Lewis & Clark Capital

The firm self-identifies as a family office composed of experienced operators. It deploys its own permanent capital rather than raising formal commingled funds, though it does offer co-investment opportunities to outside investors on a deal-by-deal basis. This structure allows for flexible hold periods unconstrained by fund-life limits.

Founder Tom Hillman leads the firm and its investment decisions. The website emphasizes a team of former entrepreneurs and operators rather than a committee of career financiers, suggesting Hillman, as the principal, retains final authority on capital deployment alongside an operating team.

The firm focuses on control investments in lower-middle-market companies, though it will consider select minority positions and co-investments. It looks for situations including growth-stage companies, family-owned business succession, and small businesses seeking to aggregate administrative functions. Preferred targets have revenues up to $100 million and EBITDA up to $5 million.

No. The firm explicitly requires that portfolio companies be headquartered in the United States and have the majority of their operations in the US. Its entire disclosed portfolio is domestic, with a concentration in the Midwest and industrial markets.

The firm maintains a dedicated shared-services team that can supply expertise and assistance in accounting, human resources, IT, and legal functions. This is designed for companies that are not yet large enough to build these capabilities in-house, underscoring the firm's operator-investor model championed by Tom Hillman.