Big Shoulders Capital

What Big Shoulders Capital does

Big Shoulders Capital is a privately-held family office founded in 2007 (originally as Revere Finance) by David Muslin and headquartered in Northbrook, Illinois. The firm provides creative and agile debt and equity financing to privately-owned lower middle market commercial and industrial companies in distress, transition, or special situations, with stated solutions supporting thousands of companies and employees across manufacturing, construction, trucking, and oilfield services. Its three core offerings are Equity Investments in manufacturing and heavy equipment-related companies with $15M-$150M in revenue and no, low, or negative EBITDA; senior secured Financing of $1M-$15M to small and middle-market US companies; and Note Purchases of commercial mortgage and loan notes to provide fast relief for distressed companies and their lenders.

The firm's underlying capability is asset-based lending and special situations finance, supported by a flexible structuring toolkit including inventory loans, accounts receivable financing, working capital revolvers, bridge loans, debtor-in-possession financing, sale-leasebacks, acquisition financing, and note purchases with typical durations of 1-4 years. An operational sister-company relationship with PPL Group provides integrated asset disposition, auction, and loan settlement capabilities that complement the lending business. Big Shoulders is a sales-led, relationship-driven organization that sources deals through a trusted partner network of workout bankers, restructuring consultants, attorneys, bankruptcy advisors, factors, and lenders, with industry presence in ACG, SFNet, and TMA. The firm maintains a current equity portfolio of six wholly-owned manufacturers (including Design Molded Plastics, JNM Automotive, MOD Interiors, Savannah Industrial Solutions, and OPM2) and has realized investments in companies such as Benada Aluminum, LB Steel, Lyon Workplace, Anderson Manufacturing, and Benda Conveyor Systems.

Name

Big Shoulders Capital

Legal name

Big Shoulders Capital LLC

Website

https://bigshoulderscap.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Big Shoulders Capital is a private family office founded in 2007 that provides creative debt and equity financing to lower middle market manufacturing and industrial companies in distress or special situations, offering senior secured loans of $1M-$15M and equity investments in firms with $15M-$150M in revenue.

Ownership category

akta.pro rank

Product category

Special Situations & Asset-Based Lending

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

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

akta.pro primary industry

Stressed / Rescue Financing Funds (FSANAKAE)

akta.pro secondary industries

Debtor-in-Possession (DIP) Financing Funds (FSANAKAF), Real Estate Private Credit (CRE Debt) (FSANADAG), Leveraged Finance & Loan Credit (Loans/Lev Loans/Loan CLOs) (FSAHAGAI)

Keywords

• Asset-based lending
• Special situations financing
• Senior secured loans
• Distressed debt investing
• Lower middle market financing

Headquarters

HQ city

Northbrook

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales

Revenue model

1. Senior Secured Lending: Provides senior secured loans from $1 to $15 million to small and middle-market companies in the United States
2. Equity Investments: Acquires and invests in manufacturing and heavy equipment-related companies with $15M-$150M revenue and no, low, or negative EBITDA
3. Note Purchases: Purchases commercial mortgage and loan notes to provide fast relief for distressed companies and their lenders

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Big Shoulders Capital is a private family office that deploys its own capital to provide three primary offerings: (1) Equity Investments in manufacturing and heavy-equipment companies with $15M–$150M in revenue and no, low, or negative EBITDA; (2) Senior Secured Loans of $1M–$15M to small and middle-market U.S. companies; and (3) Note Purchases of commercial mortgage and loan notes to provide fast relief for distressed companies and their lenders. The firm complements these with structured services including refinancing, acquisition financing, exit financing, bankruptcy DIP financing, sale-leasebacks, bridge loans, and excess asset disposition delivered jointly with sister company PPL Group.

