Excellere Partners

What Excellere Partners does

Excellere Partners is a Denver-based private equity investment firm founded in 2006 that specializes in growth recapitalizations and management buyouts of middle-market companies led by entrepreneurs and management teams. The firm invests across three focused verticals — Healthcare (delivery services, business services, medical products, pharma services & technologies), Business Services (cybersecurity, managed IT, data analytics, tech-enabled workflow), and Industrial Growth (water treatment, specialty chemicals, environmental solutions) — with a stated minimum EBITDA threshold of $7 million for platform acquisitions and no minimum for add-on deals. Excellere manages $2.3 billion of committed capital across four funds, the most recent being Excellere Capital Fund IV LP at $875 million (November 2021), and has executed 25+ platform investments.

The firm operates a proprietary four-step "Value Creation Process" — Current State Assessment, Short-Range Planning and Execution, Long-Range Planning and Execution, and Continuous Improvement — codifying how it builds scalable industry leaders through organic growth acceleration, add-on acquisitions, and operational excellence initiatives. Deal sourcing flows through a dedicated Origination function, direct founder/management outreach, and relationships with intermediaries (Jefferies, Raymond James, Piper Sandler, Barclays) and co-investors (notably GHO Capital in healthcare and Stanley Capital/Goldman Sachs Alternatives in industrial growth). The 25+ person team is led by four Managing Partners (Brad Cornell, Ryan Glaws, Matt Hicks, Patrick O'Keefe) with backgrounds spanning William Blair, GE Capital, H.I.G. Capital, Lake Capital, and JPMorgan, supported by a CFO, CCO, Partners, Principals, VPs, and Associates.

Revenue mechanics are standard for a buyout sponsor: management fees (typically 1.5-2.0% of committed capital) on $2.3B AUM, plus carried interest from successful realizations. Recent realized performance includes the June 2026 $950 million all-cash sale of Biocare Medical (acquired 2017/2021, co-owned with GHO Capital) to Agilent Technologies, and the 2024 exit of SePRO Corporation to Stanley Capital Partners with Goldman Sachs Alternatives as a co-investor. The firm is actively deploying Fund IV across U.S. geographies with January 2026's Hinterland Group investment representing the fifth Fund IV platform.

Name

Excellere Partners

Legal name

Excellere Partners IV LLC

Website

https://excellere.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Excellere Partners is a Denver-based private equity firm founded in 2006 that invests $7M+ EBITDA middle-market companies in Healthcare, Business Services, and Industrial Growth through growth recapitalizations and management buyouts, managing $2.3 billion across four funds.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industries

Healthcare & Life Sciences Growth Equity (FSANACAB), Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Private equity investing
• Growth recapitalizations
• Management buyouts
• Middle market investments
• Value creation services

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Private Equity Fund Management: Excellere Partners generates returns through private equity investing via four funds with $2.3 billion of committed capital. The firm partners with entrepreneurs and management teams through growth recapitalizations and management buyouts, utilizing a proprietary Value Creation Process to build industry leaders. Revenue is generated through fund management fees and carried interest from successful exits. The firm targets emerging growth companies in healthcare, industrial growth, and business services sectors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Excellere Partners is a private equity firm that invests in middle-market companies through growth recapitalizations and management buyouts, deploying capital from four funds with $2.3 billion in aggregate commitments. The firm partners with entrepreneurs and management teams in healthcare, industrial growth, and business services sectors, providing investment capital alongside a proprietary Value Creation Process to accelerate organic growth and strategic add-on acquisitions.

Product overview

Excellere Partners is a private equity investment firm that provides private equity investment services to entrepreneurs and management teams. The firm specializes in growth recapitalizations and management buyouts, deploying a proprietary Value Creation Process designed to enhance corporate and operational infrastructure for scalability and growth. The firm's investment strategy focuses on emerging growth companies positioned to benefit from industry consolidation and favorable macroeconomic and demographic trends. Excellere does not offer a product portfolio in the traditional SaaS/software sense; rather, it provides investment capital, strategic guidance, and operational support to portfolio companies across its three targeted industry sectors: Healthcare (including healthcare delivery services, healthcare business services, medical products, and pharma services & technologies), Industrial Growth (including environmental compliance services, water treatment, and specialty chemicals), and Business Services (including cybersecurity, data analytics, and tech-enabled workflow solutions).

