May River Capital
May River Capital focuses on lower middle-market industrial growth companies and targets platform businesses with $4M-$15M of EBITDA. Its stated approach includes operating, strategic, and financial resources, domestic and international add-on acquisitions, and consideration of founder-, family-, and entrepreneur-owned companies.
What stands out about May River Capital
May River Capital targets North American-headquartered industrial growth companies, typically with $4M-$15M of platform EBITDA and revenue under $100M. It states that it makes $30M-$90M equity investments, potentially higher with co-investment, and considers add-on investments of any size.[1][2][3][5][6][7][9]
What does May River Capital invest in?
May River Capital is a Chicago-based private equity firm focused on investing in lower middle-market industrial growth companies. The firm states that it was founded in 2012.
May River partners with industrial growth businesses under $100M in revenue and provides operating, strategic, and financial resources to help companies grow and prosper.[1][2]
May River describes an approach that combines investment capital with operating and strategic resources. Its stated value-creation activities include modernizing operations, adding key management talent, and implementing near- and long-term strategies.
The firm states that it actively seeks domestic and international add-on acquisitions and organic expansion. It also considers entrepreneur-, family-, and founder-owned companies, corporate carve-outs, majority recapitalizations and buyouts, and retirement-driven ownership transitions.[2][3]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
What should a business owner evaluate before considering a transaction with May River Capital?
Owners evaluating May River can compare their company against the firm’s stated parameters: industrial growth focus, platform EBITDA of $4M-$15M, revenue under $100M, differentiated products or services, technical or regulatory requirements, critical applications, pricing power, and engineering content or proprietary technology.
The firm’s stated consideration of entrepreneur-, family-, and founder-owned companies, majority recapitalizations and buyouts, and retirement-driven ownership transitions may be relevant to owners assessing a sale or recapitalization. Owners should clarify the proposed control structure, management participation, valuation methodology, leverage, current fund or co-investment capital, operating resources, add-on strategy, expected ownership horizon, and transaction fees and expenses.[1][2][3][9]
What current fund or co-investment capital would fund a new platform investment
What control, management-continuity, and ownership structures are typical for a founder-, family-, or entrepreneur-owned company
How does May River determine valuation and leverage for a target in the $4M-$15M EBITDA range
What companies does May River Capital target?
May River targets platform companies with $4M-$15M of EBITDA. It states that it makes equity investments of $30M-$90M potentially higher with co-investment, considers add-on investments of any size, and partners with industrial growth businesses under $100M in revenue.
Stated target characteristics include niche market leadership, demanding end markets with certification or regulatory requirements, differentiated margins, global revenue growth prospects, critical applications, strong customer value propositions or pricing power, and high engineering content or proprietary processes or technologies.[1][3]
May River focuses on industrial businesses, including engineered products, systems and instrumentation, advanced manufacturing, technical industrial services, and specialty industrial distribution.
Its stated illustrative priority segments include flow, motion and process control; analytical and measurement instrumentation; material handling and automation; process equipment; aerospace and defense components; advanced materials and specialty chemicals; engineered products and systems; advanced and precision manufacturing; specialty industrial distribution; and technical industrial services.[1][3]
May River targets companies with North American headquarters that often have a global operating footprint. The firm states that it has completed over 30 platform and add-on acquisitions in the United States, United Kingdom, and European Union since 2012.[2][3]
May River describes a platform-and-add-on model. Platform targets are stated to fall within a $4M-$15M EBITDA range, while the firm considers add-on investments of any size.
The firm actively seeks domestic and international add-on acquisitions and organic expansion. Its stated transaction situations include entrepreneur-, family-, and founder-owned companies, corporate carve-outs, majority recapitalizations and buyouts, and retirement-driven ownership transitions.[1][3]
May River’s official portfolio page identifies Security Engineered Machinery, Tusk Industrial, Akona Process Solutions, Cashco, Parameter, Boston Centerless, Unibloc Hygienic Technologies, PaperTech, NSL Analytical, Dickson, Industrial Flow Solutions, Precision Roll Solutions, Hunt Valve, Pride Engineering, and GCM.[4]
On September 23, 2026, May River announced that portfolio company Dickson had been acquired by Copeland; the announcement stated that May River acquired Dickson in April 2018.
On July 30, 2026, May River portfolio company Security Engineered Machinery announced a formal partnership with Garner Products to expand data-destruction, e-recycling, and materials-recovery solutions.
On November 13, 2024, May River announced the acquisition of Cashco as its first investment in a new flow-control-solutions platform.
May River also announced in July 2023 that it had closed its third fund at approximately $500M.[5][6][7][8]
What is not clear from May River Capital's public investment criteria?
The regulatory-information page states that information about investing in May River funds, including investment objectives, risks, fees, and expenses, is available through private placement memoranda and other offering documents rather than being presented as public website fund-offering information.
The Dickson sale announcement does not disclose transaction consideration or valuation for the sale to Copeland. The Security Engineered Machinery and Garner announcement does not disclose transaction consideration or valuation for that formal partnership. The Cashco acquisition announcement does not disclose transaction consideration or valuation for May River’s acquisition of Cashco.[5][6][7][9]
Questions to ask when evaluating May River Capital as a buyer or investment partner
What current fund or co-investment capital would fund a new platform investment?
What control, management-continuity, and ownership structures are typical for a founder-, family-, or entrepreneur-owned company?
How does May River determine valuation and leverage for a target in the $4M-$15M EBITDA range?
What operating resources, management talent, and strategic support would be assigned to the company?
How frequently does May River pursue add-on acquisitions, and what role would the seller or management team have in supporting them?
Which fees, expenses, indemnities, and transaction costs would apply to the proposed structure?
Sources & research notes
- Official website / firm overview
- Official website / firm overview
- Industry focus
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Structure / regulatory context
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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