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North Haven Capital
North Haven Capital was founded as a private investment group backed by multiple family offices. Led by partners Sam Sezak and Drew Bagin, CFA, the firm...
North Haven Capital
North Haven Capital was founded as a private investment group backed by multiple family offices. Led by partners Sam Sezak and Drew Bagin, CFA, the firm deploys capital into lower middle-market family- and owner-operator businesses in the Northeast — targeting companies with at least $1 million in EBITDA. The firm is structured to provide long-term, patient capital rather than pursuing exits on a fixed fund cycle. The strategy spans strategic buyouts, growth equity investments, and an explicit “operator ownership pathway” that pairs acquired companies with in-house operating talent. Sectors in the disclosed portfolio include healthcare services (Curalta Health), fire-protection contracting (Interstate Fire Protection), HVAC services (Gagnon Heating & Air Conditioning, Enertec Heating & Cooling), veterinary care (Rarebreed), records management (Morgan Records Management), medical device components (The Chamberlain Group), and diagnostics (Everlywell). North Haven runs a deliberate add-on acquisition playbook; its HVAC platform acquired Enertec Heating & Cooling, and Interstate Fire Protection acquired Advanced Fire Protection Services. The firm also offers advisory services covering talent acquisition, executive support, and M&A strategy. The geographic footprint concentrates on New England, with offices in Portland, Maine, and New York City. The firm operates a portfolio of eight disclosed companies. It does not publicize total deployment or headcount. Operating partners appear to be sourced through the firm's network and are offered a path to run newly acquired businesses. In March 2025, North Haven Capital portfolio company Interstate Fire Protection acquired Advanced Fire Protection Services, extending its fire-safety coverage in the region (per the firm, March 2025). North Haven Capital's architecture combines a multi-family office capital base with an in-house operator bench — a hybrid structure that allows it to buy small, stable businesses without the pressure to flip them. The operator ownership pathway also differentiates it from search funds by providing the deal pipeline and balance sheet rather than requiring operators to raise their own acquisition capital.
General information
Firm type
Multi Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cape Elizabeth
Corporate office
5 Moulton Street, 5th floor, Portland, ME 04101
Additional offices
New York, NY, United States
Principals
Sam Sezak
Partner
Drew Bagin
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at North Haven Capital?
Day-to-day investment leadership sits with partners Sam Sezak and Drew Bagin, CFA. The firm identifies them as the principals responsible for originating deals and structuring the operator-led buyouts. It does not publicly name an investment committee or additional deal professionals.
Is North Haven Capital structured as a single family office or a private equity firm?
North Haven Capital operates as a multi-family office-backed private investment group, not a traditional closed-end private equity fund. Its capital comes from family offices, which gives it a permanent, patient capital base — an architecture that sits between a single-family office's direct investment arm and a small-cap buyout fund.
How does North Haven Capital source proprietary deal flow?
The firm's principal advantage is its network of family offices and operating partners across New England. By positioning itself as a patient buyer for owner-operators seeking succession, rather than an auction bidder, it competes on certainty of close and fit over price. Its operator ownership pathway also generates inbound opportunities from experienced executives who want to run their own company.
What investment stages does North Haven Capital typically target?
North Haven Capital focuses on lower middle-market buyouts of family- and owner-operator businesses with EBITDA of $1 million and above. It also makes growth equity investments in existing portfolio companies and pursues consolidation within industries through add-on acquisitions.
Does North Haven Capital participate in fund commitments or only direct deals?
All disclosed activity is direct investing — North Haven Capital acquires companies outright and places operating partners to run them. There is no indication it commits to external funds, though the firm highlights advisory work alongside its equity investments.
How is North Haven Capital related to the family offices that back it?
North Haven Capital does not name the family offices that provide its permanent capital base. It describes itself as 'multi-family office-backed' but operates as an independent entity, with the partners making investment decisions and the family offices acting as limited partners or balance-sheet providers.
What is North Haven Capital's known posture on co-investments alongside external GPs?
The firm does not publicly discuss co-investing alongside other private equity firms. Its model is to purchase controlling stakes and place its own operating partners, which suggests a preference for full ownership rather than minority positions or club deals with competing sponsors.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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