What Mill Rock Capital does

Mill Rock Capital is a growth and operations-oriented private investment firm founded in 2018 and headquartered in New York. The firm invests in well-positioned middle market industrial businesses across North America, with a deliberate focus on family-owned, owner-operated, and founder-led companies. Mill Rock runs a dual investment capability: majority equity control transactions (typically $50M–$200M with minimum EBITDA of approximately $10M) and Activ Capital® structured capital (senior/subordinated debt, PIK notes, convertible debt, debt with warrants, preferred/senior equity, and hybrid products) that provides value-added partnership without requiring majority control.

The firm operates across six industry verticals — chemicals/materials/packaging, distribution, metals and engineered materials, services, specialty manufacturing and industrial technology, and diversified transportation and logistics — and is differentiated by an operator-led team in which more than half of the professionals are former industry executives rather than financial engineers. Portfolio transformation is anchored by the proprietary Value Creation Roadmap© methodology. Active platforms include Asbury Advanced Materials (advanced materials), Mill Rock Packaging Partners (specialty packaging), Venture Metals+ (metals recycling/processing), DRT Holdings (specialty manufacturing), Cisco Industrial Services (industrial services), Tandym Group (professional staffing and consulting, including AI-enabled capabilities), and Grammer Logistics (specialty chemical logistics).

Mill Rock's go-to-market is selective and relationship-driven, sourcing through investment-banker and advisor intermediaries, direct executive relationships, and family-owner networks. Revenue mechanics are typical of a private equity sponsor (management fees and carried interest on committed capital), and the firm is pursuing active platform expansion in 2025 — including a first cross-border acquisition via Asbury's $65M purchase of Graphit Kropfmühl GmbH and an aggressive add-on cadence across packaging, metals, and services platforms.

Name

Mill Rock Capital

Legal name

Great Mill Rock LLC

Website

https://millrock-cap.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Mill Rock Capital is a New York-based private investment firm that invests $50M–$200M in middle market North American industrial businesses, offering both majority equity and Activ Capital® structured capital to family-owned and founder-led companies across six industrial verticals.

Ownership category

akta.pro rank

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, Technology or R&D, Others

Revenue model

1. Majority Equity Investments: Mill Rock invests majority equity stakes in businesses with solid fundamentals in partnership with talented management teams through change-of-control transactions including succession planning, management buyouts, corporate divestitures, or other catalyst events.
2. Activ Capital® Structured Capital: Non-control debt, senior equity or hybrid investments providing business owners value-added financial partnership without relinquishing controlling stake. Includes transaction types such as growth capital, recaps and refinancing, LBO/MBO, structured finance, equityholder liquidity, and acquisition financing.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Mill Rock Capital is a growth and operations-oriented private investment firm that provides two primary investment products: majority equity investments in middle market industrial businesses through change-of-control transactions, and Activ Capital® structured capital (debt, senior equity and hybrid instruments) for non-control partnerships. The firm pairs its capital with operational support through the Value Creation Roadmap℠ strategic framework to accelerate growth, succession, and transformation at portfolio companies.

Product overview

Mill Rock Capital is a private equity firm offering investment products rather than a unified software platform. The firm provides two primary financial products: Majority Equity investments for control transactions and Activ Capital® for non-control structured capital (debt, senior equity, hybrid). The firm also offers a Value Creation Roadmap℠ strategic planning service for portfolio companies. Mill Rock Capital's portfolio includes six portfolio companies across industrial verticals: Asbury Advanced Materials (chemicals/materials/packaging), Cisco Industrial Services (services), DRT Holdings (specialty manufacturing), Grammer Logistics (transportation/logistics), Mill Rock Packaging (packaging), Tandym Group (professional services), and Venture Metals+ (metals/engineered materials).

Differentiator

Problem solved

Functional benefit

Products and services

• Activ Capital® Structured Capital Structured capital product providing non-control debt, senior equity and hybrid investments to business owners seeking value-added financial partnership without relinquishing control. Includes senior or subordinated debt, PIK notes, convertible debt, debt with warrants, senior/preferred equity, and hybrid products for use cases such as growth capital, recaps and refinancing, LBO/MBO, structured finance, equityholder liquidity, and acquisition financing.
• Majority Equity Investment Majority equity investments in businesses with solid fundamentals in partnership with talented management teams, targeting leading companies within core industry verticals through change-of-control transactions including succession planning, management buyouts, corporate divestitures, and other catalyst events. Typical investment size between $50 million and $200 million, with a minimum EBITDA of approximately $10 million.
• Value Creation Roadmap℠ Strategic vision and planning tool that outlines the targeted future commercial, operational, financial, and organizational state of each partner company, used with management to assess readiness via a standard set of diagnostics and to serve as the foundation for value creation initiatives.

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Baker HughescoreStrategic or Co-development PartnerVenture Metals+ and Baker Hughes partnered to recycle 125 million pounds of metal, keeping scrap out of landfills through a significant recycling initiative.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Gamut Capital: Middle market private equity firm where both Mill Rock co-founders (Pekmezovic and Whalen) previously served as Partners before founding Mill Rock in 2018. Most directly comparable firm given shared team pedigree and middle market orientation.
• KPS Capital Partners: Industrial-focused middle market private equity firm specializing in operational turnarounds and manufacturing/carve-outs. Direct competitor in the industrial middle market segment with similar value creation focus.
• Wynnchurch Capital: Middle market private equity firm focused on industrial and business services companies. Comparable in fund size, industrial focus and operational value creation orientation.
• Aterian Investment Partners: Private equity firm focused on acquiring and building industrial and consumer products businesses in the lower middle market. Similar industrial focus with operational partnership approach.
• Sterling Group: Industrial-focused middle market private equity firm with operating partner model similar to Mill Rock's. Competes directly for industrial carve-outs and family-owned business transitions.
• Trilantic North America: Middle market private equity firm with focus on industrial, business services and consumer sectors. Comparable size, sector focus and partnership-based approach.
• Centre Partners: Middle market private equity firm focused on consumer, industrial and business services. Comparable in middle market industrial focus and family-owned business orientation.

Broad incumbents

• Harvest Partners: Middle market private equity firm where Mill Rock co-founder Christopher Whalen served as Managing Director. Comparable middle market orientation with broader sector coverage.
• The Carlyle Group: Global alternative asset manager where Mill Rock co-founder Pekmezovic (Carlyle Strategic Partners) and senior partner Eric Byun (Managing Director) previously worked. Much larger incumbent with broader investment scope.
• Stonepeak: Alternative investment firm specializing in infrastructure and real assets with industrial focus. Overlaps with Mill Rock's transportation/logistics and metals verticals but at larger scale and broader mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/millrock

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments4 records

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

Frequently asked questions about Mill Rock Capital