Product overview

Big Shoulders Capital offers a suite of liquidity solutions for privately-owned commercial and industrial companies in distress or special situations. The core offerings consist of three main products: Equity Investments (acquiring/investing in manufacturing and heavy equipment companies with $15M-$150M revenue), Financing (senior secured loans from $1 to $15 million), and Note Purchases (buying commercial mortgage and loan notes for distressed companies). Supporting services include Refinancing, Acquisition Financing, Exit Financing, Bankruptcy DIP Financing, Sale-Leasebacks, Bridge Loans, and Excess Asset Disposition. The company also maintains a portfolio of current portfolio companies (Design Molded Plastics, JNM Automotive, GPT, MOD Interiors, Savannah Industrial Solutions, and OPM2) and has realized investments in companies like DRS Inc, Anderson Manufacturing, Lyon Workplace, Unifacs, Benda Conveyor Solutions, LB Steel, Benada Aluminum, and Harden Furniture.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Investments Acquisition of and investment in manufacturing and heavy-equipment-related companies with $15M–$150M in revenue and no, low, or negative EBITDA. Big Shoulders Capital invests its own funds as equity into these portfolio companies.
• Senior Secured Financing Senior secured loans of $1M to $15M provided to small and middle-market companies in the United States, typically structured as short-term financing of 1–4 years with structures including inventory loans, accounts receivable financing, and working capital.
• Note Purchases Purchase of commercial mortgage and loan notes to provide fast relief for distressed companies and their lenders, including purchases of bank positions during bankruptcy proceedings.
• Bankruptcy DIP Financing Debtor-in-possession financing provided to companies in Chapter 11 or similar bankruptcy proceedings to support operations through restructuring.
• Sale-Leasebacks Transaction structure in which the company purchases assets from a borrower and leases them back, providing liquidity while allowing the seller to continue operations.
• Bridge Loans Short-term financing solutions to bridge capital gaps during transitions, acquisitions, or refinancings.
• Acquisition Financing Funding solutions for companies acquiring other businesses or assets, including leveraged acquisitions of distressed or transitioning targets.
• Refinancing Debt refinancing for companies in transition seeking improved terms, reduced payment burdens, or liquidity.
• Exit Financing Financing solutions for companies exiting investments or restructuring, including succession and buy-back arrangements.
• Excess Asset Disposition (via PPL Group) Disposition of surplus and distressed assets, delivered through sister company PPL Group, including loan settlements and auctions to maximize asset value.

Quantifiable outcome

• Supports businesses in manufacturing, construction, trucking and oilfield services sectors

Named customers15 records

Segments5 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

One partnership is on record.

• PPL GroupcoreStrategic or Co-development PartnerPPL Group is described as BSC's sister company. They work together on transactions, particularly for excess asset disposition. PPL organizes loan settlements and conducts auctions to maximize asset value for distressed companies.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Praesidian Capital: Praesidian Capital is a private investment firm that provides senior debt, mezzanine, and equity capital to lower middle market companies, often in special situations and turnaround scenarios. Highly comparable to BSC in deal size, target market, and flexible structuring approach.
• WhiteHorse Capital: WhiteHorse Capital is a special situations and direct lending firm providing asset-based and structured credit to lower middle market companies, with strong focus on complex, time-sensitive transactions. Directly comparable to BSC's special situations and asset-based orientation.
• Capitala Group: Capitala Group is a lower middle market direct lending and private equity firm providing senior debt, mezzanine, and equity capital to U.S. businesses. Comparable in target company size, asset-based orientation, and lower middle market focus.
• Wynnchurch Capital: Wynnchurch Capital is an operationally focused middle-market private equity firm that invests in companies facing operational or financial challenges, including distressed and turnaround situations. Comparable in middle market focus, distressed orientation, and operational/turnaround approach.
• Garrison Capital: Garrison Capital is a business development company focused on first-lien and second-lien loans to U.S. lower middle market companies. Similar in deal-size range, sector orientation toward manufacturers and asset-heavy businesses, and reliance on intermediary-sourced flow.
• Comvest Partners: Comvest Partners operates a direct lending and private equity platform focused on the U.S. lower middle market, with significant activity in special situations, rescue financing, and asset-based lending. Directly comparable to BSC in target company size ($15M-$150M revenue) and creative structuring capability.
• Mill Point Capital: Mill Point Capital is a private equity firm focused on control investments in lower middle market industrial and business services companies, often in transition or special situations. Comparable in target size, industrial sector focus, and operational turnaround orientation.

Others

• PPL Group: PPL Group is BSC's sister company that conducts asset monetization, auctions, and loan settlements. An ecosystem participant directly tied to BSC's distressed workflow rather than a competitor, but materially relevant given the integrated transaction approach.
• Murray Devine: Murray Devine provides valuation and financial advisory services to private equity firms and lenders in special situations, restructurings, and transaction support. Adjacent to BSC as a deal-flow partner in the workout and restructuring ecosystem rather than a direct lender competitor.

Broad incumbents

• HIG Capital (Bayside Capital): HIG Capital is a large global alternative investment firm with a dedicated special situations platform (Bayside Capital) investing in distressed debt, special situations, and turnaround opportunities. Broader incumbent offering similar strategies at much larger scale across multiple funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 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 Big Shoulders Capital