Oakland Standard Co.

Bryan Tolles is founder & managing partner and leads the investment team alongside Principal Tim Flannery and Vice President Evan Schultz. Joe Conroy serves as partner for portfolio management, bridging deal execution and operational oversight. The team operates from Birmingham, Michigan.

The firm targets lower middle market industrial businesses that larger investors overlook, including family-owned companies seeking recapitalization, corporate carve-outs, and out-of-favor industries. Its website states it focuses on situations where an operational approach and strategic support can build long-term value, rather than competing in broad auctions.

The firm targets platform companies with less than $10 million in EBITDA, focusing on buyouts and recapitalizations. Add-on acquisitions have no minimum size. This positions Oakland Standard below the typical mid-market private equity fund, in a space where operational improvement can be the primary value driver.

The firm concentrates on niche manufacturers, value-added distributors, general industrial and automotive businesses, and building products. It does not invest in technology, healthcare, or consumer businesses, and explicitly avoids sectors that fall outside its industrial operating expertise.

Joe Conroy serves as partner for portfolio management, a distinct role from the deal-sourcing investment team, bridging capital allocation and operational execution. This embeds post-close value creation inside the firm rather than relying on outside consultants or operator networks.