Differentiator

Problem solved

Functional benefit

Products and services

• Growth Recapitalizations Equity capital partnerships with entrepreneurs and management teams of middle-market companies to fund growth, typically structured with existing management retaining meaningful ownership. Investments target emerging growth companies positioned to benefit from industry consolidation and favorable macroeconomic and demographic trends.
• Management Buyouts Transactions partnering with existing management teams to acquire businesses, providing capital and strategic support for transitions of ownership. Targets middle-market companies in healthcare, industrial growth, and business services with minimum EBITDA of $7 million for platform acquisitions.
• Value Creation Process Proprietary four-stage system of tools, procedures, and resources designed to transform entrepreneurial companies into industry leaders. Includes Current State Assessment, Short-Range Planning and Execution, Long-Range Planning and Execution, and Continuous Improvement. Provided to portfolio companies alongside investment capital.
• Excellere Capital Fund IV LP The firm's fourth and most recent private equity fund, closed at $875 million in committed capital. Invests in healthcare, industrial growth, and business services sectors via growth recapitalizations, management buyouts, and strategic add-on acquisitions.

Quantifiable outcome

• Excellere targets 3-5x returns in 3 years for portfolio companies through its Value Creation Process.
• +2 more outcomes

Named customers3 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

Feature1 record

Partnerships

Five partnerships are on record, tiered minor.

• Ropes & Gray LLPminorOthersRopes & Gray LLP served as legal advisor to Excellere Partners and GHO Capital on the Biocare Medical transaction, providing legal counsel on transaction structuring, regulatory matters, and closing conditions.
• ICR HealthcareminorOthersICR Healthcare served as strategic communications advisor to GHO Capital on the Biocare Medical transaction, managing media relations and public communications for the deal announcement and completion.
• GunsterminorOthersGunster served as legal advisor to Hinterland Group on its partnership with Excellere Partners.
• Winston & Strawn LLPminorOthersWinston & Strawn LLP served as legal advisor to both SePRO Corporation and Excellere Partners on the Stanley Capital Partners investment transaction.
• Sidley Austin LLPminorOthersSidley Austin LLP served as legal advisor to Stanley Capital Partners on the strategic investment in SePRO Corporation.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Linden Capital Partners: Chicago-based healthcare-focused middle-market PE firm. Directly comparable to Excellere's healthcare vertical focus with similar deal size (typically $25M-$150M equity), growth recap and buyout strategy, and entrepreneur partnership model.
• New Mountain Capital: Growth-oriented middle-market PE firm with healthcare, business services, and industrial focus. Comparable to Excellere in targeting defensive growth sectors with buy-and-build strategies and operational value creation.
• Avista Capital Partners: Healthcare-focused middle-market PE firm based in New York. Direct comparable to Excellere's healthcare vertical with similar EBITDA thresholds and growth recap strategy in healthcare services and pharma services.
• CIVC Partners: Chicago-based middle-market PE firm focused on business services and healthcare services. Direct peer to Excellere in fund size, deal structure (growth recap and buyout), and sector concentration.
• Pfingsten Partners: Middle-market PE firm focused on business services, consumer, and industrial sectors. Matt Halverson joined Excellere from Pfingsten. Comparable in fund size, entrepreneur partnership approach, and middle-market deal parameters.
• Aterian Investment Partners: Middle-market PE firm investing in business services, industrial, and consumer companies. Direct peer with similar fund size, growth equity approach, and value creation focus. Nolan O'Rear joined Excellere from Aterian.
• Welsh, Carson, Anderson & Stowe: Long-established healthcare and technology focused PE firm. Comparable to Excellere in targeting healthcare services and business services with growth equity and buyout structures, though at slightly larger fund sizes and broader sector mandate.
• GTCR: Chicago-based middle-market PE firm with sector-focused investment strategy across financial services, healthcare, technology, and business services. Comparable to Excellere in entrepreneur partnership model, sector specialization approach, and middle-market deal sizing.

Broad incumbents

• H.I.G. Capital: Large global middle-market PE firm with multiple funds across sectors. Excellere's Patrick O'Keefe came from H.I.G. Direct comparable in middle-market growth equity and buyout focus, but operates at much larger scale with broader sector mandate.
• Audax Group: Large middle-market PE firm with deep platform and add-on acquisition strategy across multiple sectors. Comparable to Excellere in middle-market target range and buy-and-build approach, though at significantly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/excellere-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 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 Excellere Partners