Transition Capital Partners

What Transition Capital Partners does

Transition Capital Partners ("TCP") is a private equity investment firm founded in 1993 and headquartered in Southlake, Texas. The firm acquires control positions in US-based middle market companies — generally platforms with $3 million to $20 million of EBITDA or SaaS businesses with $5 million to $20 million of recurring revenue — across manufacturing, business and consumer services, industrial services, technology-enabled services, SaaS software, and distribution. TCP explicitly differentiates itself from fund-cycle-driven private equity by not being constrained by traditional fundraising timelines, holding investments alongside management teams over the long term, and limiting itself to one to two new platform investments per year so that each partner receives deep attention.

The firm's business model generates revenue through three streams typical of a lower-middle-market sponsor: (i) management fees on committed capital under management, (ii) carried interest from successful portfolio exits, and (iii) investment returns on the firm's own capital invested alongside limited partners. TCP sources deals almost exclusively through direct outreach to management teams and its referral network — there is no intermediated or programmatic deal sourcing channel — and it does not publicly disclose fund size, AUM, fee rates, or portfolio company financials. Its active portfolio consists of six named platforms spanning outsourced vendor management for data centers (STAG Mission Critical), industrial tank services (PAT Tank), HDPE conduit manufacturing (Petroflex North America), HVAC component manufacturing (McDaniel Metals), outsourced hospitality labor (Xclusive Services), and warranty and sleep products (ProtectAll).

Operationally, TCP is run by a small team of nine named professionals led by Managing Partner Andy Foskey and Managing Director Jason Faucett, supported by two Operating Partners (Jeff Saunders, John O'Brien) who lead diligence and post-close value creation. The firm has a concentrated geographic focus — more than 20 of its 50+ completed platform acquisitions are in Texas — and has begun selectively deploying capital outside the US, including a 2023 control investment in an Italian dental clinic chain. Office infrastructure was upgraded with a 2020 building purchase in Southlake, and the firm maintains an investor portal through Juniper Square plus a single LinkedIn channel for marketing and LP communication.

Name

Transition Capital Partners

Legal name

Transition Capital Partners

Website

https://tcplp.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Transition Capital Partners is a private equity firm founded in 1993 and based in Southlake, Texas, that acquires control positions in US-based middle market companies with $3M-$20M of EBITDA (or $5M-$20M SaaS recurring revenue) across manufacturing, industrial services, and technology-enabled sectors, partnering with management teams and completing one to two new investments per year.

Ownership category

akta.pro rank

Product category

Private Equity Investment Services

NAICS

Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Transition / Engagement & Stewardship Funds (FSANAJAO)

Keywords

• Private equity investing
• Middle market buyouts
• Control acquisitions
• Management partnerships
• Portfolio management

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Management Fees: Private equity firms typically charge management fees on committed capital under management to cover operational expenses.
2. Carried Interest: TCP generates carried interest (performance fees) from successful exits of portfolio companies, aligning incentives with management partners and investors over the long-term.
3. Investment Returns: Returns realized through the sale or exit of portfolio companies, creating value through operational improvements and strategic growth initiatives.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Transition Capital Partners is a private equity firm that makes control investments in US-based middle market companies with EBITDA of $3-20 million (or SaaS companies with $5-20 million in recurring revenue). The firm partners with experienced management teams to provide growth capital, strategic guidance, and operational support across Manufacturing, Business/Consumer Services, Industrial Services, Technology-Enabled Services, SaaS Software, and Distribution sectors, typically completing only 1-2 new platform investments per year.

Product overview

Transition Capital Partners is a private equity investment firm (founded in 1993) that offers a single unified investment platform, partnering with management teams to create sustainable value in middle market businesses. The firm focuses on control investments in US-based companies across sectors including Manufacturing, Business/Consumer Services, Industrial Services, Technology-Enabled Services, SaaS Software, and Distribution. The portfolio consists of six portfolio companies: STAG Mission Critical (vendor management), PAT Tank (industrial tank services), Petroflex North America (HDPE conduit manufacturing), McDaniel Metals (HVAC components), Xclusive Services (hospitality outsourcing), and ProtectAll (warranty services).

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Investment Services Control equity investments in US-based middle market companies with $3-20mm in EBITDA (or $5-20mm in recurring revenue for SaaS), partnered with experienced management teams, providing capital, strategic guidance, and operational support across Manufacturing, Business and Consumer Services, Industrial Services, Technology-Enabled Services, SaaS Software, and Distribution sectors.

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• KKR: Global mega-cap PE incumbent whose Americas Buyout fund overlaps TCP's lower-middle-market lane at the upper bound; useful benchmark for institutional PE sponsorship practices.
• Carlyle Group: Global mega-cap PE incumbent with a US Buyout fund that overlaps TCP's middle-market control-investment lane at the larger end and serves as a benchmark for operating-partner models.

Direct peers

• Kingswood Capital Management: Lower-middle-market PE firm focused on industrial and business-services companies with $5-25M EBITDA — overlapping with TCP's industrial-services and manufacturing portfolio.
• Latticework Capital Partners: Lower-middle-market PE firm focused on healthcare services, business services, and industrial-services companies — overlapping with TCP's middle-market services and industrial verticals.
• Main Street Capital: Public lower-middle-market PE/credit firm (NYSE: MAIN) targeting similar $3-20M EBITDA companies with a long-term capital base — comparable in target profile and lower-middle-market focus.
• Garnett Station Partners: Middle-market PE sponsor focused on services-based businesses with experienced operators — directly comparable lower-middle-market, services-heavy investment thesis to TCP.
• Falfurrias Capital Partners: Charlotte-based lower-middle-market PE firm targeting $5-50M EBITDA businesses with a similar generalist sector approach and partnership-oriented model to TCP.
• Percheron Equity Partners: Houston-based middle-market private equity firm investing in lower-middle-market industrial and business-services companies; regional Texas peer with comparable cheque sizes.
• Trinity Hunt Management Partners: Dallas-based lower-middle-market PE firm making control investments in businesses with $3-25M EBITDA across the South-central US — the closest geographic and strategy peer to TCP in Texas.
• Renovus Capital Partners: Lower-middle-market PE firm investing in founder-owned businesses with $5-50M EBITDA across services, industrials, and education — comparable target profile and small-team partnership approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/transition-capital-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A6 records

Investments5 records

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

Frequently asked questions about Transition Capital Partners