True North Equities

What True North Equities does

True North Equities is a privately held holding company founded in 2010 by brothers Tim Luby and Bob Luby, headquartered in Downers Grove, Illinois. The firm acquires, develops, and operates small to mid-size companies that serve US federal and public sector markets, with stated focus on Aerospace & Defense, Cybersecurity, Intelligence, Healthcare, and Homeland Security. Its operating portfolio includes True North Logistics (a Veteran-Owned Small Business providing logistics, supply chain, and capture management to the Department of Defense and other federal agencies), Moulage Sciences and Training (medical simulation products combining special effects with medical/material sciences research), and WElkins (FDA-cleared micro-environment cooling systems based on NASA-derived and battlefield-proven technology).

The company also operates Augustus Federal, formed in 2017 via merger of True North Technologies & Advisory Services with Augustus Global, which provides federal market entry, government contracting capture, and small/mid-size business development services. Underpinning the portfolio is an internal Small Business Support Structure that delivers shared back-office services — including business development, proposal management, financial reporting, payroll, invoicing, and security compliance — which has been productized for external small and mid-size business clients seeking government contracting readiness. Distribution is direct enterprise sales to federal agencies and departments, leveraging leadership networks cultivated through decades of public sector consulting experience.

Revenue mechanics flow primarily through federal contract awards to operating subsidiaries, supplemented by professional services fees from the Small Business Support Structure and Augustus Federal. Pricing is not publicly disclosed and appears quote-based given the customized nature of government contracting solutions. The firm is family-controlled with no disclosed institutional investors, has 11–50 employees across the holding and operating entities, and does not publicly report revenue.

Name

True North Equities

Legal name

True North Equities, LLC

Website

https://tnequities.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

True North Equities is a privately held holding company that acquires and grows small to mid-size companies serving US federal and public sector markets. Its portfolio spans DoD logistics, medical simulation training, cooling technology, and federal market entry advisory, supported by a centralized shared-services back office.

Ownership category

akta.pro rank

Headquarters

HQ city

Downers Grove

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, Supply Chain, Others

Revenue model

1. Investment and Portfolio Company Returns: True North Equities acquires, develops and grows small to mid-size companies serving public sector markets. Revenue is generated through portfolio company operations and value creation across the acquired entities including True North Logistics, Moulage Sciences and Training, and WElkins.
2. Small Business Support Services: Provides back-end business support and development services to small and mid-sized businesses including business development, proposal management, financial reporting, payroll, invoicing, and security compliance. Services designed for government contracting.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

True North Equities is a private holding company that acquires, develops and grows small to mid-size companies serving public sector markets. Its portfolio includes True North Logistics (defense and public-sector logistics and supply chain services), Moulage Sciences and Training (medical simulation training products), and WElkins (micro-environment cooling systems). It also provides a centralized Small Business Support Structure offering back-office services such as business development, proposal management, financial reporting, payroll, invoicing, and security compliance to small and mid-sized businesses pursuing government contracts.

Product overview

True North Equities is a private equity and holding company that acquires, develops, and grows small to mid-size companies serving public sector markets. The company operates as a platform of portfolio companies spanning logistics (True North Logistics), medical simulation training (Moulage Sciences and Training), and cooling technology (WElkins), supported by a centralized Small Business Support Structure providing back-end business services. The portfolio focuses on Aerospace & Defense, Cybersecurity, Intelligence, Healthcare, and Homeland Security sectors.

Differentiator

Problem solved

Functional benefit

Brands

• True North Investments: Commercial real estate firm co-founded by Tim Luby in 2004, predecessor to True North Equities.

Products and services

• True North Logistics (TNL) Veteran-Owned Small Business offering logistics, supply chain management, business development, capture management, proposal support, and Veteran Professional Services to the Department of Defense and Public Sector clients.
• Moulage Sciences and Training (MST) Medical training simulation company delivering realistic moulage products (lacerations, custom creations, on-site assembly, and training) for military, disaster drills, hospital triage, and professional demonstrations by combining special effects technology with medical and material sciences research.
• WElkins FDA-cleared micro-environment cooling systems utilizing NASA-derived and battlefield-proven technology, designed for medical, military, industrial, and athletic applications. Systems can be deployed in under 60 seconds by non-specialized personnel.
• Small Business Support Structure Comprehensive back-office shared services offering for small and mid-sized businesses, including business development, proposal management, financial reporting, payroll, invoicing, and security compliance support tailored for government contracting readiness.

Named customers4 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

Partnerships

Four partnerships are on record, tiered core.

• Augustus FederalcoreStrategic or Co-development PartnerTrue North Technologies & Advisory Services merged with Augustus Global to form Augustus Federal, which specializes in federal market entry, government contracting, and small to mid-size business development and capture.
• True North LogisticscoreStrategic or Co-development PartnerAcquired portfolio company - Veteran-Owned Small Business with over three decades of logistics expertise and proven solutions in the Department of Defense and Public Sector.
• Moulage Sciences and TrainingcoreStrategic or Co-development PartnerAcquired portfolio company specializing in medical simulation solutions, delivering realistic medical training solutions using special effects technology with medical and material sciences research.
• WElkinscoreStrategic or Co-development PartnerAcquired portfolio company developing micro-environment cooling systems with applications across medical, military, industrial, and athletic markets using NASA-derived and battlefield-proven technology.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Laerdal Medical: Global leader in medical simulation and training products. Directly comparable to Moulage Sciences and Training, as both sell realistic medical training products (manikins, moulage, task trainers) into military and civilian healthcare training markets.
• Simulab Corporation: Medical simulation and trauma training product company. Closely comparable to Moulage Sciences and Training in product category (realistic tissue simulators, procedural trainers) and customer overlap (EMS, military, hospital training programs).
• CALIBRE Systems: Employee-owned federal management consulting firm focused on defense, homeland security, and federal civilian agency clients. Directly comparable to Augustus Federal in federal market entry, business transformation, and small/mid-size business support services.
• Limbs & Things: Medical simulation product company specializing in procedural and physical examination task trainers. Comparable to Moulage Sciences and Training in product type and healthcare training customer base across academic, clinical, and military end markets.
• Breg, Inc. Medical device company producing orthopedic bracing, cold therapy, and DVT prevention products. Directly comparable to WElkins in the medical cooling and post-injury / post-surgical therapy category, including overlap in athletic and clinical channels.
• Glacier Tek (Polar Products cooling division): Manufacturer of personal cooling systems for industrial, medical, military, and sports safety applications. Closely comparable to WElkins in micro-environment cooling product category and end-market mix (military heat mitigation, medical, athletic).

Broad incumbents

• Amentum (formerly DynCorp): Large-scale provider of government logistics, operations, and base support services to DoD and federal agencies. Comparable to True North Logistics in core service line (federal logistics) but operates at vastly greater scale as a broad incumbent across the same customer set.
• KBR, Inc. Global government services and logistics contractor with significant DoD and federal civilian agency work. Overlaps with True North Logistics in defense logistics and with Augustus Federal in federal professional services, but at much larger scale and scope.
• Booz Allen Hamilton: Premier federal management and technology consulting firm serving DoD, intelligence, and civilian agencies. Comparable to Augustus Federal and the broader TNE platform in federal consulting and small-business set-aside capture, though as a much larger broad incumbent.
• SAIC: Large federal IT and engineering services contractor. Overlaps with TNE portfolio in defense logistics, training systems, and federal services delivery, particularly with the Augustus Federal franchise, but at enterprise scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/trunorequities
• Facebookfacebook.com/tnequities

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 True North Equities