What Evolve Capital does

Evolve Capital is a Dallas-based private equity firm that has been partnering with founder-run businesses through leveraged recapitalizations since 1993. The firm targets companies with $2-5M EBITDA in non-cyclical, asset-light, or regulated verticals, with a stated preference for sectors subject to FDA, CMS, Medicare, Medicaid, and ITAR oversight. Evolve deploys 100% of its own equity capital rather than third-party limited partner funds, which the firm highlights as enabling fast, partner-level decision-making without investment committees.

The firm provides portfolio company founders with partial liquidity at close while retaining a meaningful equity stake for a second bite at exit, and partners with management to add professional executives, build sales processes, fund add-on acquisitions, and expand geographically across multiple states. Documented realized exits include Texas Home Health Agency (33x), D&S Residential Services (9x), Future Food (8.8x), Doctor's Choice Home Care (7.5x), Comfort Keepers (7.2x), Cambridge Home Health Care (5x), Option 1 Nutrition Solutions (5x), Biologos (4.2x), Green Circuits and Mission Critical Electronics (3.5x each), Aspire Home Care (2.4x), and Filling Machines & Systems (2x), for cumulative gross exit proceeds of $500M+.

Deal sourcing is relationship-driven: most investments originate through long-term intermediary relationships with attorneys, lenders, and brokers built over 20+ years, and partners (not associates or analysts) handle all founder communications directly. The 1-10 person team is led by partners Jeff Baker, Ryan Shultz, Matt Becker, and Ben Mackay, with specialized advisors in consumer products (Dave Watts), home health (Sandy Bell), and operations and growth (Andy Greenawalt). The current portfolio includes home health and hospice, residential and day services, emergency services manufacturing, and decontamination and cleaning platforms.

Name

Evolve Capital

Legal name

Evolve Capital

Website

https://evolvecapital.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

1–10 employees

Short description

Evolve Capital is a Dallas-based private equity firm founded in 1993 that partners with founder-run businesses with $2-5M EBITDA through leveraged recapitalizations, deploying 100% of its own equity capital across healthcare, manufacturing, and consumer products sectors.

Ownership category

akta.pro rank

Product category

Private Equity / Leveraged Recapitalization

NAICS

Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799)

akta.pro primary industry

Micro-PE / Lower Middle Market ETA Funds (FSANALAG)

akta.pro secondary industry

Platform Buy-and-Build / Roll-Up Buyout (FSANABAI)

Keywords

• Private equity investing
• Leveraged recapitalizations
• Middle-market investments
• Founder business acquisitions
• Equity capital partnerships

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, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Private Equity Returns: Evolve Capital generates returns through leveraged recapitalizations of entrepreneurial businesses, providing owners with liquidity at close and retaining equity stakes for second bites at exit. The firm invests its own capital and achieves returns upon company exits, with documented multiples ranging from 2x to 33x invested capital across realized investments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Evolve Capital is a private equity firm that provides leveraged recapitalizations to founder-run, non-cyclical, service or asset-light businesses with $2-5M EBITDA. The firm invests 100% of its own equity capital, enabling rapid investment decisions without committee or LP approval, and structures transactions so owners receive liquidity at close alongside a retained equity stake for a second bite at exit. In between, the firm partners with management on sales process build-out, systems and infrastructure, financing for add-on acquisitions, and multi-state footprint expansion.

Product overview

Evolve Capital is a private equity firm focused exclusively on leveraged recapitalizations of entrepreneurial businesses with $2–5M EBITDA. The firm partners with founders to provide liquidity at close while retaining meaningful equity stake. Evolve Capital's investment services include providing direction, advice, strategic partnerships, building sales teams and processes, financing add-on acquisitions, and supporting multi-state footprint expansion. The portfolio spans multiple sectors including healthcare services (home health, hospice, residential services), manufacturing (PCB assembly, packaging equipment, power products), consumer products (food, in-home care), and business services. Investment criteria focus on non-cyclical, service or asset-light businesses with sustainable EBITDA margins of 10% or more in regulated environments.

Differentiator

Problem solved

Functional benefit

Products and services

• Leveraged Recapitalization Partnership Private equity investment service for founder-run, non-cyclical, service or asset-light businesses with $2-5M EBITDA. Provides owners with liquidity at close alongside a retained equity stake for a second bite at exit, paired with partner-level support on sales team and process build-out, systems and infrastructure enhancement, financing for add-on acquisitions, professional management partnership, and multi-state footprint expansion to maximize exit valuation.

Quantifiable outcome

• 3.5x invested capital return on Green Circuits exit (revenue doubled, EBITDA increased 2.5x over 8 years)
• +4 more outcomes

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• IPI Capital (Innova/Pacific): IPI Capital is a search fund capital provider that funds entrepreneurs acquiring small businesses. Similar to Evolve in its focus on lower middle market, founder-led acquisitions, often with co-investor equity.
• Pacific Lake Partners: Pacific Lake is a search fund sponsor and lower middle market private equity investor that supports entrepreneurs acquiring small, often $2-10M EBITDA businesses. Directly comparable to Evolve Capital in target size, capital base (partner equity), and emphasis on smaller, founder-led transactions.
• Trilogy Search Partners: Trilogy invests in and supports search fund entrepreneurs acquiring and operating lower middle market companies. Comparable to Evolve in its focus on small, founder-run businesses and operator-led value creation.
• Empower Capital (formerly ECA Partners): Empower Capital is a lower middle market private equity firm focused on recapitalizations and management buyouts of small, profitable businesses. Closely comparable to Evolve's recapitalization model and EBITDA sweet spot.
• Oxbow Industries: Oxbow Industries is a holding company that acquires and operates small, profitable industrial and consumer businesses. Comparable to Evolve in its long-hold, owner-friendly approach to lower middle market businesses, though focused on operating ownership rather than recapitalization.
• Prairie Capital: Prairie Capital is a lower middle market private equity firm focused on leveraged recapitalizations and management buyouts of profitable, founder-run businesses — a near-direct model match to Evolve Capital.
• Granite Creek Capital Partners: Granite Creek is a lower middle market private equity firm investing in niche manufacturing, business services, and healthcare companies, often through recapitalizations. Comparable to Evolve in target profile and EBITDA range.
• Long Path Partners: Long Path Partners invests in and acquires small, profitable lower middle market companies, often partnering with founders on recapitalizations. Directly comparable in deal size, structure, and partnership orientation.
• Fulcrum Equity Partners: Fulcrum is a lower middle market private equity firm focused on leveraged recapitalizations and management buyouts of profitable, founder-run businesses. Comparable to Evolve in target profile, EBITDA range, and recap model.

Emerging players

• Health Enterprise Partners: Health Enterprise Partners is a healthcare-focused private equity firm investing in lower middle market healthcare services and technology companies. Comparable to Evolve's healthcare services portfolio (home health, hospice, residential services) and add-on growth strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Evolve Capital