Medallion Capital

Medallion Capital

Medallion Capital was founded in 1979 and operates under a single evergreen Small Business Investment Company license, making it the oldest continuously licensed SBIC in the United States. The firm, purpose-built to connect entrepreneurs with patient capital, initially made investments of $100,000 to $250,000 and now structures deals typically between $2 million and $10 million. All investments are directed at U.S.-based businesses, a constraint of the firm's federal license. The firm provides subordinated debt and minority equity capital to lower-middle-market companies, working alongside independent sponsors, private equity firms, and founder-operators. Medallion Capital is industry-agnostic but concentrates activity across five core sectors: manufacturing and industrials, business services and construction, healthcare and public safety, technology and analytics, and food and consumer products. Confirmed current and exited positions include Klesk Metal Stamping, a precision manufacturer; Nuance Medical, a supplier of private-label consumable medical products; Gilman Cheese, a producer of extended shelf-life cheese; and Actron Entities, a provider of precision-machined aerospace and defense components. The firm's capital reaches throughout the United States and it explicitly excludes foreign-owned businesses, real estate, farmland, and project financing from its mandate. Since 2017, Medallion Capital has invested more than $200 million in subordinated debt and equity, providing a scale reference point even as total assets remain undisclosed. The team operates from an office in Excelsior, Minnesota, with no public listing of additional locations. The firm maintains a large, diversified portfolio of current and realized assets that includes names such as Twelve South, a designer of Apple-device accessories, Bay Standard Manufacturing in the threaded-rod segment, and the departed senior care provider realized in 2025. A recent operational highlight is the 2025 realization of multiple portfolio positions, including 3P Processing, ADSCO, and American Window Film, demonstrating active portfolio churn within the long-duration SBIC structure. Medallion Capital's structural differentiator is its perpetual license, which eliminates the pressure to exit investments according to a fixed fund life. This allows the firm to adapt its subordinated debt terms and minority equity stakes alongside portfolio-company trajectories over extended periods. The resulting governance architecture aligns more closely with a permanent holding company than with a traditional closed-end private credit fund, offering a distinct succession and liquidity posture tailored to the small-business operators it backs.