Aldine Capital Partners
Aldine Capital Partners is a Chicago-based private investment firm providing junior capital — subordinated debt plus equity participation — to lower middle market companies with $10M+ revenue and $2M+ EBITDA, investing $5-25M per transaction across four SBIC-related funds totaling $775M+ in commitments.
- Company typePrivate
- Founded2005
- HeadquartersChicago, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Aldine Capital Partners does
Aldine Capital Partners is a private investment firm founded in 2005 and headquartered in Chicago, Illinois, that provides junior capital financing — specifically subordinated debt with current yield paired with equity participation — to lower middle market companies. The firm targets privately held, entrepreneurial businesses with at least $10 million in revenue and $2 million in EBITDA, making individual investments in the $5-25 million range. Aldine explicitly avoids real estate, banking/lending, and turnaround situations, positioning itself as an industry-generalist in the lower end of the middle market.
The firm operates as an SBIC-licensed manager (Fund IV) and serves three primary counterparties: independent sponsors seeking capital partners, traditional private equity sponsors looking for non-amortizing patient capital, and business owners pursuing recapitalizations, shareholder liquidity, or growth financings. Aldine typically takes both minority and majority positions, serves on portfolio company boards, and provides value-added advisory input rather than day-to-day operational control.
Aldine has raised capital across four funds totaling $775M+ in commitments, including SBA leverage, and has executed over 75 portfolio investments. The firm maintains a lean 8-person investment team led by Founder and Managing Partner Michael J. Revord and Managing Partner Steve Groya, supported by a dedicated CFO/CCO. Sourcing is relationship-driven through a network of repeat co-investors (Patriot Capital, Capital For Business, Watchtower Capital, The Mendota Group) and direct outreach to sponsors and business owners. Revenue is generated through subordinated debt interest income and equity appreciation on exits, with management fees derived from committed fund capital.
Aldine Capital Partners firmographics
Firmographics- Name
- Aldine Capital Partners
- Legal name
- Aldine Capital Partners
- Website
- https://www.aldinecapital.com
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Aldine Capital Partners is a Chicago-based private investment firm providing junior capital — subordinated debt plus equity participation — to lower middle market companies with $10M+ revenue and $2M+ EBITDA, investing $5-25M per transaction across four SBIC-related funds totaling $775M+ in commitments.
- Ownership category
- akta.pro rank
Aldine Capital Partners industry classification
Industry- Product category
- Mezzanine / Junior Capital Private Equity
- NAICS
- Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Mezzanine / Subordinated Debt (FSANADAC)
- akta.pro secondary industries
- Middle-Market Lending (FSANADAI), Direct Lending — Junior Capital (Second Lien & Mezzanine) (FSAHAJAC)
Keywords
Where Aldine Capital Partners is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Aldine Capital Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Marketing or Sales, Technology or R&D
Revenue model
- Subordinated Debt Financing: Aldine provides subordinated debt with current yield, generating interest income from their debt investments in portfolio companies.
- Equity Participation: The firm takes equity or upside appreciation in each transaction, generating returns through capital gains and equity value appreciation when portfolio companies succeed or are exited.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Subordinated debt with equity participation |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Aldine Capital Partners product offering
Product offeringCore offering
Aldine Capital Partners provides junior capital financing to lower middle-market companies in the form of subordinated debt with current yield combined with equity participation. Typical investments range from $5-25M per transaction in companies with at least $10M in revenue and $2M in EBITDA. The firm targets buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings, taking both minority and majority ownership positions while serving as board members and advisors rather than day-to-day operators.
Product overview
Aldine Capital Partners is a private investment firm that provides junior capital financing to lower middle-market companies. The firm does not offer a unified software product or platform; rather, it provides financial investment services including subordinated debt and equity financing to companies with $10M+ revenue and $2M+ EBITDA, typically investing $5-25M per transaction. The firm's portfolio consists of equity and debt investments in portfolio companies across various industries including manufacturing, services, healthcare, and technology. There are no named software products, modules, or digital platforms offered by Aldine Capital Partners itself.
Differentiator
Problem solved
Functional benefit
Products and services
- Junior Capital Financing (Subordinated Debt with Equity Participation) A core investment product of Aldine Capital Partners that provides lower middle-market companies with $5-25M of capital structured as fixed-rate subordinated notes paired with equity or upside participation. The product supports buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings for companies with at least $10M in revenue and $2M in EBITDA, and can be deployed as both minority and majority ownership positions.
