Independent sponsor · Chicago

We buy control of companies that have outgrown their owner.

Kestrel Ridge acquires majority positions in industrial and business services companies with $3 million to $15 million of EBITDA. We raise capital transaction by transaction from a committed network of private investors, install leadership on day one, and hold to a defined exit horizon agreed before we close.

If you are considering a sale If you represent a seller

2014

Founded

Platform and add-on acquisitions

Realized exits

$840M

Aggregate transaction value

What we acquire

A narrow mandate, stated plainly

We pass on more than nine of every ten opportunities we see, and we would rather say so on this page than in week six of a process.

EBITDA

$3M – $15M, with demonstrated profitability across at least three years. We do not underwrite projections alone.

Sectors

Industrial services, specialty manufacturing, business services, healthcare services. Fragmented markets where add-on acquisitions are available.

Geography

North America, concentrated in the Midwest and Southeast. We travel to the company, not the other way around.

Structure

Majority recapitalizations, full buyouts, corporate carve-outs. Rollover equity of 10–30% is welcome and, in our experience, usually the best trade an owner makes.

What we decline

Turnarounds, pre-revenue businesses, single-customer concentration above 35%, minority positions without control provisions, and any situation requiring a close in under 45 days.

Full criteria, including customer concentration thresholds and the diligence materials we ask for up front, are on the investment criteria page.

How transactions are funded

Deal by deal, and closed on schedule

Independent sponsors carry a fair question: can they actually close? The answer is not a promise. It is the structure underneath, and the record of having done it twenty-three times.

A committed investor network

Capital is raised per transaction from a standing group of private investors, family offices and operating executives, most of whom have funded four or more of our acquisitions.

Funds held by a third party

Investor capital sits in escrow with [escrow agent] and is administered by [fund administrator]. It moves at closing, not before, and never through an account we control alone.

Named counterparties

Transaction counsel is [law firm], audit and quality of earnings are handled by [accounting firm], and senior debt is arranged through established lending relationships in Chicago.

A closing record

Of the last fourteen letters of intent we signed, twelve closed. The two that did not were terminated by us during diligence, and we told the intermediary why within a week.

The full explanation of our capital structure, timelines and investor reporting is on the funding page.

Selected transactions

Current and realized

Entry year, thesis, and where it ended. A portfolio page without exits tells you very little.

[Company One]Industrial coatings and surface treatment, three plants across Ohio and Indiana

Acquired 2018

$11M EBITDA

Exited 2023

[Company Two]Commercial mechanical services, built from one location to nine through five add-ons

Acquired 2020

$6M EBITDA

Exited 2025

[Company Three]Precision machining for aerospace and defense, founder retained 22% at close

Acquired 2022

$8M EBITDA

Current

[Company Four]Outsourced facility maintenance across the Southeast, carve-out from a public parent

Acquired 2024

$5M EBITDA

Current

Each transaction has its own page with the thesis at entry, what was built, and the outcome. See the full portfolio.

Who is reading this

Three different questions

An owner, an intermediary and an investor want entirely different things from this site. None of you should have to hunt.

For owners

What happens to what you built

What your employees experience, what your rollover is worth at exit, how long we ask you to stay, and what changes in the first ninety days. Including the parts owners do not enjoy hearing.

Read this first →

For intermediaries

Whether we are worth your time

How fast we respond to a teaser, what gets an IOI, our LOI-to-close ratio, and the six things that make us decline in the first call. We will not waste a process.

See how we work →

For investors

How the structure works

Deal-by-deal participation, distributions during the hold, exit horizon by sector, reporting cadence, and how capital is held between commitment and closing.

Understand the structure →

Partners

The people who will be in the room

Every transaction is led by one of the four below, from first call through closing. There is no handoff to a junior team after the letter of intent is signed.

[Partner Name]

Managing Partner

[University], [MBA]. Previously [investment bank / PE firm], [years]. Has led [n] platform acquisitions.

[Partner Name]

Partner, Transactions

[University]. Previously [law firm / bank], [years]. Responsible for structuring and diligence.

[Partner Name]

Partner, Capital Formation

[University]. Previously [asset manager]. Leads the investor network across North America and Latin America.

[Operating Partner]

Operating Partner

[University]. Thirty years operating industrial businesses; has served as CEO of two portfolio companies post-close.

Full biographies, board seats and transaction histories are on the team page.

If you are thinking about selling, start with a conversation

No teaser, no bankers, no obligation. Most owners we speak with are eighteen months away from a decision, and that is the right time to call — not the week the process starts.