Lucor Holdings

Lucor relies on a proprietary network of regional accounting firms, business brokers, and transaction attorneys who introduce succession-minded business owners. The firm avoids broad auction processes, which it sees as overpriced and less aligned with founder priorities. This regional-intermediary approach surfaces companies with $2–10 million in EBITDA that often have no other institutional suitors. The firm has cultivated these relationships through repeat transactions and an emphasis on preserving legacy culture.

Lucor deploys capital on a deal-by-deal basis using partner equity rather than a blind-pool fund. That structure removes the pressure to deploy within a fixed investment period, so the firm can be patient on pricing and entry timing. It also enables longer hold periods — the firm has held certain portfolio companies well beyond a typical five-year private equity horizon. Co-investors are occasionally brought into larger transactions on a case-by-case basis.

The firm pursues control positions in companies generating $2–10 million in EBITDA. Target profiles include founder-owned businesses facing succession challenges, corporate carve-outs of non-core divisions, and under-professionalized regional leaders in fragmented industries. It focuses on industrial technology, niche manufacturing, and outsourced business services — sectors the firm's operators know well. Lucor typically structures itself as the first institutional capital partner in a business.

William L. Richter, the firm's Managing Partner, leads investment decisions. He is supported by an in-house operations team that works on post-acquisition integration and performance improvement. The firm's lean structure means Richter is directly involved in sourcing, diligence, and portfolio company governance. Operating partners are embedded at the portfolio-company level rather than sitting in the Los Angeles office.

The firm invests primarily in the United States and Canada. It has completed transactions across the Midwest, Southeast, and West Coast. While it occasionally evaluates opportunities in other English-speaking common-law jurisdictions, the bulk of its sourcing network and operational expertise is concentrated in North America. It has not publicly disclosed any portfolio companies outside those two countries.