Expedition Capital Partners

What Expedition Capital Partners does

Expedition Capital Partners (ECP) is a Chicago-based private equity investment firm founded in 2009 by Michael Hendrie, a former Vice President at Code Hennessy & Simmons. The firm acquires and grows businesses in the U.S. and Canadian middle and lower-middle markets, targeting companies with a minimum of $2 million in EBITDA, demonstrated positive cash flow, and identifiable improvement opportunities. ECP is industry-agnostic with stated interest in business services, consumer products, distribution/logistics, education, healthcare, infrastructure, manufacturing, and waste/recycling. Since inception it has acquired 35 companies across six core platform investments, including BP Business Solutions (managed waste and recycling), TFA Logistics (freight hauling and brokerage), and United Tactical Systems (PepperBall non-lethal launchers).

ECP's operating model centers on partnering with experienced operators — both management teams and its network of co-investors and operating partners — to implement tailored growth theses at the board level. It is not a traditional fund manager; transactions are financed through a proprietary network of debt and equity investors, and the firm actively co-invests with other private equity sponsors (Firmament, Tecum Capital, Ironwood Capital, PGIM Private Capital, Clearlight Partners, Prospect Partners, Centerfield Capital Partners, Cardinal Equity Partners, LaSalle Capital Group). Holding periods generally run three to seven years, with willingness to hold longer in attractive companies, and deal structures include cash, earnout, seller notes, and profit sharing to align incentives. Realized exits include the sale of United American Security to GardaWorld (2018), Waste Harmonics to Arcapita (2019), and the merger of Wild Sports with EastPoint Sports (2019).

The firm operates with a lean team of three named investment professionals — Michael Hendrie (Founder and Managing Director), Stephen Liuzza (Managing Director, joined 2022 from William Blair), and Matt Page (Vice President, joined 2025 from WILsquare Capital) — sourced from Goldman Sachs, Code Hennessy & Simmons, William Blair, and WILsquare Capital. Customer-facing activity is relationship-driven rather than marketing-driven, with deal flow generated through direct networks of business owners, investment bankers, and industry executives. Revenue mechanics are not publicly disclosed, reflecting the firm's private, non-fund-based structure.

Name

Expedition Capital Partners

Legal name

Expedition Capital Partners LLC

Website

https://expedition-partners.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Expedition Capital Partners is a Chicago-based private equity firm founded in 2009 that acquires and grows U.S. and Canadian middle and lower-middle-market businesses with at least $2 million in EBITDA, partnering with experienced operators and a proprietary co-investor network across six platform investments since inception.

Ownership category

akta.pro rank

Product category

Private Equity Investment

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Independent Sponsor / Fundless Sponsor ETA (FSANALAB)

Keywords

• Private equity investing
• Middle market acquisitions
• Management buyouts
• Leveraged buyouts
• Portfolio company operations

Headquarters

HQ city

Chicago

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

Revenue model

1. Private Equity Investment Returns: ECP generates returns through equity investments in portfolio companies, with a general holding period of 3-7 years. The firm finances transactions through its proprietary network of debt and equity investors and is open to co-investments with other private equity firms.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Expedition Capital Partners is a private equity investment firm that acquires and grows businesses in the U.S. and Canadian middle and lower-middle markets. ECP partners with experienced operators to acquire companies with a minimum of $2 million in EBITDA, structuring management buyouts, corporate divestitures, industry consolidations, and recapitalizations financed through its proprietary network of debt and equity investors.

Product overview

Expedition Capital Partners is a private equity investment firm. As such, it does not offer software products or technology services. The company provides private equity investment and capital partnership services, acquiring and growing businesses in the middle and lower-middle markets through operational partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Investment Services Equity capital and operator-partner support provided to U.S. and Canadian private businesses with $2M+ EBITDA, held for a general horizon of three to seven years and financed through a proprietary network of debt and equity investors.
• Management Buyouts Transactions in which existing management teams partner with ECP principals to acquire ownership of the business, supported by equity from ECP and its co-investors.
• Corporate Divestiture Acquisitions Acquisitions of subsidiaries, divisions, or product lines from corporations seeking to divest non-core assets, structured as asset purchases, stock purchases, or recapitalizations.
• Industry Consolidation Platforms Buy-and-build strategies in which ECP forms or backs platform companies and executes add-on acquisitions to consolidate fragmented industries, exemplified by United American Security and United Tactical Systems.
• Recapitalizations Majority and minority recapitalization transactions providing liquidity and growth capital to business owners while aligning incentives through flexible compensation structures including cash, earnout, seller note, and profit sharing.
• Co-Investment Partnerships Joint investments executed alongside other private equity firms and ECP's proprietary network of debt and equity investors to finance portfolio transactions.

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• BP Environmental ServicescoreStrategic or Co-development PartnerECP, along with Firmament, backed BP Environmental Services' acquisition of CMS Logistics and GEAC, enhancing BP's capabilities in managed waste, recycling, and equipment leasing while expanding its nationwide services platform across North America.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Huron Capital Partners: Detroit-based lower-middle market PE firm executing control buyouts and recapitalizations via an operating-partner model. Comparable deal size and approach to ECP.
• Stellex Capital Management: Lower-middle market PE firm executing control buyouts in business services and industrial sectors with a hands-on operating approach. Directly comparable sector mandate to ECP.
• May River Capital: Chicago-based independent sponsor PE firm partnering with management in lower-middle market industrial and business services companies. Geographic and structural peer to ECP.
• Waud Capital Partners: Chicago-based independent sponsor PE firm focused on lower-middle market operating companies, typically partnering with management teams. Direct structural and geographic peer to ECP.
• Benford Capital Partners: Chicago-based lower-middle market PE firm focused on founder/family-owned businesses and management buyouts. Direct structural, geographic, and target-company peer to ECP.
• Pritzker Private Capital: Chicago-based independent sponsor/family-office PE firm acquiring control positions in North American middle-market businesses. Closely comparable to ECP in structure, geography, and operating-partner approach.
• Ancor Capital Partners: Independent sponsor / fundless sponsor firm focused on lower-middle market buyouts in the U.S. Southeast. Same fundless sponsor archetype as ECP.
• WILsquare Capital: Lower-middle market PE firm focused on distribution, business services, and manufacturing; previous employer of ECP VP Matt Page. Comparable deal size and sector mix.
• Longshore Capital Partners: Chicago-based lower-middle market PE firm focused on management-led buyouts and recapitalizations. Comparable city, deal size, and management-partner approach to ECP.

Broad incumbents

• Code Hennessy & Simmons: Lower-middle market PE firm where founder Michael Hendrie was previously a Vice President. Larger institutionalized firm in same Chicago lower-middle market segment, relevant for founder pedigree comparison.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Expedition Capital Partners