New State Capital Partners

The firm relies on a network of regional intermediaries, sector-focused investment bankers, and direct outreach to founder-owned businesses in the US Sunbelt and Midwest. Managing partners maintain relationships with family-business advisors, accounting firms, and industry trade associations in sectors where the firm holds deep operating expertise. The firm reports that roughly half of closed deals originate from proprietary or limited-auction processes.

Investment decisions are made by the firm's partnership committee, led by founder David Blechman alongside managing partners Shawn St. Jean and Clifford Davis. The partnership brings a mix of private equity deal experience and operating backgrounds: Blechman and St. Jean focus on origination and portfolio management, while Davis leads the operating-partner program and post-acquisition value creation.

New State targets control buyouts and growth equity investments in companies generating between $8 million and $40 million of EBITDA. The firm focuses on entrepreneur-owned and family-owned businesses where the seller seeks a liquidity event or a partner capable of accelerating growth. It does not invest in early-stage or venture-stage companies and generally avoids minority-stake passive investments.