New State Capital
New State Capital describes itself as a private equity firm with an entrepreneurial, partner-focused approach. It states that it invests in North America and targets services-oriented companies and industrial businesses, with published criteria of EBITDA of $8-40 million, investment size of $10-100 million, and transaction value of $25-250 million.
What stands out about New State Capital
New State Capital publicly identifies North American services and industrial businesses as areas of focus and publishes target ranges of $8-40 million in EBITDA, $10-100 million in investment size, and $25-250 million in transaction value. Its listed structures include control buyouts, preferred equity, minority equity, structured equity, restructurings, bespoke solutions, and long-dated family-office-type investments.[1][2][3][6][7][8][13]
What does New State Capital invest in?
New State Capital Partners describes itself as a private equity firm with an entrepreneurial and partner-focused approach. The firm provides capital and resources to independent sponsors that have identified an investment opportunity and need funding.
Its public criteria describe an approach centered on services companies with strong people and industrial companies that demonstrate embedded value and high margins. New State states that it invests in North America.[1][2][3]
New State seeks to invest in services companies with strong people and partners with industrial companies that demonstrate embedded value and high margins. Post-investment, it aims to build scale and create value through capital investment and add-on acquisitions.
The firm also provides capital and resources to independent sponsors that have identified an investment opportunity and need funding.[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.
Published criteria: New State Capital publishes target criteria of EBITDA of $8-40 million, investment size of $10-100 million, and transaction value of $25-250 million.[3]
What should a business owner evaluate before considering a transaction with New State Capital?
An owner evaluating New State can compare the company’s circumstances with the firm’s published North American focus, sector preferences, and financial criteria. The range of listed equity structures means that the proposed control position, security type, governance rights, and ownership arrangements should be established directly for the specific transaction.
Recent announcements show that existing owners or management have retained ownership or reinvested substantial proceeds in selected transactions. An owner should also clarify the proposed role of add-on acquisitions, the operating resources available for the company, the intended ownership horizon, and the transaction-specific terms that are not disclosed in certain public announcements.[3][6][7][8][9][10]
What percentage of equity and voting control would New State seek in the proposed transaction
Which investment structure and investment vehicle would fund the transaction
What companies does New State Capital target?
New State publishes target criteria of EBITDA of $8-40 million, investment size of $10-100 million, and transaction value of $25-250 million.
The firm’s stated investment descriptions emphasize services companies with strong people and industrial companies with embedded value and high margins.[3]
New State lists business, financial, professional, and industrial services among its target sectors. Its published list also includes technology, infrastructure, transportation and logistics, facility services, specialty manufacturing, and environmental services.[3]
New State states that it invests in North America from New Rochelle, New York, and Irvine, California.[3]
New State states that it seeks to build scale through capital investment and add-on acquisitions. Its published equity structures include control buyouts, preferred equity, minority equity, structured equity, restructurings, bespoke solutions, and long-dated family-office-type investments.[3]
New State’s current portfolio page identifies ComNet as a company providing low-voltage electrical infrastructure services across all 50 states. The firm also identifies Vast Coworking Group as a current portfolio company operating through Venture X, Office Evolution, and Intelligent Office.[4][5]
New State announced the acquisition of Vast Coworking Group on March 3, 2026, as a carve-out from United Franchise Group.
New State completed a majority investment in Harrell-Fish Inc. on December 9, 2025, in partnership with existing owners, who retained significant ownership and remained with the company.
On August 14, 2024, New State acquired Universal Plant Services’ rotating-equipment segment in partnership with APEX Capital Partners. On September 26, 2024, it completed a majority investment in The Expo Group, with management and existing owners reinvesting substantial proceeds.[6][7][8][9]
What is not clear from New State Capital's public investment criteria?
The Vast Coworking acquisition announcement states that the terms of that transaction were not disclosed. The Harrell-Fish investment announcement likewise states that its transaction terms were not disclosed.
The Universal Plant Services announcement states that financial terms were not disclosed.
The SEC Form D filing identifies the fund’s exempt-offering and entity structure but does not state New State Capital Partners LLC’s firm-level investment-adviser registration status.[6][7][8][13]
Questions to ask when evaluating New State Capital as a buyer or investment partner
What percentage of equity and voting control would New State seek in the proposed transaction?
How much rollover equity or continuing ownership would be expected from the seller and existing management?
Which investment structure and investment vehicle would fund the transaction?
What operating resources would be available to the company, and what add-on acquisition strategy is contemplated?
What ownership horizon and exit alternatives are contemplated for the investment?
What transaction fees, indemnity terms, earn-outs, escrows, management incentives, and financing conditions would apply?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Investment strategy
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Ownership / holding approach
- SEC filing / regulatory record
- SEC filing / regulatory record
- SEC filing / regulatory record
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.
Broker-dealer and securities disclosure
Auxo Capital Advisors is an affiliate of Weild & Co., Member FINRA | SIPC. Securities-related activities and securities transactions are conducted through Weild & Co.
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