# True North Equity

True North Equity is a Private Equity based in Birmingham, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Birmingham, United States
- **Region:** North America
- **Address:** Birmingham, MI, United States
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** www.truenorthequity.com
- **LinkedIn:** https://www.linkedin.com/company/true-north-equity-llc

## Regulatory record

- **Reports private funds:** No

## About

True North Equity is a private equity firm based in Plymouth, MI. It focuses on acquiring U.S. companies providing outsourced services to natural gas and electric utilities. Targeted EBITDA levels range from $5M to $20M. The firm partners with CIVC Partners, a Chicago-based private equity firm with $1.3 billion under management, to fund acquisitions.

## Sectors

- Infrastructure
- Energy Transition & Renewables

## People

- Jeff Wigginton — Managing Partner
- Brent Wolgast — Partner

## Questions

### Who runs investment decisions at True North Equity?

Managing Partner Jeff Wigginton runs the entire investment process from sourcing through post-close operations. He has done so since founding the firm in 2008. In 2024, TNE added Brent Wolgast as a partner, but Wigginton retains control over all phases of a deal.

### How is True North Equity structured — does it operate a traditional private equity fund?

No. TNE does not operate a blind-pool fund with a fixed term. The partners take direct majority equity stakes in each acquisition. This lets TNE hold companies indefinitely and structure exits around operating milestones rather than fund-expiration deadlines, a structure that resembles a long-duration holding company more than a typical lower-middle-market fund.

### What does True North Equity buy, and where?

TNE buys US-based companies that maintain, repair and construct underground utility lines, with a primary focus on natural gas distribution infrastructure. The firm targets businesses generating $1 million to $10 million in EBITDA and only pursues majority ownership. It operates exclusively in the continental United States.

### Does management stay on after True North Equity acquires a company?

TNE strongly prefers to retain existing management teams. It encourages operators to invest alongside the firm, giving them equity participation during TNE’s ownership. The firm will, on occasion, invest in businesses where the management team plans to leave after closing, but that is not its default approach.

### How does True North Equity source its deals?

TNE’s deal flow comes from a mix of direct outreach to business owners and relationships with sell-side intermediaries. The firm’s website explicitly invites owners and intermediaries representing sellers to submit opportunities that meet its acquisition criteria. Jeff Wigginton personally leads sourcing, which for a firm of this size signals a high-touch, founder-driven origination model.

### What is True North Equity’s posture on co-investments alongside external GPs?

TNE does not co-invest alongside third-party general partners in the traditional fund sense. It takes direct majority stakes and sources its own deals. The only co-investment dynamic it advertises is the opportunity for portfolio-company management teams to invest alongside TNE at the deal level.

### Does the firm disclose its assets under management or total deployment?

No. TNE has not publicly disclosed an AUM figure, a total deployment number, or the size of its capital base. Its scale is inferred only from its stated EBITDA acquisition band of $1 million to $10 million and its small, founder-led team.

## Related profiles

- [The Ventures](https://altss.com/profile/the-ventures)
- [United Partners](https://altss.com/profile/united-partners)

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Last updated: 2026-06-03T20:00:00.000Z

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