Winona Capital Management

What Winona Capital Management does

Winona Capital Management is a Chicago-based private equity firm founded in 1999 by Laird Koldyke and Luke Reese that provides acquisition and growth capital to emerging consumer brands. The firm targets companies with revenues of $10–100 million and EBITDA above $1 million, committing $10–30 million of equity per transaction through two funds, Winona Capital Partners I (WCP I) and Winona Capital Partners II (WCP II). Sector focus is narrow and consumer-only: apparel and lifestyle products, pet and juvenile products, growth-oriented branded retailers, and sports/recreation/leisure.

Winona's core service is direct minority or control equity investment into consumer brands, supplemented by a hands-on operating model branded as the 'Total Growth Blueprint' and an annual CEO Leadership Summit that convenes portfolio executives with the Winona Advisory Council. The active portfolio spans eight platforms — Evereve (fashion/styling), I and love and you (premium natural pet care), Foodberry (molecular gastronomy nutrition), Rodd & Gunn (New Zealand heritage apparel), Monica Vinader (British luxury jewelry), Diono (juvenile products), Ancora (health/beauty/wellness growth platform, with first investment Indie Lee), and KJUS (premium active outerwear). Realized exits include Peter Millar (to Richemont), Dragon Alliance (to Marchon Eyewear, 20x+ return), Petsense (to Tractor Supply Company), and Fat Brain Holdings (to TOMY International).

The firm is founder-owned and managed, structured as Winona Capital Management, LLC in Illinois, with a small professional team (11–50 employees) and no disclosed parent company, outside institutional control, or public fundraising. Ancora, established in 2017, operates as a wholly-owned subsidiary focused on nascent-stage health, beauty and wellness brands. Revenue mechanics are those of a traditional PE sponsor: recurring management fees on committed/invested fund capital, episodic carried interest tied to realizations, and no technology product, SaaS pricing, or AI-driven offering.

Name

Winona Capital Management

Legal name

Winona Capital Management, LLC

Website

https://winonacapital.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

Winona Capital Management is a Chicago-based private equity firm founded in 1999 that provides $10–30 million in acquisition and growth capital to emerging consumer brands with $10–100 million in revenue, operating across two funds focused on apparel, pet/juvenile, retail and lifestyle sectors.

Ownership category

akta.pro rank

Product category

Private Equity (Consumer Brands Growth Capital)

NAICS

Management of Companies and Enterprises (55111)

akta.pro primary industry

Media, Entertainment & Gaming Growth Equity (FSANACAI)

Keywords

• Private equity investment
• Growth capital
• Consumer brand investing
• Lower middle market
• Equity capital

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

Distribution channels1 record

Marketing channels1 record

Core offering

Winona Capital Management provides acquisition and growth capital of $10-30 million per deal to emerging consumer brands with $10-100 million in revenue and EBITDA above $1 million, taking both control and minority positions. Operating through two private equity funds (WCP I and WCP II), the firm partners with high-energy management teams across apparel/lifestyle, pet/juvenile products, branded retail, and sports/recreation/leisure categories to build durable brand equity value.

Product overview

Winona Capital Management is a private equity firm that provides acquisition and growth capital to emerging consumer brands. The firm focuses on companies with revenues of $10-100 million and EBITDA above $1 million, committing $10-30 million in equity capital. Their investment approach emphasizes building great brands through hands-on partnership, strategic planning (Total Growth Blueprint), and operational expertise. The portfolio includes active investments in fashion/styling (Evereve), premium pet care (I and love and you), nutrition (Foodberry), and apparel (Rodd & Gunn), along with prior investments in education services, specialty retail, and lifestyle brands. Key focus sectors include Apparel & Lifestyle Products, Pet & Juvenile Products, Growth Oriented Branded Retailers, and Sports, Recreation & Leisure.

Differentiator

Problem solved

Functional benefit

Products and services

• Growth Capital Investment Services Acquisition and growth equity capital provided to emerging consumer brands with revenues of $10-100 million and EBITDA above $1 million, committing $10-30 million in equity capital per deal through control and minority investments across apparel/lifestyle, pet/juvenile, branded retail, and sports/recreation/leisure categories.
• Winona Capital Partners I (WCP I) First Winona Capital private equity fund focused on growth equity investments in consumer-driven brands.
• Winona Capital Partners II (WCP II) Second Winona Capital private equity fund focused on growth equity investments in consumer-driven brands; current active fund vehicle.
• Ancora Growth Acceleration Platform Wholly-owned growth acceleration platform created in 2017 to redefine the growth model for nascent brands in health, beauty and wellness categories; first investment in Indie Lee clean skincare.

Quantifiable outcome

• Dragon Alliance acquired for 20x+ profits
• +3 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights2 records

Direct peers

• L Catterton: The largest consumer-focused private equity firm, investing across beauty, food, pet, apparel, and lifestyle brands globally. Directly comparable to Winona as a dedicated consumer growth equity investor with a co-investment relationship on I and love and you.
• TSG Consumer Partners: Consumer-focused growth equity firm backing emerging and established consumer brands across food, beverage, beauty, and retail. Closely comparable to Winona in mandate, check size orientation toward high-growth consumer companies, and operating-led value creation model.
• Encore Consumer Capital: Specialist consumer private equity firm investing in lower middle market consumer brands. Comparable to Winona in consumer-only mandate, control and minority investment approach, and target company size range.
• Tengram Capital Partners: Consumer-focused private equity firm backing branded consumer products companies. Directly comparable to Winona in its consumer-only mandate, growth-stage focus, and emphasis on brand building.
• North Castle Partners: Private equity firm focused on consumer health, wellness, and lifestyle brands. Comparable to Winona given overlap in wellness and lifestyle investments (e.g., Ancora) and a similar growth equity orientation.
• KarpReilly: Consumer-focused growth equity firm investing in branded consumer products and specialty retail. Comparable in deal size orientation, consumer-only focus, and emphasis on partnering with founder-led brands.
• Centre Partners: Middle-market private equity firm with a dedicated consumer practice investing in branded consumer products and retail. Comparable in target company size, consumer sector focus, and growth-stage orientation.
• Brentwood Associates: Private equity firm focused on consumer and retail businesses, including brands, restaurants, and retail. Comparable to Winona in consumer-only focus and growth equity investment approach.
• Soleus Capital: Consumer-focused private equity firm investing in growth-stage consumer brands. Directly comparable in size, consumer-only mandate, and growth-stage investment orientation.

Broad incumbents

• Trilantic North America: Larger, multi-sector private equity firm with a notable consumer practice. Comparable in consumer growth equity execution but broader in sector focus and typically larger in cheque size than Winona.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/WinonaCapital
• Facebookfacebook.com/WinonaCapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments8 records

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

Frequently asked questions about Winona Capital Management