Addison Capital Partners

Both named partners — Brian Miller and Rupert de Vink — share responsibility for investment decisions. Miller founded the firm in 2005 and has management responsibility for portfolio companies, while de Vink joined in 2012 from Blackstone Healthcare Partners and leads sourcing, analysis, and oversight. There is no external investment committee; the two principals sit on the board of every portfolio company.

Addison Capital is structured as a fee-only Registered Investment Advisor (RIA), not a traditional blind-pool private equity fund. It deploys its own capital and makes direct acquisitions of smaller middle-market companies, operating them as permanent-hold portfolio businesses rather than marking them to a fund timeline. The RIA structure means it does not publicly report fund-level performance or capital commitments.

The disclosed portfolio is concentrated in design-build manufacturing and RF engineering. The firm lists Communication Power Companies (CPC), a vertically integrated manufacturer of custom RF and microwave power amplifiers and antenna systems; STI-CO Industries, which produces antenna solutions for defense and covert applications; and Innovative Power Products, a designer of high-power RF components. These businesses share a common thread of serving defense, scientific, medical, and transportation end-markets.

The firm describes itself as an independent, privately owned and managed advisor whose overriding principal is capital appreciation. It does not publicly market limited-partner interests or disclose a fund-raise history. Given the principals' backgrounds in family-offices and operating companies, and the presence of a single-family office chairman on its advisory board, the capital architecture appears to rely on partner and co-investor capital rather than third-party fundraising.

Two structural features distinguish it. First, the permanent-hold RIA structure removes the pressure of a five- to seven-year fund life, allowing indefinite ownership horizons. Second, the advisory board includes operators who have built and sold multibillion-dollar enterprises — Paul DeBruce grew DeBruce Grain to a $6 billion agriculture company before selling to Gavilon in 2010 — giving ACP access to strategic guidance that a conventional fund would have to purchase through consulting contracts.

Addison targets control acquisitions of smaller middle-market growth companies, often those that are closely held or family-owned. Its mandate covers buyouts, management buyouts, recapitalizations, and growth equity — but always with the aim of acquiring a controlling interest and stepping into an active stewardship role. The firm has not disclosed any minority or venture-stage investments.