What TerraMar Capital does

TerraMar Capital LLC is a Los Angeles-based private equity investment platform founded by Joshua Phillips that provides customized debt and equity capital to North American middle-market businesses facing operational inflection points, restructurings, or complex transactions. The firm targets companies with up to $750 million in annual revenue and up to $500 million in enterprise value, and underwrites a flexible range of transaction types including buyouts, corporate carve-outs, recapitalizations, joint ventures, restructurings, growth capital, public-to-private transactions, and bankruptcy investments. Sectors of focus are organized into three verticals: Industrials (building products, automotive, chemicals, aerospace and defense), Consumer/Retail (food and beverage, apparel, brick-and-mortar, e-commerce), and Business Services (facility maintenance, construction services, engineering, logistics). The team operates as a generalist within these verticals and explicitly invests in industries that may be temporarily out of favor.

The portfolio spans roughly eight named investments across current and realized status. Industrials exposure is anchored by Kreher Steel (a metals service center with three operating entities), Ritchey Metals (galvanized steel and zinc-aluminum alloys), Vulcan Metals (engineered steel castings for rail, military, heavy equipment, oil and gas, and power generation), and the January 2025 acquisition of Bradken's Specialty Products North America Business. Consumer exposure includes Lolli & Pops (specialty confections), which acquired Hammond's Candies in November 2024, and the realized Francesca's investment (acquired out of Chapter 11 in January 2021 for $18 million with co-investors Tiger Capital Group and SB360 Capital Group, subsequently realized following a 2026 re-bankruptcy filing). Services exposure is represented by Seattle Study Club, an international network of dental study clubs. The firm also holds LeVecke Corporation, an alcohol and spirits manufacturing and distribution business.

TerraMar generates revenue through traditional private equity economics: transaction fees on deal structuring and ongoing investment returns from equity investments realized through M&A, IPOs, or other liquidity events, supplemented by interest income on debt capital deployed. The firm does not publicly disclose fund size, AUM, or pricing. Its go-to-market is relationship-led, sourcing deals through direct outreach to management teams, advisors, and intermediaries rather than competitive auctions, with deal closing emphasized on speed and certainty. Co-investment partners (Tiger Capital Group, SB360 Capital Group, PNC Bank, Advantage Capital Management) have participated alongside TerraMar on multiple transactions, indicating an established syndication network.

Name

TerraMar Capital

Legal name

TerraMar Capital LLC

Website

https://terramarcapital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

TerraMar Capital is a Los Angeles-based private equity platform that provides customized debt and equity capital to North American middle-market businesses (up to $750M revenue, $500M EV) facing inflection points, restructurings, or bankruptcy, across industrials, consumer/retail, and business services sectors.

Ownership category

akta.pro rank

Product category

Private Equity Investment Services

NAICS

Portfolio Management and Investment Advice (523940), Miscellaneous Financial Investment Activities (523999), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Private equity investing
• Middle-market capital
• Debt and equity financing
• Growth capital solutions
• Special situations investing

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Private Equity Investment Returns: TerraMar Capital generates returns through equity investments in middle-market companies, realizing gains through portfolio company exits via M&A, IPOs, or other liquidity events. The firm also provides debt capital that generates interest income, with returns dependent on portfolio company performance and successful exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

TerraMar Capital is a private equity investment platform that provides customized debt and equity capital solutions to middle-market businesses facing inflection points. The firm targets companies with annual revenues up to $750M and enterprise values up to $500M, structuring flexible capital for buyouts, corporate carve-outs, recapitalizations, joint ventures, restructurings, growth capital, public-to-private transactions, and bankruptcies.

Product overview

TerraMar Capital is a private equity investment platform that provides customized debt and equity capital solutions to middle-market businesses. The platform offers creative capital solutions for complex situations including buyouts, corporate carve-outs, recapitalizations, joint ventures, restructurings, growth capital, public-to-private transactions, and bankruptcies. The portfolio includes Francesca's (women's apparel boutique, realized), Lolli & Pops (confectionery retail, current) with its subsidiary Hammond's Candies, Seattle Study Club (healthcare network), Kreher Steel (metals service center), LeVecke Corporation (alcohol/spirits), Ritchey Metals (steel alloys), and Vulcan Metals (steel castings).

Differentiator

Problem solved

Functional benefit

Products and services

• Customized Debt and Equity Capital Solutions TerraMar Capital's core service is providing customized debt and equity capital solutions to middle-market businesses (annual revenue up to $750M, enterprise value up to $500M) facing inflection points or complex situations. The firm structures flexible capital across multiple transaction types including buyouts, corporate carve-outs, recapitalizations, joint ventures, restructurings, growth capital, public-to-private transactions, and bankruptcies.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Aurora Resurgence: Los Angeles-based middle-market private equity firm that pursues special-situation and restructuring deals. Founder Joshua Phillips was a founding partner, making it the closest direct peer by strategy and geography.
• Peninsula Pacific Strategic Partners (PPSP): Middle-market private equity firm previously founded and led by TerraMar's Joshua Phillips. Directly comparable in mandate, check size, and special-situations orientation.
• American Capital Strategies: Middle-market direct lending and private equity firm (now part of Ares Capital). Founder Joshua Phillips was a Principal there, and it shares TerraMar's focus on flexible debt and equity solutions for middle-market businesses.
• Tiger Capital Group: Private equity and liquidation firm that co-invested with TerraMar on the Francesca's bankruptcy acquisition. Comparable in special-situations retail and distressed-asset investing.
• SB360 Capital Group: Special-situations investor focused on retail and consumer businesses. Co-invested with TerraMar on Francesca's and shares the playbook of acquiring distressed consumer brands.
• Stellex Capital Partners: Middle-market private equity firm targeting industrial and business services companies with revenues of $50M–$500M. Highly comparable by check size, sector mix, and special-situations orientation.
• Mill Point Capital: Middle-market private equity firm executing control and structured equity transactions in business services and industrial verticals. Comparable mandate and target EV range.
• Centre Partners: Middle-market private equity firm focused on consumer, industrials, and business services with check sizes up to ~$250M. Directly comparable by target EV and sector focus.

Broad incumbents

• Oaktree Capital Management: Large global alternative investment manager with deep distressed, special-situations, and private credit capabilities. Operates broadly in TerraMar's core niches but at meaningfully larger scale.

Regional players

• Advantage Capital Management: Middle-market growth and lending firm that co-financed the Hammond's Candies acquisition alongside TerraMar. Comparable in deal size and growth-capital orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments2 records

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

Frequently asked questions about TerraMar Capital