SE Capital
SE Capital Partners, LLC is a Chicago-based private equity firm founded in 2001 that pursues management-supported buyouts of established service-oriented businesses in the lower middle market ($10M-$200M revenue, $3M-$20M EBITDA), building value through complementary acquisitions and operational improvement across HVAC, PEO, insurance claims, healthcare RCM, and related sectors.
- Company typePrivate
- Founded2001
- HeadquartersChicago, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What SE Capital does
SE Capital Partners, LLC is a Chicago-based private equity firm founded in 2001 that invests in management-supported buyouts of established, service-oriented businesses in the lower middle market. The firm targets companies with revenue of $10M to $200M, EBITDA of $3M to $20M, and enterprise value under $200M, partnering with experienced management teams who roll equity and co-invest alongside SE Capital. Its core activity is sourcing and building platform investments through complementary add-on acquisitions in fragmented service categories, then exiting via strategic sale or recapitalization.
The firm's investment portfolio spans HVAC and plumbing services (Sierra, Silverado Mechanical, Ultimate Heating & Air, Russett Southwest, Pioneer Plumbing, Brothers Plumbing, Heating & Electric), property and casualty insurance claims management (RYZE Claim Solutions, Claim Adjustment Specialists, Simsol, Eagle Adjusting, CatManDo), healthcare revenue cycle management and practice management technology (Origin Healthcare Solutions, Medcon, SSIMED), professional employer organizations (TLC Companies, Kymberly Group, PEOPL*EASE*, American Payroll and Benefits), and transportation factoring (Thunder Funding). Earlier realized investments include Capita Technologies (consulting/IT, exited 2000 to Interpublic Group), Perceptis combining EVI and Instantel (remote sensing and monitoring, exited 2005), and WNCFirst Insurance Services (exited 2011). Underlying technology is not the firm's product; SE Capital deploys capital, operational support, and acquisition capability against operating businesses, with portfolio company software (such as Origin's practice management and RCM platform, or Precision.BI's business intelligence tools) being held within those entities.
The business model is classic private equity: raise limited-partnership funds, deploy capital into control transactions, build value through acquisitions and operational improvement, and return capital to LPs through exits. SE Capital's revenue derives from management fees on committed or invested capital across fund vehicles (including SE Capital Fund V, LP), plus carried interest on realized gains from successful exits. The firm is privately held with no public listing, is domiciled in Illinois as an LLC, and is led by founding partner Jeffrey C. Kvam and partner Paul O. Mulvaney, supported by two vice presidents, an associate, and a senior advisor. The most recent significant exit was the May 2026 sale of the Sierra HVAC and plumbing platform to Redwood Services for approximately $220 million, representing 11x-13x EBITDA on $17-20 million of platform EBITDA.
SE Capital firmographics
Firmographics- Name
- SE Capital
- Legal name
- SE Capital Partners, LLC
- Website
- https://secapital.com
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Short description
- SE Capital Partners, LLC is a Chicago-based private equity firm founded in 2001 that pursues management-supported buyouts of established service-oriented businesses in the lower middle market ($10M-$200M revenue, $3M-$20M EBITDA), building value through complementary acquisitions and operational improvement across HVAC, PEO, insurance claims, healthcare RCM, and related sectors.
- Ownership category
- akta.pro rank
SE Capital industry classification
Industry- Product category
- Private Equity
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact / ESG Venture Capital (FSANAAAG)
Keywords
Where SE Capital is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
SE Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Private Equity Returns: SE Capital generates returns through successful exits of portfolio companies, having realized investments in companies like Capita Technologies (2000), EVI (2005), Instantel (2005), and others. Their model involves building companies through complementary acquisitions and operational improvements to achieve successful outcomes.
Go-to-market motion1 record
Marketing channels1 record
SE Capital product offering
Product offeringCore offering
SE Capital is a Chicago-based private equity firm that pursues management-supported buyouts of established, well-run businesses in the lower middle market. It targets service-oriented companies with revenue of $10M–$200M and EBITDA of $3M–$20M, partnering with management teams to accelerate growth through complementary acquisitions and operational improvements before realizing successful exits.
Product overview
SE Capital is a private equity firm founded in 2001, targeting service-oriented businesses in the lower middle market with revenues of $10 million to $200 million. Rather than a unified product platform, SE Capital's offering consists of portfolio companies across diverse sectors including: HVAC/plumbing service providers (Sierra, Silverado Mechanical, Ultimate Heating & Air, Russett Southwest, Pioneer Plumbing, Brothers Plumbing), insurance claims management (RYZE Claim Solutions, Claim Adjustment Specialists, Simsol, Eagle Adjusting, CatManDo), healthcare revenue cycle management and IT (Origin Healthcare Solutions, Healthcare Management Group, Medcon, SSIMED), professional employer organizations (TLC Companies, Kymberly Group, PEOPLEASE, American Payroll and Benefits), transportation factoring (Thunder Funding), and technology/consulting firms (Capita Technologies, Perceptis). SE Capital partners with management teams to build larger, more diverse businesses through complementary acquisitions and growth strategies.
