RSA Capital

Two named principals — Jeff Bartlett and Bob Klug — run every engagement. Bartlett specializes in structuring, negotiation, and debt-and-equity sourcing; Klug brings three decades of corporate growth, finance, and acquisitions leadership, including corporate development for a NYSE healthcare company. Together they make all deal-level decisions without a separate investment committee.

RSA does not appear to run a commingled institutional fund. Its direct investments are executed as leveraged buyouts alongside other capital providers — described as a 'group' that purchases a company — rather than through a blind-pool structure. The firm sells each portfolio company after a multi-year hold period.

The firm relies on its Wisconsin network and the principals' personal relationships with family-run manufacturers. Bartlett and Klug actively target founder-owned businesses seeking a transition, sourcing through direct outreach, professional advisors, and the firm's existing M&A advisory relationships.

The firm has held businesses for four to eight years before exit. DeGraffenreid Foods was sold to a strategic buyer after four years; Palmer Snyder Furniture exited through a management buyout after an eight-year hold. Each exit was structured to match the company's growth trajectory and management's readiness.

The firm's disclosed track record consists entirely of direct acquisitions and advisory assignments. There is no mention of investing through third-party funds, co-investing alongside institutional GPs, or managing a fund-of-funds. RSA concentrates capital into single-asset buyout transactions.

RSA focuses on niche manufacturing: pickles, institutional furniture, and food ingredients are the publicly named examples. The firm explicitly targets founder-owned manufacturers in Wisconsin and surrounding markets rather than pursuing a broad multi-sector mandate.

The firm uses a pay-as-you-go, milestone-based fee model instead of a legacy broker commission structure. RSA argues this fiduciary approach avoids the misaligned incentives of contingency fees — the firm gets paid for milestone completion, not just deal closure, which it claims helps clients avoid costly transaction mistakes.