New Water Capital

What New Water Capital does

New Water Capital, L.P. is a Boca Raton, Florida-based private equity firm founded in 2015 that makes control investments in lower middle market companies with revenues between $30 million and $300 million across North America (USMCA region). The firm operates two funds — New Water Capital Partners L.P. (Fund I, closed June 2015) and New Water Capital Partners II L.P. (Fund II, active as of 2026) — and targets three verticals: consumer products, industrial manufacturing, and industrial manufacturing services. Its stated positioning emphasizes operational partnership with founder- and family-led businesses in transition, framing itself as a custodian of legacy and culture rather than a purely financial sponsor.

The firm's current active portfolio comprises seven companies: Dutch Gold Honey (consumer products, acquired March 2025), Gravis (bulk transportation packaging, anchored by 2022 acquisitions of Bulk Lift International and Bagwell Supply), Klosterman Baking Company (bakery products, 17 facilities across eight Midwest states, acquired July 2022), LUXIT Group (Tier 1/Tier 2 automotive lighting, consolidating Myotek, Sea Link, Amptech, and Hicks Plastics), Nelson-Miller, Inc. (engineered components for medical/aerospace/defense, with four add-ons since 2021), The Perfect Bite Co. (frozen food R&D, acquired September 2018), and Pegasus Foods (frozen food manufacturing, acquired March 2018). The business model follows standard private equity mechanics: management fees on committed capital, transaction and monitoring fees, and carried interest on realized exits, with no publicly disclosed pricing.

New Water has demonstrated a repeatable investment and exit cadence, completing three notable realizations — Custom Made Meals (sold to Stellex Capital Management in May 2021 after expanding from ~6,000 to 15,000+ retail locations), Emerald EMS (sold to Crestview Partners in January 2022 after a five-fold earnings increase), and Trillium Health Care Products (sold to Avista Healthcare Partners in August 2024). Go-to-market is direct origination supplemented by a deep network of investment banking and legal advisors (Lincoln International, Mesirow, SC&H Capital, Piper Sandler, Baird, Amherst Partners, Kirkland & Ellis, Stikeman Elliot), with content marketing via the NWC TV video series and industry insights publications serving top-of-funnel awareness among target companies and intermediaries.

Name

New Water Capital

Legal name

New Water Capital, L.P.

Website

https://newwatercap.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

New Water Capital is a Boca Raton-based private equity firm making control investments in North American lower middle market consumer products and industrial manufacturing companies with $30M–$300M in revenue, operating through two funds since 2015.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

akta.pro secondary industry

Middle-Market Lending (FSANADAI)

Keywords

• Private equity investing
• Lower middle market
• Control investments
• Industrial manufacturing
• Consumer products

Headquarters

HQ city

Boca Raton

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

Distribution channels1 record

Marketing channels3 records

Core offering

New Water Capital is a private equity firm that makes control investments in lower middle market companies in North America (USMCA region) with revenues of $30 million to $300 million. The firm focuses on two sectors: consumer products and industrial manufacturing & services industries. It acquires and operates portfolio companies directly, providing operational expertise, capital, and management partnership to transform companies in transition while serving as custodians of family and founder legacies.

Product overview

New Water Capital operates as a private equity firm rather than a traditional product company. The firm's offerings center on investment and operational support services for portfolio companies in consumer products and industrial manufacturing sectors. The current portfolio consists of seven active companies across food manufacturing, packaging, automotive lighting, and engineered components industries. These portfolio companies operate as independent businesses with their own product lines, including honey and maple products (Dutch Gold Honey), bulk packaging solutions (Gravis), bakery products (Klosterman Baking Company), automotive lighting (LUXIT Group), engineered components (Nelson-Miller), frozen food innovation (The Perfect Bite Co), and frozen food manufacturing (Pegasus Foods).

