NorthCoast Mezzanine

NorthCoast Mezzanine provides subordinated debt, mezzanine financing, and structured equity to lower-middle-market companies. Its typical investment takes the form of junior notes or preferred equity in transactions led by private equity sponsors. The firm structures its capital to sit between senior bank debt and sponsor equity in the capital stack.

The firm sources its deal flow primarily through a network of over 200 private equity sponsor relationships built over the firm's history. Its dual-office structure — Minneapolis covering the Midwest and Delray Beach covering the Southeast — provides distinct origination channels in two concentrated private equity markets. The firm emphasizes proprietary, non-auction deal flow.

NorthCoast targets lower-middle-market companies with approximately $3 million to $20 million of EBITDA across business services, niche manufacturing, healthcare, and distribution. The firm avoids sectors with binary risk, including pure technology startups and natural resource exploration. Preference is for cash-flow-stable businesses where mezzanine capital funds buyouts, growth, or recapitalizations.

NorthCoast Mezzanine invests directly in portfolio companies on a deal-by-deal basis. The firm is not a fund-of-funds and does not invest through intermediaries. Each transaction is originated, underwritten, and monitored by the firm's own investment team, with capital deployed as subordinated debt or preferred equity in individual operating businesses.

NorthCoast Mezzanine maintains offices in Delray Beach, Florida and Minneapolis, Minnesota. The Minneapolis office focuses on the Midwest sponsor ecosystem, while the Delray Beach office covers Southeastern US deal flow and relationships with family offices and independent sponsors in Florida. The firm deploys capital across North America, not exclusively in its two home markets.