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StoneCreek Capital
StoneCreek Capital formed in 1992, when founders Drew Adams and Bruce Lipian broke from the institutional track — Lipian had been at Kelso & Co., Adams at...
StoneCreek Capital
StoneCreek Capital formed in 1992, when founders Drew Adams and Bruce Lipian broke from the institutional track — Lipian had been at Kelso & Co., Adams at Wells Fargo — to pursue an independent-sponsor model that was then uncommon. The firm operates from Fort Worth and Newport Beach. The firm targets change-in-control buyouts of middle-market companies generating $3 million to $15 million in EBITDA, with enterprise values between $10 million and $100 million. Sellers include entrepreneurs, family-owned businesses, private equity portfolio companies, and corporate spinoffs. Portfolio evidence spans manufacturing (BarrierSafe Solutions International, FoodHandler Holdings, Fire-Dex), media and experiential marketing (Mob Scene, Pinnacle Exhibits), healthcare (Kova International), and retail (Montana Silversmiths). StoneCreek works across business services, aerospace and defense, value-added distribution, and experiential marketing, with a disclosed geographic footprint anchored in North America. The current principals have led over 15 platform acquisitions and more than 30 add-on acquisitions, while supporting an additional 15 platforms during earlier careers at Kelso & Co. and The Gordon+Morris Group. Deployment across the firm's history exceeds $2 billion in enterprise value, according to the firm. StoneCreek maintains offices in Fort Worth and Newport Beach. The firm has not disclosed AUM or total headcount, consistent with its independent-sponsor structure. No philanthropic foundations or adjacent club vehicles have been confirmed. StoneCreek's structural shape departs from conventional private equity in its lean independent-sponsor architecture. It raises transaction-specific capital rather than managing a blind-pool fund, aligning capital each time against a specific deal. This allows flexibility on hold periods and seller structures, and it anchors governance around the two principals' direct involvement — a model built for continuity across three decades of middle-market buyouts.
General information
Firm type
Private Equity
Year founded
1992
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Fort Worth
Corporate office
Fort Worth, TX, United States
Additional offices
Newport Beach, CA, United States
Principals
Drew Adams
President
Bruce Lipian
Managing Director
Sector focus
Frequently asked questions
How does StoneCreek Capital source deals without a dedicated fund structure?
StoneCreek sources change-in-control buyouts directly from entrepreneurs, family-owned businesses, private equity portfolio companies, and corporate spinoffs. The firm's three-decade track record and dual-office presence in Fort Worth and Newport Beach generate repeat referral flow. Bruce Lipian is a founding member of the Orange County Transaction Network and active in the Association for Corporate Growth, providing West Coast origination channels.
Is StoneCreek an independent sponsor or a traditional private equity fund?
StoneCreek operates as an independent sponsor, raising capital on a transaction-by-transaction basis rather than from a committed blind-pool fund. This model lets the firm tailor capital structures to each deal and removes constraints on hold periods. The two principals — Drew Adams and Bruce Lipian — have structured over 45 acquisitions using this approach since 1992.
What size and type of companies does StoneCreek acquire?
StoneCreek targets middle-market companies with $3 million to $15 million in EBITDA and enterprise values between $10 million and $100 million, though it can pursue larger transactions. The firm requires at least 10% EBITDA margins and seeks businesses with strong management teams, defensible market positions, and opportunities for operational improvement. It has executed across manufacturing, healthcare services, media, and distribution.
Who runs investment decisions at StoneCreek Capital?
President Drew Adams and Managing Director Bruce Lipian jointly run the firm. Adams oversees day-to-day operations and investment activity, drawing on more than 35 years in direct equity and leveraged finance. Lipian, a Kelso & Co. alumnus and Wharton MBA, co-founded the firm and leads transaction execution alongside Adams.
Which sectors does StoneCreek Capital explicitly avoid?
StoneCreek's disclosed criteria emphasize industries with healthy end markets, limited capital intensity, and add-on acquisition opportunities. The firm has not published a formal exclusion list, but its portfolio history — concentrated in business services, manufacturing, media, and distribution — suggests it avoids sectors requiring heavy R&D spending, binary regulatory outcomes, or venture-stage risk.
Does StoneCreek maintain philanthropic or adjacent operating structures alongside its investment activities?
No philanthropic foundations, operating companies, or club vehicles affiliated with StoneCreek Capital have been publicly disclosed. The firm's structure centers narrowly on the independent-sponsor investment platform run by Drew Adams and Bruce Lipian from its two offices.
What is StoneCreek Capital's known posture on co-investments alongside external GPs?
StoneCreek acts as the lead sponsor in its transactions rather than participating as a minority co-investor alongside external GPs. The firm raises deal-specific capital to back each acquisition, taking change-in-control positions and working directly with management teams to implement strategic plans and operational improvements.
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