Differentiator
Problem solved
Functional benefit
Products and services
- Origin Healthcare Solutions Revenue cycle management services and integrated business intelligence, clinical intelligence, practice management, and electronic medical record software solutions for physician practices; served physicians across 41 states within three years of recapitalization.
- Sierra, LLC
Quantifiable outcome
- Revenue nearly tripled at EVI during four-year ownership period (2001-2005)
- +2 more outcomes
Companies that use SE Capital
Customer profileSegments3 records
Ideal customer profiles2 records
SE Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
SE Capital partnerships and signals
Strategic signalScale indicators2 records
Recent moves7 records
Expansion highlights5 records
SE Capital competitors and assessment
Company assessmentDirect peers
- Sentinel Capital Partners: Lower middle market PE firm focused on management buyouts of service-oriented businesses, with similar deal size and sector diversification as SE Capital. Both firms emphasize partnership with management teams and have built multi-platform portfolios through add-on acquisitions.
- Trinity Hunt Partners: Lower middle market private equity firm targeting founder-led, service-oriented businesses with EBITDA typically in the same $3-20M range as SE Capital. Both pursue partnership-oriented management buyouts and platform builds.
- CIVC Partners: Chicago-based lower middle market PE firm with a longstanding focus on service businesses, professional employer organizations, and insurance services — overlapping with SE Capital's PEO and insurance claims portfolio. Similar fund size and deal criteria.
- LLR Partners: Lower middle market PE firm targeting services and technology businesses with EBITDA in the $5-25M range. Both firms emphasize operational improvement and platform expansion through add-on acquisitions.
- Shore Capital Partners: Chicago-based lower middle market PE firm focused on micro-cap healthcare, business services, and consumer companies. Highly comparable in size, geography, and service-business orientation to SE Capital.
- Periscope Equity: Chicago-based lower middle market PE firm focused on tech-enabled services and specialty distribution. Similar deal size and management-partnership model to SE Capital.
Broad incumbents
- Monroe Capital LLC: Chicago-based private credit and investment firm where Senior Advisor Brad Bernstein previously built a private equity platform. Comparable given shared personnel and lower middle market focus, though Monroe is much larger and credit-led.
- HIG Capital: Large lower middle market PE firm with deep services vertical experience including HVAC, insurance services, and healthcare. Comparable investment thesis at a much larger AUM scale.
Emerging players
- Frontier Growth Partners: Lower middle market firm focused on services and consumer companies with similar EBITDA profile. Comparable in approach though typically larger checks and earlier-stage growth orientation.
Others
- Redwood Services: Acquirer of SE Capital's Sierra Platform in May 2026 for ~$220M. A PE-backed home services consolidator, making it a strategic counterparty and indirect comparable in the HVAC/plumbing rollup space.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
SE Capital social profiles
Digital presenceSE Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
SE Capital leadership team
Management profileNumber of profiles
Profiles6 records
SE Capital subsidiaries and ownership
Company hierarchySubsidiaries21 records
SE Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SE Capital M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SE Capital
What does SE Capital do?
SE Capital is a Chicago-based private equity firm that pursues management-supported buyouts of established, well-run businesses in the lower middle market. It targets service-oriented companies with revenue of $10M–$200M and EBITDA of $3M–$20M, partnering with management teams to accelerate growth through complementary acquisitions and operational improvements before realizing successful exits.
Is SE Capital a public or private company?
SE Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was SE Capital founded?
SE Capital was founded in 2001.
Where is SE Capital based?
SE Capital is headquartered in Chicago, United States, in the North America region.
How does SE Capital make money?
One revenue line is on record: private Equity Returns.
Who are SE Capital's main competitors?
Direct peers on record are Sentinel Capital Partners, Trinity Hunt Partners, CIVC Partners, LLR Partners, Shore Capital Partners and Periscope Equity. Broad incumbents are Monroe Capital LLC and HIG Capital. Frontier Growth Partners is listed as an emerging player. Redwood Services is listed as an others.
Does SE Capital have an API?
No public API is recorded for SE Capital.
What industry is SE Capital in?
SE Capital's product category is Private Equity. Its primary akta.pro industry code is FSANAAAG, Impact / ESG Venture Capital. Its NAICS code is 523940 and its SIC code is 6282.