Mulberry Investment Group

Rick Morris and Josh Wishnack, both Managing Directors and founders, run all investment decisions. They jointly source deals, structure acquisitions, and step into operating roles at portfolio companies. Their Darden MBA network, combined with direct outreach to business owners, drives the pipeline.

The firm sources through longstanding relationships with lower-mid-market business owners, operators, and the Darden alumni network. Because Morris and Wishnack personally manage acquired companies, their reputation among succession-minded entrepreneurs generates non-auction opportunities. Co-investor relationships, such as the one with TRP Capital Partners, also yield shared deal flow.

Mulberry is neither — it operates as a permanent-capital vehicle that acquires majority stakes in small private companies without a fixed fund life. The founders invest their own capital and move into day-to-day management, a structure closer to an owner-operator holding company than a conventional family office or a blind-pool private equity fund.

Mulberry exclusively pursues direct, majority-control acquisitions of private operating companies. There is no public record of the firm making LP commitments to external funds. The strategy uses company-level governance rather than portfolio diversification to manage risk.

The firm targets mature, cash-flowing businesses — buyouts, divestitures, recapitalizations, and succession-driven transitions. It does not invest in venture-stage, pre-revenue, or distressed-turnaround situations. Typical targets have demonstrated strong operating records in well-defined niches.

Marubeni is a business partner and acquirer, not a parent or affiliate. In 2023, Marubeni purchased Mulberry’s holdings in C&K Auto Parts and Warranty Inspection Services, two companies Mulberry had built and operated directly for several years. The transaction was a full exit for Mulberry (per Altss research, 2023).

Mulberry is linked to the Science Museum of Virginia Foundation, reflecting the principals' local civic engagement in Richmond. There is no public evidence of a separate foundation, endowment, or investment vehicle — the firm appears to operate a single entity through which it deploys and manages capital.