Moa Capital

What Moa Capital does

Moa Capital is a growth-oriented private equity firm founded in 2018 by Managing Partner Marko Nikolic that targets lower-middle market businesses with $1-10 million in EBITDA. The firm is headquartered in New Jersey and operates with a compact core team of three investment professionals, supplemented by an operating partner model that brings functional expertise into portfolio companies. Its investment remit spans North America, Oceania (notably New Zealand), and Europe (the United Kingdom), with deal sourcing executed both directly and through a co-investment partnership with New Zealand-based Direct Capital.

The firm's portfolio is concentrated around five platforms spanning property services (Apartment Guardian), billiards and gaming products (The Rack Group / Seybert's Billiard Supply), telecom data analytics (TeleGeography), consumer cleaning products (Wet & Forget), and commercial refrigeration (Active Refrigeration Group). Portfolio endpoints include major North American retail distribution (Amazon, Costco, Lowe's, Home Depot, and Walmart for Wet & Forget) and a global subscription data-analytics base for TeleGeography. The March 2026 recapitalization of The Rack Group produced a stated 5x return to initial investors, representing the firm's first publicly disclosed exit.

Moa Capital's revenue model is consistent with conventional growth-PE economics—management fees on committed fund capital plus carried interest on realizations—with deal pipeline sourced through proprietary relationships, the operating partner network, and cross-border co-investment channels. Differentiated selling points include specialization in the $1-10M EBITDA segment, a multi-jurisdiction (US/NZ/UK) execution capability, and a value-creation approach that leans on dedicated operating partners rather than large in-house consulting teams.

Name

Moa Capital

Legal name

Moa Capital

Website

http://www.moacap.com/

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Moa Capital is a growth private equity firm founded in 2018 that invests in lower-middle market businesses with $1-10 million EBITDA across North America, New Zealand, the United Kingdom, and Australia, currently holding five portfolio companies spanning property services, billiards, telecom data, consumer cleaning, and refrigeration.

Ownership category

akta.pro rank

Product category

Private Equity / Growth Equity Investing

NAICS

Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259), Offices of Other Holding Companies (551112), Miscellaneous Financial Investment Activities (523999)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

akta.pro secondary industries

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

Keywords

• Private equity investing
• Growth equity capital
• Lower-middle market
• Portfolio management
• Business scaling services

Headquarters

HQ city

Washington

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

Revenue model

1. Private Equity Returns: Generates returns through successful scaling and eventual exit of portfolio companies. Provides growth capital and operational expertise in exchange for equity stakes, with returns realized through recapitalizations, sales, or other exit events.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Moa Capital is a growth private equity firm that invests growth capital into lower-middle market businesses with $1-10 million in EBITDA, in exchange for equity stakes. In addition to capital, the firm provides hands-on operational support, strategic guidance, and access to an extensive operating partner network across sales, marketing, supply chain, manufacturing, accounting, finance, IT, and talent acquisition. Returns are generated through successful scaling and eventual exit of portfolio companies via recapitalizations, sales, or other liquidity events.

Product overview

Moa Capital is a private equity firm that provides growth equity investment services to traditional businesses, rather than offering a unified software product or platform. The company focuses on scaling businesses into established middle market companies through active investment and operational support. Moa Capital's portfolio comprises five distinct portfolio companies spanning diverse industries: Active Refrigeration Group (industrial/commercial refrigeration and HVAC services in New Zealand), Wet & Forget (proprietary household cleaning products with global retail distribution), TeleGeography (telecommunications data and analytics services for enterprise customers), The Rack Group (billiards equipment manufacturing and online retail), and Apartment Guardian (safety technology solutions for multifamily properties). Each portfolio company operates as an independent entity with its own product offerings, customer base, and go-to-market strategy, unified under Moa Capital's investment and operational guidance approach.

Differentiator

Problem solved

Functional benefit

Brands

• Seybert's Billiard Supply: Leading online distributor of billiards equipment, operating as part of The Rack Group portfolio
• Ozone Billiards
• Viking Cues
• Whyte Carbon
• Valhalla Cue Line
• Penguin Amusement
• Triple 60

Products and services

• Growth Equity Investment Equity capital investment in lower-middle market businesses with EBITDA of $1-10 million, in exchange for equity stakes, with returns realized through recapitalizations, sales, or other exit events. Targeted at owners and management teams of traditional businesses seeking growth capital and a partner for scaling.
• Operational and Strategic Support Hands-on operational guidance and strategic support covering sales, marketing, supply chain management, manufacturing, accounting, finance, IT, and talent acquisition, delivered alongside management teams of portfolio companies to execute customized growth plans.
• Operating Partner Network Access Access to an extensive network of industry leaders, seasoned executives, and potential partners available to support portfolio companies on their growth journey.

Quantifiable outcome

• Successfully scaled more than ten companies over more than a decade of investing
• +2 more outcomes

Named customers5 records

Segments2 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 moves8 records

Expansion highlights5 records

Direct peers

• Southfield Capital: Lower-middle market growth equity firm where Managing Partner Marko Nikolic previously worked. Targets founder-owned businesses in similar EBITDA ranges and uses an active, operationally engaged approach that closely mirrors Moa Capital's model.
• Waterman Capital: Lower-middle market private equity firm where Marko Nikolic worked prior to founding Moa. Focused on similar-size founder-led businesses with an active partnership model, making it a direct comparable in size, stage, and approach.
• Direct Capital: New Zealand's oldest and largest private equity firm with $1.7B+ raised. Active co-investor with Moa Capital on Wet & Forget and Active Refrigeration Group, and a peer in the lower-middle market buy-and-build space.
• Trinity Hunt Partners: Lower-middle market growth equity firm partnering with founder-led businesses. Comparable in check size, target EBITDA, and active operating support model, with a sector-flexible mandate similar to Moa's.
• HCI Equity Partners: Lower-middle market private equity firm focused on industrial, distribution, and business services companies. Comparable target EBITDA range and active partnership model targeting founder-owned businesses.
• L Squared Capital Partners: Lower-middle market growth equity firm partnering with founder-led businesses in similar sectors. Comparable in size, check size, and active operational engagement model.

Broad incumbents

• Luminate Capital Partners: Middle-market private equity firm focused on founder-led, services-based businesses. Larger and more established than Moa, with a similar active, operationally engaged investment model targeting similar lower-middle market opportunities.

Emerging players

• Aldine Capital: Mezzanine debt provider to lower-middle market companies. Has provided financing to Moa portfolio company TeleGeography, and is comparable as a capital partner in the same lower-middle market ecosystem.
• Rand Capital: Lower-middle market mezzanine and equity investor that has provided financing alongside Moa Capital to portfolio companies. Comparable in deal size and target market.
• Cowin Capital: Lower-middle market private equity firm focused on buy-and-build opportunities in niche industrial and consumer markets. Similar playbook to Moa's Rack Group-style platform-building approach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/moa-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments2 records

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

Frequently asked questions about Moa Capital