May River Capital

The firm lists Chip Grace and Mitch Bardon as the central points of contact for new partnerships, suggesting shared leadership of investment decisions at the partner level. Both are named on the firm website as the principals managing deal origination and relationships. May River was founded by three partners in 2012, though only two are publicly named.

The firm relies on a team-based approach rooted in relationships with entrepreneur- and family-owned industrial businesses. Over 20 professionals focus on investment, business development, and operational support. An Executive Resource Group also acts as a force multiplier, providing operational and strategic resources during sourcing and diligence.

May River focuses exclusively on lower middle-market industrial businesses with revenue below $100 million. The firm is currently deploying capital from its third fund, which is roughly $500 million, targeting control buyouts, corporate carve-outs, management buyouts, and add-on acquisitions. It completes both platform investments and bolt-on acquisitions to scale existing holdings.

May River concentrates on industrial growth companies with high engineering content, proprietary technologies, and demanding end-market requirements — such as certification and regulatory compliance. Target sub-sectors include precision manufacturing, automation, aerospace and defense componentry, and specialty industrial products. The firm avoids business models lacking differentiated margins or technical barriers to entry.

May River operates as a direct private equity investor, making control equity investments into industrial companies rather than committing capital to external funds. Its model centers on platform acquisitions followed by strategic add-ons. There is no public indication that the firm allocates to third-party funds.

The firm has completed over 30 platform and add-on acquisitions across the United States, the United Kingdom, and the European Union since 2012. While headquartered in Chicago, its portfolio spans multiple continents, with recent add-ons such as Cashco's acquisition of UK-based 3B Controls signaling ongoing European expansion.

There is no publicly disclosed wealth origin or single-family-office backing for May River Capital. The firm was founded in 2012 by three partners with prior experience in industrial private equity and operating roles at entrepreneur- and family-owned companies, and it appears to raise capital through institutional limited partner relationships rather than managing a single fortune.