Companies that use Aldine Capital Partners
Customer profileSegments4 records
Ideal customer profiles4 records
Aldine Capital Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Aldine Capital Partners partnerships and signals
Strategic signalScale indicators7 records
Recent moves8 records
Expansion highlights5 records
Aldine Capital Partners competitors and assessment
Company assessmentDirect peers
- Capital For Business: St. Louis-based SBIC-licensed mezzanine fund focused on lower middle market companies. Repeated co-investor with Aldine (IFH Group, H3 Manufacturing, Jor-Mac), making it one of the closest direct comparables in size, structure, and deal profile.
- Northcreek Mezzanine: Cleveland-based lower middle market mezzanine fund that has co-invested with Aldine in Jor-Mac. Comparable in check size, sub debt plus equity structure, and sponsor-backed lower middle market focus.
- Patriot Capital: SBIC-licensed mezzanine and private equity firm active in the lower middle market. Recurring co-investor with Aldine in Vermana and Agathos AEC; highly comparable in fund structure and target company profile.
- The Mendota Group: Midwest-based junior capital provider that co-invested alongside Aldine in IFH Group and Jor-Mac. Directly comparable in mandate, check size, and subordinated debt-plus-equity approach.
- Prairie Capital: Chicago-area lower middle market private equity firm where Steve Groya (now Aldine Managing Partner) was previously Managing Director. Operates with adjacent sub debt plus equity capability in the same geography and target segment.
- Moa Capital: Lower middle market sponsor that has partnered with Aldine on TeleGeography and The Rack Group. Comparable in deal sourcing and target company characteristics, even though it operates more as a sponsor than a junior capital-only fund.
- Generation Growth Capital: Lower middle market private equity firm that co-invested with Aldine in Killer Instinct. Operates with a similar size, sector-agnostic approach, and sponsor-backed deal profile.
Broad incumbents
- White Oak Global Advisors: Large, established alternative credit manager offering junior capital and direct lending solutions across the middle market. Broader and more diversified than Aldine, but overlaps meaningfully in lower middle market sub debt and equity.
- Golub Capital: Major middle market direct lender and junior capital provider. Although larger and broader than Aldine, it is a key reference point for institutional LPs benchmarking junior capital performance.
Regional players
- Range Light LLC: Lower middle market private investment firm where Steve Groya was Managing Partner before joining Aldine. Operates in an adjacent space with overlapping geographies and target company sizes, making it a useful regional comparability reference.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Aldine Capital Partners social profiles
Digital presenceAldine Capital Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aldine Capital Partners leadership team
Management profileNumber of profiles
Profiles8 records
Aldine Capital Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aldine Capital Partners M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aldine Capital Partners
What does Aldine Capital Partners do?
Aldine Capital Partners provides junior capital financing to lower middle-market companies in the form of subordinated debt with current yield combined with equity participation. Typical investments range from $5-25M per transaction in companies with at least $10M in revenue and $2M in EBITDA. The firm targets buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings, taking both minority and majority ownership positions while serving as board members and advisors rather than day-to-day operators.
Is Aldine Capital Partners a public or private company?
Aldine Capital Partners is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Aldine Capital Partners founded?
Aldine Capital Partners was founded in 2005. It employs 1 to 10 people.
Where is Aldine Capital Partners based?
Aldine Capital Partners is headquartered in Chicago, United States, in the North America region.
How does Aldine Capital Partners make money?
Two revenue lines are on record. Subordinated Debt Financing is the primary driver. The others are equity Participation.
Who are Aldine Capital Partners's main competitors?
Direct peers on record are Capital For Business, Northcreek Mezzanine, Patriot Capital, The Mendota Group, Prairie Capital, Moa Capital and Generation Growth Capital. Broad incumbents are White Oak Global Advisors and Golub Capital. Range Light LLC is listed as a regional player.
Does Aldine Capital Partners have an API?
No public API is recorded for Aldine Capital Partners.
What industry is Aldine Capital Partners in?
Aldine Capital Partners's product category is Mezzanine / Junior Capital Private Equity. Its primary akta.pro industry code is FSANADAC, Mezzanine / Subordinated Debt, with a secondary code of FSANADAI, Middle-Market Lending. Its NAICS code is 5259 and its SIC code is 6159.