Differentiator

Problem solved

Functional benefit

Products and services

• Dutch Gold Honey A leading producer of ethically sourced honey and maple syrup products, including related businesses McLure's Honey & Maple Products, Gamber Container Company, The Bacon Jug Company, and DGH Logistics. Known for inventing the iconic squeezable plastic honey bear container. Active consumer products portfolio company.
• Gravis North America's leading provider of bulk transportation packaging solutions, offering flexible and bulk packaging products serving food, agriculture, chemicals, pharmaceutical, and industrial end markets. Includes acquired brands Bulk Lift International, Bagwell Supply, Norwood Paper, BulkSak International, Western Packaging Solutions, and Procon Pacific. Active industrial manufacturing portfolio company.
• Klosterman Baking Company A leading producer of over 400 varieties of bakery goods founded in 1892, producing fresh and frozen breads, buns, flatbreads, organic breads, artisan breads, donuts and other bakery products. Operates 17 bakeries and distribution facilities across eight Midwest states. Active consumer products portfolio company.
• LUXIT Group A world-leader in vehicle lighting innovation and technology, combining Myotek and Sea Link (leading Tier 1 and Tier 2 automotive suppliers) along with affiliates Amptech and Hicks Plastics. Specializes in small lamp design and manufacture, auxiliary lighting and interior lighting applications. Active industrial manufacturing portfolio company.
• Nelson-Miller, Inc. A full-service provider of custom, engineered components and assemblies for critical applications across Medical, Aerospace & Defense and Industrial Markets. Includes add-ons Chainlogix (supply chain management solutions), Injection Works (injection molding), New England Keyboard (HMI solutions - keyboards, membrane switches, flexible circuits), and Pannam Imaging. Active industrial manufacturing portfolio company.
• The Perfect Bite Co A leading research, development and ideation firm for the frozen food industry, developing innovative recipes and products for national grocery and club brands, as well as airlines and other hospitality companies. Active consumer products portfolio company.
• Pegasus Foods, Inc. A leading frozen food manufacturer for grocery stores, club retailers and restaurant chains, producing high-quality frozen appetizers, burritos, sides and desserts. Active consumer products portfolio company.

Segments2 records

Ideal customer profiles2 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 minor.

• Stikeman ElliotminorImplementation/ SI/ Consulting PartnerLegal advisor to New Water Capital for the Trillium Health Care Products acquisition.
• Kirkland & EllisminorImplementation/ SI/ Consulting PartnerLegal advisor to New Water Capital for the Trillium Health Care Products acquisition.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Stellex Capital Management: Lower-middle-market private equity firm with operations and industrials focus. Directly comparable as a fund of similar size and strategy; notably acquired Custom Made Meals from New Water in 2021, evidencing overlap in deal sourcing and target profile.
• Centre Partners: Lower-middle-market private equity firm focused on consumer and industrial companies, often founder- or family-owned businesses in transition. Highly comparable in fund size, sector focus, and transition-deal orientation.
• Milestone Partners: Lower-middle-market private equity firm specializing in management-led buyouts of family- and founder-owned businesses. Direct peer; Andrew Ravenna of New Water previously worked at Milestone.
• Arsenal Capital Partners: Middle-market private equity firm investing in industrials, specialty industrials, and consumer/services. Andrew Ravenna previously worked at Arsenal before joining New Water in 2015, indicating comparable investment style and sector focus.
• Palladium Equity Partners: Middle-market private equity firm investing in lower-middle-market companies across consumer, industrials, and business services. Highly comparable in target company size, sector mix, and operationally focused value creation.
• Tengram Capital Partners: Consumer-focused private equity firm investing in growth-stage and lower-middle-market consumer brands. Directly comparable to New Water's consumer products vertical, including food/beverage and brand-led businesses.
• Platte River Equity: Lower-middle-market private equity firm focused on industrials, packaging, and consumer products. Directly comparable to New Water's industrial manufacturing and consumer products verticals, including the Gravis packaging platform thesis.

Broad incumbents

• Crestview Partners: Mid- to upper-middle-market private equity firm with operations and industrials exposure. Comparable as a buyer of industrial portfolio assets; acquired Emerald EMS from New Water in 2022.
• Wynnchurch Capital: Middle-market private equity firm with a strong industrials and value-focused investment approach. Comparable as a peer in industrial manufacturing and services lower-middle-market deals.
• Olympus Partners: Middle-market private equity firm investing in consumer products, business services, and industrial services. Comparable as a broader incumbent peer in New Water's core sectors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/new-water-capital-l-p-

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries22 records

Funding overview

Funding rounds

Investors

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

M&A14 records

Investments2 records

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

Frequently asked questions about New Water Capital