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Encore Group
Todd Siwak and Greg Siwak run family-led Encore Group, a micro-cap consolidator that has closed over 50 acquisitions in healthcare services and pet...
Encore Group
Encore Group operates as a family-led investment group from Clayton, Missouri, founded on a partnership between brothers Todd and Greg Siwak. The firm extends their shared operating history, which includes co-founding Swiss Army Travel Gear — a branded accessories business valued at over $150 million at sale — and later serving in operating partner roles at L Catterton. Today, Encore self-identifies as an acquirer and builder of businesses in large, growing, and fragmented industries. The firm targets micro-cap companies with an average EBITDA of roughly $500,000 per acquisition, deploying capital across healthcare services, pet services, and consumer sectors. Its active verticals include a medspa consolidation platform, a home health services roll-up, and a pet services group targeting a market expected to reach $11.6 billion. Encore operates as a buy-and-build consolidator, assembling management teams, implementing unified operating systems, and pursuing organic growth within each platform. No named portfolio companies are publicly disclosed. Encore reports completing more than 50 acquisitions. The partnership team includes Greg Siwak, who concurrently leads CareVet, a veterinary hospital network targeting 200 locations, and Dong Zhao, a former Providence Equity Partners investor. In May 2026, the firm maintained its focus on operator-led consolidation while drawing on partners with backgrounds spanning L Catterton, dentalcorp, and McKinsey & Co. The firm’s structural distinction lies in its operator-first, family-partnership architecture. Rather than a traditional private equity fund model, Encore functions as a permanent-holdings vehicle for the Siwak family, reinvesting proceeds to compound value across platforms. Its team combines in-house transaction experience with operational executives who embed directly into portfolio companies — a design that blurs the line between investor and operator.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Clayton
Corporate office
8008 Carondelet Ave., Clayton, MO 63105, United States
Principals
Todd Siwak
Managing Partner
Greg Siwak
Partner
Dong Zhao
Partner
John Gallop
Partner
Matt Miclea
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Encore Group?
Investment decisions are led by Managing Partner Todd Siwak alongside Partners Greg Siwak, Dong Zhao, John Gallop, and Matt Miclea. Todd Siwak was previously President and Chief Business Officer of Ferrero North America and an Operating Partner at L Catterton. Greg Siwak is CEO of CareVet and also previously an Operating Partner at L Catterton. The firm operates as a family-led investment group without external limited partners, meaning the Siwak family holds ultimate decision-making authority.
How does Encore Group source deals?
Encore sources micro-cap acquisition targets in fragmented industries through its team's direct outreach to independently owned and operated businesses, as stated on the firm's website. Its partners leverage prior operating and investment experience — including L Catterton, dentalcorp, and Providence Equity Partners networks — to identify roll-up opportunities. The firm does not publicly describe a formal intermediary or broker-sourced deal flow program.
Is Encore Group a single family office or a private equity firm?
Encore Group self-describes as a 'family-led investment group' but operates functionally as a private equity manager executing a buy-and-build consolidation strategy. It does not manage third-party funds or serve external families, which shares characteristics with a single family office. However, its sector-focused acquisition model and assembled management teams align closely with a permanent-capital private equity house.
What investment stages and check sizes does Encore Group target?
Encore targets micro-cap acquisitions with an average EBITDA of approximately $500,000 per deal, indicating small enterprise values. The firm focuses on control acquisitions to build scaled platforms, rather than minority growth or venture stakes. It targets mature, cash-flowing businesses within healthcare services, pet services, and select consumer verticals.
Which sectors does Encore Group explicitly avoid?
Public information does not confirm explicit sector exclusions. Encore actively discloses three verticals — medspa, home health, and pet services — suggesting a deliberate focus on fragmented, non-cyclical service industries. Sectors outside these verticals, including technology, manufacturing, or financial services, are not indicated as areas of activity.
How is Encore Group related to CareVet?
Greg Siwak, a Partner at Encore Group, is the Co-Founder and CEO of CareVet, a veterinary hospital consolidation platform. CareVet aims to complete 200 acquisitions and operates independently as a network of veterinary hospitals. Encore's website lists pet services as a vertical, and while no direct ownership link is disclosed, CareVet's growth strategy mirrors Encore's consolidation playbook.
Does Encore Group maintain philanthropic structures?
No philanthropic foundation, donor-advised fund, or charitable entity associated with Encore Group is publicly disclosed on its website or in available sources. The firm maintains a purely commercial investment focus in its external communications.
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