Empire Investment Holdings

Founder, Chairman and CEO David F. Alfonso and Partner Dennis M. Mahoney lead the firm's investment decisions and operational execution. The firm's website describes them as an executive team with decades of hands-on industrial sector investing. Empire does not disclose a separate investment committee or additional decision-makers.

Empire self-identifies as a family office that acquires an industrial company for a long-term hold and build strategy. It does not raise outside funds or manage a portfolio of companies. The principals describe themselves as investors with operational backgrounds who embed themselves into the acquired business, which gives the firm a private equity-style operating posture within a single-family-office structure.

Empire targets a single mature B2B industrial company with a US or UK headquarters and global operations. Its stated criteria include at least $35 million in revenue, EBITDA up to $5 million, a maximum enterprise value of $50 million, and a strong market position with growth prospects. Sellers can be corporate owners divesting a unit or private owners.

Empire acquires companies using its own capital for a permanent hold, rather than through a fund with a predetermined exit timeline. After closing, its operating partners step into leadership roles inside the acquired business. The firm does not publicly disclose whether it uses debt financing or pays all-cash, though its criteria suggest lower-middle-market acquisitions that often involve modest leverage.

The firm presents itself as an independent family office investing its own capital. It does not mention co-investment partners, club deals, or external limited partners. Its investment history page states that past deals were not made by any single fund or external investment firm, suggesting that acquisition capital comes from the principal's own balance sheet.