LongWater Opportunities

LongWater addresses the succession crisis in small American manufacturing. The founders recognized that thousands of profitable industrial businesses — often with $1M–$5M in EBITDA — had owners nearing retirement with no internal buyer. The firm acquires these companies outright, provides liquidity to the founder, and installs operational support to preserve the business. This is not a turnaround strategy; the target is rarely distressed, just unowned for the next generation.

Sourcing relies heavily on direct relationships with business owners, intermediaries, and regional accounting and law firms in the industrial Midwest and Southeast. The firm does not participate in broad auction processes. Its thesis — a patient buyer who will not immediately resell — is the primary sourcing advantage, appealing directly to founders who care about the legacy of the company and its workforce.

No. LongWater explicitly markets its indefinite hold posture. The firm tells founder-sellers the business will not be flipped to a strategic or another sponsor inside a standard 3-to-5-year window. This positions the firm structurally closer to a family holding company or an industrial perpetuity owner, which is unusual for a private equity firm of its size in the lower middle market.

Investment decisions are made by co-founders and partners Jordan Bastable and Travis Baldwin. The firm operates with a flat structure and does not publicize an investment committee beyond the founders. Their backgrounds combine finance and operational experience relevant to industrial deal-making, though specific pre-founding roles are not uniformly detailed in public disclosures.

The firm targets precision manufacturing, engineered products, industrial services, and niche fabrication businesses. Geographically, LongWater concentrates on the American manufacturing heartland — the Midwest, Southeast, and Texas — where a dense fabric of owner-operated industrial businesses face succession-driven sales (per the firm's official communications).