Medallion Capital

An SBIC is a Small Business Investment Company licensed by the U.S. Small Business Administration to provide capital to domestic small businesses. Medallion Capital holds an evergreen SBIC license, the oldest in the country, which means it is not bound by the typical fund-life constraints of traditional private capital vehicles. This structure allows it to hold subordinated debt and minority equity positions for as long as the business relationship warrants, creating a patient-capital posture. The license also restricts investments to U.S.-based businesses and bars real estate, farmland, and project financing.

Medallion Capital partners with independent sponsors, private equity firms, and owner-operators of lower-middle-market businesses to source deals. The firm emphasizes relationships with intermediaries who bring forth businesses requiring flexible subordinated debt or minority equity infusions. Its multi-decade track record and status as the oldest SBIC in the U.S. provide a reputational moat that attracts repeat referrals from financial sponsors operating in the small-business segment.

The firm structures primarily as subordinated debt and minority equity, with current deals typically ranging from $2 million to $10 million. It targets businesses with at least $2 million in EBITDA, as stated on the firm's website. Capital is deployed directly into U.S.-based companies and is tailored to situational needs rather than adhering to a rigid product shelf, often providing creative debt solutions for growth or ownership transitions.

No, Medallion Capital only invests in U.S.-based businesses. Its license as a Small Business Investment Company legally prevents it from providing capital to foreign-owned or foreign-controlled enterprises. The firm also explicitly excludes investments in real estate, farmland, and project financing from its investment criteria.

Medallion Capital does not invest in foreign-owned businesses, real estate, farmland, or project financing, per the restrictions of its federal SBIC license. Within the U.S. market, it is industry-agnostic but generally operates within five core sectors; it avoids committing capital to companies with less than $2 million in EBITDA.