewater's investment approach with somewhat larger scale.
• Aterian Investment Partners: Lower middle-market industrial and specialty chemicals PE firm. Aterian previously owned NeoGraf Solutions before Edgewater acquired it in 2023, illustrating direct competition for the same assets and overlap in sector focus.

Broad incumbents

• American Industrial Partners: Established industrial-focused private equity firm managing multiple billion-dollar funds. AIP operates in many of Edgewater's target sectors (specialty industrials, aerospace/defense, advanced materials) at a meaningfully larger scale.
• The Riverside Company: Global lower middle-market private equity firm with broad sector coverage including industrials, healthcare, and consumer. Riverside's scale and breadth make it a broad incumbent peer rather than a direct specialist competitor.
• H.I.G. Capital: Large global lower middle-market PE firm with multiple sector-focused funds including industrials, chemicals, and life sciences. H.I.G.'s broader scale and broader sector mandate make it a broad incumbent peer; Jason Burmer (Edgewater's BD Principal) previously worked at H.I.G.
• Platinum Equity: Large private equity firm with significant industrial, manufacturing, and specialty chemicals exposure. While Platinum operates at materially larger scale, its industrial-sector mandate overlaps meaningfully with Edgewater's specialty industrials practice.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/edgewater-capital-partners

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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

M&A13 records

Investments

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

Frequently asked questions about Edgewater Capital Partners