The Firmament Group
Firmament describes a multi-strategy approach spanning control equity, minority equity, growth debt, unitranche debt, last-out and junior debt, and tailored capital solutions. Its stated focus includes lower-middle-market businesses in Automation, Health, and Environment, with sector-specific criteria published for technology and healthcare opportunities.
Firmament publicly combines equity and debt investing, including control equity, minority equity, and growth debt.
Its published technology criteria target ARR between $5 million and $25 million, EBITDA between $1 million and $10 million, and enterprise values between $20 million and $200 million; its healthcare criteria target EBITDA between $3 million and $20 million and enterprise values between $20 million and $300 million.[1][3][4][5][6]
What does The Firmament Group invest in?
The Firmament Group publicly operates under the Firmament brand at firmament.com. Its official legal page identifies Firmament as a trading name of multiple affiliated investment entities.
Firmament provides control equity, minority equity, growth debt, unitranche debt, last-out and junior debt, and tailored capital solutions. Its stated transaction uses include leveraged buyouts, acquisition financings, refinancings, recapitalizations, restructurings, organic growth, and add-on acquisitions.
The official contact page lists headquarters at 50 Rockefeller Plaza in New York, with additional locations in Little Rock, Nashville, and Dallas.[1][2][3]
Firmament states that it provides control equity, minority equity, and growth debt to lower-middle-market businesses primarily in Automation, Health, and Environment. It identifies service, software, and specialty-manufacturing companies with scaling potential as target business types.
The firm also describes itself as able to provide capital across the capital structure, including debt and equity solutions for acquisitions, recapitalizations, restructurings, and growth.[3][4]
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: Firmament’s September 2025 technology overview targets ARR between $5 million and $25 million, EBITDA between $1 million and $10 million, and enterprise values between $20 million and $200 million. Its healthcare overview targets EBITDA between $3 million and $20 million and enterprise values between $20 million and $300 million.[5][6]
What should a business owner evaluate before considering a transaction with The Firmament Group?
An owner evaluating Firmament should clarify whether the proposed transaction would use control equity, minority equity, growth debt, or another capital solution, because Firmament publicly describes multiple investment and financing structures.
The published technology and healthcare criteria provide sector-specific reference points for ARR, EBITDA, and enterprise value, but the reviewed sector overviews do not state a standard ownership duration, universal minimum equity check, or seller rollover requirement. Those terms should be confirmed for the specific opportunity.
The owner should also identify the legal entity providing capital and confirm the applicable regulatory status, particularly where Firmament CAP Advisors, LLC may be involved.[1][3][5][6][8]
Which Firmament legal entity would make the investment or provide financing
What companies does The Firmament Group target?
For technology opportunities, Firmament’s September 2025 overview targets companies with ARR between $5 million and $25 million, EBITDA between $1 million and $10 million, and enterprise values between $20 million and $200 million.
For healthcare opportunities, the September 2025 overview targets EBITDA between $3 million and $20 million and enterprise values between $20 million and $300 million.[5][6]
Firmament identifies Automation, Health, and Environment as its primary verticals. Its September 2025 technology overview identifies supply-chain TMS and WMS software, intermodal technology, payments, e-government services, regulatory technology, business intelligence, and specialized logistics providers.
Its September 2025 healthcare overview identifies payment integrity, revenue-cycle management, payor IT tools, clinical laboratory services, therapy services, home care, workforce management, behavioral health, nursing services, practice management, and contract manufacturing.[4][5][6]
Firmament’s official contact page lists its headquarters at 50 Rockefeller Plaza, Floor 2, Suite 201, New York, NY 10020, and additional locations in Little Rock, Nashville, and Dallas.[2]
Firmament’s official portfolio page reports over 50 portfolio-company investments, over 100 completed tuck-in acquisitions, and over $1.5 billion of fund capital invested since 2013.
The firm’s stated transaction uses include add-on acquisitions, and its archive identifies acquisitions by Matador Gas and BP Environmental Services in 2026.[3][4][7]
The official portfolio page identifies KinderSystems, Nurses PRN, and New Paradigms among Firmament’s portfolio or representative investment materials.[7]
Firmament’s official transaction archive identifies Matador Gas acquisitions of Action Propane and Ozark Mountain Propane on August 25, 2026; BP Environmental Services acquisitions of CMS Logistics and GEAC on May 6, 2026; and Firmament’s growth-debt investment in Early Bird Education Group on March 5, 2025.
The archive also identifies Firmament’s October 16, 2024 exit from Pinnacle MEP, Panacea Healthcare Solutions’ September 17, 2024 acquisition of KA Consulting, and Firmament’s April 16, 2024 investment in Sparkle Express Car Wash Group.[4]
What is not clear from The Firmament Group's public investment criteria?
The official Firmament transaction archive states that the terms of the October 2024 Pinnacle MEP transaction were undisclosed.
The reviewed official September 2025 technology overview does not state a standard ownership duration, universal minimum equity check, or seller rollover requirement. The reviewed official September 2025 healthcare overview likewise does not state those items.
The official legal page identifies Firmament CAP Advisors, LLC as an SEC investment-adviser entity, while the SEC Investment Adviser Public Disclosure record lists its registration as terminated effective December 26, 2025. The specific legal entity and regulatory status involved in an opportunity should therefore be confirmed directly.[1][4][5][6][8]
Questions to ask when evaluating The Firmament Group as a buyer or investment partner
Which Firmament legal entity would make the investment or provide financing?
What capital mix is proposed, and would the transaction involve control equity, minority equity, growth debt, or another structure?
What are the current minimum and maximum equity or debt commitment sizes for this sector?
What seller rollover, ownership-duration, and exit provisions would apply?
How would add-on acquisitions, management incentives, earn-outs, and refinancing proceeds be treated?
What operating resources or portfolio-company support would be available under the proposed structure?
What fees, expenses, governance rights, reporting requirements, and indemnities would apply?
What is the current regulatory status of the specific advisory or fund entity involved?
Sources & research notes
- Official website / firm overview
- Geography / market coverage
- Services / capabilities
- Investment strategy
- Industry / market focus
- Industry / market focus
- Transaction / portfolio evidence
- SEC investment adviser record
- 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.
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