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Burlington Capital Partners
Tim Novak and Michael Baldwin run Burlington Capital Partners, making control equity investments in U.S.
Burlington Capital Partners
Burlington Capital Partners was founded in Cleveland to address a narrow, persistent gap in the lower middle market: profitable, non-cyclical businesses where the owner needs a first institutional partner for growth or succession. Operating without a disclosed family-office parent or external capital providers, the firm is led by Tim Novak and Michael Baldwin, both Kellogg MBAs who previously ran manufacturing operations and corporate strategy inside larger private-equity-backed platforms. Novak's last role involved overseeing multi-site packaging manufacturing and greenfield buildouts; Baldwin took a portfolio company public at a $525 million enterprise value and managed a $2.5 billion foodservice P&L. The firm makes control equity investments in U.S.-based companies generating at least $2 million in EBITDA with histories of profitability. Its sector focus sits squarely in non-discretionary, reoccurring-demand industries: food and beverage manufacturing, packaging, pet products, wellness goods, value-add distribution, home services, and tech-enabled services. The website emphasizes a conviction in B2B and B2C businesses with a "customer-first" posture, though no specific portfolio company names are publicly disclosed. Transaction structures appear to favor direct buyouts and internal growth programs; the firm does not market a fund-of-funds or club-deal model, and no co-investor partnerships are listed on its public-facing materials. The team operates from Cleveland; no additional offices are disclosed, and neither total committed capital nor AUM figures appear in any available source. The firm's principals are its public-facing investment committee: Tim Novak and Michael Baldwin. No philanthropic foundations, operating subsidiaries, or network memberships such as Tiger 21 or YPO are referenced on the website. The "People First" and "Partner First" framing suggests an emphasis on relationship-based sourcing — a practical necessity in a market segment where proprietary deal flow often comes from accountants, attorneys, and business brokers rather than auction processes. No dated operational events from the last 24 months are available in the public record. The structural differentiator is a generalist mandate executed through a specialist lens: both partners carry deep operating pedigrees in food and manufacturing, yet the firm purposefully extends into packaging, distribution, and consumer services where repeatable playbooks — management depth, route optimization, SKU rationalization — can be applied across end markets. Unlike many lower-mid-market peers that raise blind-pool funds on a set timeline, Burlington Capital Partners does not publicly describe a fund structure, suggesting a deal-by-deal or pledge-fund approach that aligns capital deployment with partner bandwidth rather than fund-cycle pressure.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cleveland
Corporate office
Cleveland, OH, United States
Principals
Tim Novak
Managing Partner
Michael Baldwin
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Burlington Capital Partners?
Investment decisions are made by the firm's two managing partners, Tim Novak and Michael Baldwin, who are the only professionals listed on the firm's website. Novak's background includes leading a multi-site packaging manufacturing investment with two greenfield buildouts; Baldwin previously executed 20-plus private equity investments and took a portfolio company public at a $525 million enterprise value. The lean structure means sourcing, diligence, and portfolio oversight all run through the partner group.
How does Burlington Capital Partners source its deals?
The firm targets founder-, family-, or operator-owned businesses that are seeking their first outside institutional capital for growth or succession. Its public materials emphasize that sellers are viewed as partners, and the firm's people-first, relationship-driven language suggests a sourcing model built on referrals from accountants, attorneys, and industry contacts rather than broad auction processes, which aligns with lower-mid-market norms in the sectors it covers.
What investment size and type does Burlington Capital Partners target?
The firm makes control equity investments in companies with at least $2 million in EBITDA and a history of profitability, with a preference for low-cyclicality businesses. All disclosed transaction language points to buyouts and internal growth capital; the website does not reference minority stakes, growth-stage venture, or fund commitments. The emphasis is on taking operational control to drive value alongside existing management or new hires.
Which sectors does Burlington Capital Partners explicitly pursue, and are there areas it avoids?
The firm explicitly focuses on food and beverage, packaging, pet products, wellness products, value-add distribution, supply chain, home services, and tech-enabled services. It prioritizes businesses with reoccurring demand. No explicit negative screens are disclosed, but the concentration on non-cyclical, consumer- and operations-heavy sectors suggests limited appetite for pure-play technology, healthcare services, or financial services.
Does Burlington Capital Partners raise traditional private equity funds or invest deal-by-deal?
The firm does not publicly describe its capital structure. No fund names, target sizes, or limited-partner documents are referenced on its website or in available third-party records. This absence, combined with a small partner group and an emphasis on long-term partnerships, suggests the firm may deploy capital on a deal-by-deal basis or through a pledge-fund model rather than a blind-pool commingled fund.
What is Burlington Capital Partners' geographic focus?
The firm invests exclusively in U.S.-based lower middle market companies and operates from Cleveland, Ohio. There is no evidence of international offices, cross-border deal mandates, or non-U.S. portfolio company activity in any available source.
How is the firm's investment team structured beyond the named partners?
The website lists only Tim Novak and Michael Baldwin as investment professionals. No associates, vice presidents, operating partners, or administrative staff are disclosed. The partner-level-only public profile is consistent with a boutique control-buyout shop that runs a concentrated portfolio and relies on portfolio-company management teams for day-to-day operations.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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