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Stockton Road Capital
Joe Rhodes runs Stockton Road Capital, a consumer-focused PE firm deploying $10M–$1B through deal-by-deal capital partnerships.
Stockton Road Capital
Joe Rhodes founded Stockton Road Capital after serving as a Partner at Charterhouse Group, where he led the consumer products investment practice and sat on the Investment Committee. That focus became the firm’s entire mandate: branded consumer products and services with revenues above $10 million and equity needs reaching $1 billion. Rhodes operates from Los Angeles, drawing on earlier M&A experience at Union Bank of Switzerland and Kidder Peabody. The firm structures capital on a deal-by-deal basis rather than from a closed-end fund, spanning leveraged buyouts, growth equity, corporate carveouts, family-business transitions, and turnarounds. Asset classes center on health and wellness, nutrition, beauty, fitness, and household products. Confirmed portfolio positions include Lenny & Larry’s, a high-protein snack brand; Humble Brands, a natural body-care line; Drumroll, a better-for-you donut brand; and Flyhouse, an aircraft-management platform. Realized exits include Daiya Foods (sold to Otsuka Pharmaceutical in 2017), Airborne (sold to Schiff Nutrition in 2012), and Charter Baking (sold to Hain Celestial in 2014). Stockton Road works alongside a roster of operating partners to source and diligence opportunities, but public figures for total deployment or team size are absent. The firm has co-invested with family offices and direct-investing pension funds and maintains an affiliate, Hummingbird Equity Partners. In September 2025 an SRC affiliate completed a growth investment in Humble Brands. The defining structure is its capital-partner model. Stockton Road does not draw on a fixed pool of committed capital; it assembles a custom syndicate of institutional and family-office co-investors for each transaction. That model lets it tailor equity solutions to company needs while aligning interests deal by deal—an architecture that separates it from traditional blind-pool private equity.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Los Angeles
Corporate office
Los Angeles, CA, United States
Principals
Joe Rhodes
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Stockton Road Capital?
Joe Rhodes, the founder and Managing Partner, leads investment decisions. He previously led consumer products investing at Charterhouse Group and works alongside a network of operating partners to evaluate deals. The firm does not disclose a formal investment committee beyond Rhodes and those partners.
How does Stockton Road Capital source its deals?
Sourcing relies on Joe Rhodes’s network, the firm’s operating partners, and its distinct positioning in branded consumer products. Because it does not run a blind pool, it competes for proprietary opportunities by offering tailored capital structures rather than outbidding on price alone. The website highlights that partner companies value its sector-specific operational input.
Is Stockton Road Capital a fund or a deal-by-deal investor?
It operates as a deal-by-deal investor. Rather than raising a traditional closed-end fund, Stockton Road matches each transaction with a unique group of capital partners—family offices, other private equity firms, and pension funds—giving it flexibility on equity size and structure for each company.
What transaction types does Stockton Road Capital pursue?
The firm works across leveraged buyouts, corporate carveouts, management buyouts, growth equity investments, family-business and founder transitions, and turnarounds. It explicitly states that it does not invest in startups or early-stage ventures and looks for companies with at least $10 million in revenue.
Which consumer categories does the firm focus on?
Stockton Road invests in health and wellness, nutrition, beauty and personal care, food and beverage, consumer healthcare, household products, luxury and lifestyle, and fitness. Portfolio examples include protein snacks (Lenny & Larry’s), natural body care (Humble Brands), and plant-based foods (Daiya, realized).
What is Hummingbird Equity Partners and how does it relate to Stockton Road Capital?
Joe Rhodes is also the Managing Partner of Hummingbird Equity Partners, described as an affiliate of Stockton Road Capital. The firm hasn’t publicly detailed the legal or economic relationship, but both entities appear to share the same investment focus and principal.
How does Stockton Road Capital handle post-investment operations?
The firm leans on a dedicated group of operating partners who help source deals and add value to portfolio companies. Joe Rhodes himself often serves as a strategic advisor or Board member—as he did for Daiya Foods—offering guidance on category strategy and organizational decisions.
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