39 North Capital

What 39 North Capital does

39 North Capital is a private investment firm that partners with owner-operators of mature, cash-generating U.S. businesses to fund succession or growth transitions. Rather than operating as a pooled fund, the firm structures each engagement as a standalone investment partnership, aligning its economics directly with the success of each individual portfolio company. The firm was co-founded by Jake Roffman and Tim Lucey, both Wharton MBAs and Notre Dame alumni, and focuses on two core sectors: multi-unit consumer-focused brands and companies that service the built environment. Investment criteria include U.S. headquarters, 5+ years of operating history, annual cash flow exceeding $3 million, low recurring capex, and stable recurring revenue with high customer retention.

The firm's product is the investment partnership itself — capital paired with an operator mindset. Portfolio companies disclosed to date include Diversified Roofing Group (residential and commercial roofing, founded 1988), LawLers Barbecue (a 15-unit drive-thru chain centered on Huntsville, Alabama), and eege's (acquired in October 2018). Both co-founders take board seats in portfolio companies, applying operational playbooks refined through prior roles at Meineke Car Care (COO), H.I.G. Capital, Harvest Partners, and Credit Suisse. The firm maintains two offices in Chicago and Miami to support in-person deal sourcing across distinct owner-operator ecosystems.

Go-to-market is relationship-driven: 39 North relies on personal networks, intermediary referrals, and direct outreach to business owners rather than traditional marketing or fundraising channels. The firm pays market referral fees and offers competitive management and board compensation packages to keep its sourcing funnel active. Revenue mechanics depend on equity appreciation and any realized carry from each standalone investment; management fees are not the primary economic driver given the non-fund structure. Headcount is small (1-10 employees), consistent with the firm's emphasis on nimble decision-making and hands-on portfolio involvement.

Name

39 North Capital

Legal name

39 North Capital

Website

http://www.39northcapital.com/

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

39 North Capital is a private investment firm co-founded by Jake Roffman and Tim Lucey that partners with U.S. owner-operators of mature, cash-generating businesses via standalone (non-fund) investments, targeting multi-unit consumer brands and built-environment services companies with $3M+ annual cash flow.

Ownership category

akta.pro rank

Product category

Private Equity

NAICS

Other Financial Vehicles (52599), Other Financial Investment Activities (5239)

SIC

Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

Keywords

• Private equity investments
• Owner-operator partnerships
• Growth capital
• Business succession planning
• Standalone deal structures

Headquarters

HQ city

Coral Gables

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Private Equity Investment Returns: As a private equity firm, 39 North Capital generates returns through equity ownership in portfolio companies. They structure standalone investments rather than traditional fund structures, with returns dependent on value creation and growth of invested businesses.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

39 North Capital is a private equity firm that provides capital and operational expertise to transition and grow businesses led by experienced owner-operators. Unlike traditional buyout funds, each partnership is structured as a standalone investment, targeting U.S.-headquartered, mature, cash-generating businesses with 5+ years of operating history and annual cash flow exceeding $3 million. The firm focuses on two core sectors: multi-unit consumer-focused brands (including franchise businesses) and companies providing solutions to maintain, operate, and upgrade the built environment.

Product overview

39 North Capital is a private equity firm structured as a standalone partnership investment model (not a traditional fund). The firm provides capital and operational expertise to transition and grow businesses led by experienced owner-operators. Their core offering consists of investment capital paired with an operator mindset, targeting mature, cash-generating businesses in two core sectors: multi-unit consumer-focused brands and companies servicing the built environment. They do not operate a platform-plus-modules architecture; their product is fundamentally the investment partnership itself, supporting portfolio companies such as Diversified Roofing Group and LawLers Barbecue through strategic guidance and capital deployment.

Differentiator

Problem solved

Functional benefit

Products and services

• 39 North Capital Investment Partnership A private equity-style investment model providing capital to transition and grow businesses led by experienced owner-operators; unlike traditional funds, each partnership is structured as a standalone investment, with the firm taking an equity position and providing board-level and strategic support.
• Investment Criteria & Sourcing Defined capital allocation criteria targeting U.S.-headquartered businesses with 5+ years of operating history, annual cash flow exceeding $3 million, low recurring capex needs, stable recurring revenue, and high customer retention, across two core sectors (multi-unit consumer-focused brands and built environment maintenance/upgrade companies).
• Portfolio Company Support Operational expertise and strategic guidance provided to portfolio companies, focused on value creation, operational improvements, and growth acceleration, exemplified by board service at Diversified Roofing Group and LawLers Barbecue.

Named customers2 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

Partnerships

Two partnerships are on record, tiered core.

• Diversified Roofing GroupcoreOthersDiversified Roofing Group ('DRG') has provided roofing services for both residential and commercial structures since 1988. Jake Roffman, Co-Founder and Managing Partner of 39 North Capital, currently serves on the board of Diversified Roofing Group. This represents 39 North's investment in a portfolio company where they provide governance and strategic oversight.
• LawLers BarbecuecoreOthersLawLers Barbecue is a barbecue restaurant chain with 15 drive-thru locations centered around Huntsville, Alabama. Jake Roffman, Co-Founder and Managing Partner of 39 North Capital, currently serves on the board of LawLers Barbecue. This represents 39 North's investment in a portfolio company where they provide governance and strategic oversight.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Pritzker Private Capital: Family/founder-business-focused lower-middle-market PE firm that partners with owner-operators on succession and growth. Highly comparable to 39 North's thesis of partnering with mature, cash-generating owner-operated businesses.
• TSG Consumer Partners: Consumer-brand-focused PE firm investing in high-growth consumer companies. Overlaps with 39 North's multi-unit consumer brand thesis, though TSG generally targets larger and faster-growing brands.
• Sentinel Capital Partners: Lower-middle-market PE firm focused on management buyouts of established, cash-generating businesses. Highly comparable in target profile (mature, profitable, owner-operator businesses) and check size.
• Garnett Station Partners: Lower-middle-market PE firm partnering with founders and management teams in business services and consumer. Comparable investment criteria (mature businesses, recurring revenue, strong retention) and operator-friendly approach.
• Centre Partners: Middle-market PE firm focused on family/founder-owned consumer and business services companies. Directly comparable in target customer (owner-operators seeking succession or growth capital) and sector overlap.
• Mainsail Partners: Lower-middle-market growth equity firm focused on founder-owned businesses. Comparable in targeting profitable, growing companies with strong founders and providing operational support alongside capital.
• Kian Capital Partners: Lower-middle-market PE firm focused on business services and consumer companies with $3M+ EBITDA. Highly comparable in target cash flow profile and sector overlap with 39 North's portfolio.
• TwinFocus Capital Partners: Multi-family office providing direct PE capital to founder-owned businesses. Comparable in providing patient capital to owner-operators and in standalone (non-fund) deal structures.

Broad incumbents

• Roark Capital: Large franchise and multi-unit consumer-focused PE firm (owns Subway, Arby's, Inspire Brands). Comparable focus on multi-unit consumer brands, but operates at materially greater scale than 39 North.
• H.I.G. Capital: Global PE firm with $40Bn+ AUM where co-founder Jake Roffman previously worked doing small-cap PE in business services. Directly comparable investment thesis at a vastly larger scale; represents the institutional competitor for similar deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about 39 North Capital