Industrial Growth Partners

IGP invests exclusively in lower-middle-market industrial businesses based in North America. The firm targets control buyouts of engineered products, specialty services, and niche manufacturing companies with $5 million to $25 million in EBITDA. IGP has maintained this industrial-only mandate since its founding in 1997 and does not deviate into software, healthcare, or consumer sectors.

The firm is led by its three founding partners: William Drew, Roger Miller, and Andrew Valentine. All major investment decisions are made collectively by the partnership. IGP maintains a flat organizational structure with senior partner involvement in every transaction and board seat held by a partner at each portfolio company.

IGP closed its sixth institutional fund, Industrial Growth Partners VI, at $1.1 billion in September 2024, exceeding its target (per the firm, 2024). The prior fund, Fund V, closed at $850 million in 2018. The firm has raised five funds since 1997, with Fund VI being the largest in its history.

IGP sources investments through a proprietary network of industrial intermediaries, former operating executives, and long-standing relationships with founder- and family-owned businesses. The firm's narrow sector focus — 27 years in the same mandate — creates a competitive advantage in origination by signaling serious intent to sellers who seek a buyer that understands their operations rather than a financial engineer.

IGP's strategy is control buyouts of profitable, lower-middle-market industrial companies. The firm does not invest in venture-stage or pre-revenue industrial technology businesses. Its typical target has a demonstrated operating history and requires operational partnership rather than speculative capital.

The firm invests across aerospace and defense components, energy services and equipment, transportation and logistics, specialty materials, and high-performance manufacturing. IGP avoids sectors such as software, healthcare services, and consumer goods, adhering strictly to its industrial mandate.

IGP remains an independent partnership managed by its original founders — William Drew, Roger Miller, and Andrew Valentine — since 1997. The firm has not sold a stake to an external financial buyer and manages succession internally, with senior partners holding enduring investment roles through each successive fund.