# Adelphi Capital Partners

Adelphi Capital Partners is a Private Equity based in Newtown Square, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Newtown Square, United States
- **Region:** North America
- **Address:** Newtown Square, PA, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** adelphicapitalpartners.com
- **LinkedIn:** https://www.linkedin.com/company/adelphicapitalpartners1

## Regulatory record

- **Reports private funds:** No

## About

Adelphi Capital Partners is a private investment group that teams with experienced operating executives to invest in lower middle market, industrial technology-driven manufacturing and services companies undergoing ownership or management transitions or presenting organic growth opportunities. It focuses on manufacturing and industrial service businesses in the U.S. and Canada. Adelphi works with executives across the investment process from thesis development through post-transaction value building.

## Sectors

- Industrial Tech
- Manufacturing
- Building Products

## People

- Joe May — Founder and Managing Partner
- Chuck Campbell — Operating Partner
- Ray McGowan — Operating Partner
- Don Roussinos — Operating Partner
- Andrew Marsh — Operating Partner
- Tom Smith — Operating Partner
- Bob Rumer — Operating Partner

## Questions

### Who runs investment decisions at Adelphi Capital Partners?

Joe May, Founder and Managing Partner, leads investment decisions. He built the firm after a 25-year career at The Graham Group and as a founder of Graham Partners, where he sat on the investment committee and shared responsibility for sourcing, structuring, and exiting deals. Adelphi’s website lists no other investment committee members, and the operating partners appear focused on diligence and portfolio-company value creation.

### What kind of companies does Adelphi acquire?

Adelphi targets founder- and family-owned manufacturing and industrial-services businesses in the lower middle market, with revenue between $10 million and $100 million and EBITDA of $3 million to $15 million. The firm’s disclosed activity and operating partner backgrounds point toward building products, industrial technology, metal and consumer packaging, environmental-control systems, and advanced-manufacturing subsectors.

### Does Adelphi invest outside the United States?

The firm’s stated geographic focus is the United States and Canada. Joe May’s prior experience at Graham Partners included cross-border M&A in France, Canada, the United Kingdom, Poland, Brazil, and Argentina, but Adelphi’s current criteria and portfolio appear concentrated in North America.

## Related profiles

- [Addison Capital Partners](https://altss.com/profile/addison-capital-partners)
- [Aditya Birla PE Advisors](https://altss.com/profile/aditya-birla-pe-advisors)

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Last updated: 2026-08-11T15:05:57.154Z

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