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Transition Capital Partners
Founded in 1993 and based in Southlake, Texas, Transition Capital Partners has spent three decades executing control investments in U.S.-headquartered...
Transition Capital Partners
Founded in 1993 and based in Southlake, Texas, Transition Capital Partners has spent three decades executing control investments in U.S.-headquartered middle-market companies. Managing Partner Andy Foskey leads a deliberately compact team that includes Managing Directors Jason Faucett and Keith Driscoll, alongside Director Justin Mowrey. TCP does not disclose wealth origins or outside LP capital, reflecting a structure that operates without the fundraising-cycle constraints of traditional blind-pool funds. The firm pursues a classic private equity playbook — buyouts, succession-driven acquisitions, management buy-ins, and recapitalizations — filtered through a relationship lens rather than an auction-process one. Strategy blends an emphasis on experienced management teams with a flexible transactional posture. Although TCP can invest nationally, its portfolio skews heavily toward Texas; it has completed more than 20 acquisitions in its home state. Disclosed current and realized investments at various points include STAG Mission Critical, PAT Tank, Petroflex North America, McDaniel Metals, Xclusive Services, and ProtectAll, spanning industrial services, specialty manufacturing, and business services. TCP targets one to two new platform commitments per year, a cadence it has maintained across decades, and has invested in over 50 middle-market companies during its history. In a market where many firms race to deploy capital, the team has anchored itself physically as well: in 2020, TCP bought and renovated a dedicated office property on Brumlow Avenue in Southlake, an operational event that underscored its long-duration mindset. Adjacent vehicles or structured co-investor clubs have not been disclosed. TCP's structural distinction is its avoidance of institutional fundraising timelines. Because it does not operate a traditional closed-end fund structure with a finite deployment window, partners describe themselves as "inflexible about being flexible," aligning terms, hold periods, and decision-making speed with each platform's succession or growth timeline rather than a fund-document calendar.
General information
Firm type
Private Equity
Year founded
1993
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Southlake
Corporate office
1375 Brumlow Avenue, Southlake, TX 76092, United States
Principals
Andy Foskey
Managing Partner
Jason Faucett
Managing Director
Keith Driscoll
Managing Director
Justin Mowrey
Director
Preston Hext
Vice President
Jace Foskey
Senior Associate
Jeff Saunders
Operating Partner
John O'Brien
Operating Partner
Celeste Newton
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Transition Capital Partners?
Managing Partner Andy Foskey oversees investment decisions alongside a compact senior team that includes Managing Directors Jason Faucett and Keith Driscoll and Director Justin Mowrey. The firm keeps its investment team small to maintain close involvement with each portfolio company, making one to two new commitments annually. Final decision-making authority sits with the partnership, not an external investment committee.
How does Transition Capital Partners source deals?
TCP emphasizes relationship-driven origination rather than broad auction processes. After more than 30 years in the lower middle market, the firm leverages a network built across more than 50 completed platform acquisitions. Its geographic concentration in Texas — where it has done more than 20 deals — creates a dense referral base among operators, intermediaries, and lenders in the region.
Does Transition Capital Partners raise a traditional private equity fund?
No. TCP explicitly states that it operates without the artificial constraints fundraising cycles create for traditional private equity funds, which gives it flexibility on hold periods and investment pacing. The firm has not publicly disclosed a formal fund structure, AUM, or a pool of third-party limited partners, suggesting a mandate structured around flexible, patient capital.
What investment stages does Transition Capital Partners target?
TCP targets control investments in established middle-market companies. Its transaction types include traditional buyouts, management buy-ins, succession-driven acquisitions, and recapitalizations. The firm does not pursue minority stakes or venture-stage exposure — it concentrates exclusively on situations where it can deploy meaningful control capital alongside operating partners.
Which sectors does Transition Capital Partners actively avoid?
TCP does not publish a formal exclusion list, but its disclosed current and realized investments — which include STAG Mission Critical, PAT Tank, Petroflex North America, McDaniel Metals, Xclusive Services, and ProtectAll — cluster in industrial services, niche manufacturing, and business services. There is no evidence of activity in consumer internet, life sciences, fintech, or other technology-heavy verticals.
What is Transition Capital Partners' known posture on co-investment?
TCP has not publicly advertised a co-investment program or a network of passive LP co-investors. The firm's messaging focuses on direct partnerships between the TCP team and portfolio-company management, without references to club deals or syndication. Based on its small investment team and one-to-two-deal annual pace, co-investment appears not to be a core feature of the strategy.
How many professionals work at Transition Capital Partners?
TCP's website lists eight investment professionals, including the Managing Partner, two Managing Directors, a Director, a Vice President, a Senior Associate, and two Operating Partners. A Chief Financial Officer rounds out the disclosed leadership team. The firm has deliberately stayed small to devote concentrated attention to each management partnership.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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