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Turnout Industries
Turnout Industries was formed in 2021 by partners Andrew Simmons, Rob France, and Will Oberholtzer.
Turnout Industries
Turnout Industries was formed in 2021 by partners Andrew Simmons, Rob France, and Will Oberholtzer. The firm operates as a diversified holding company with committed capital from an undisclosed strategic investor, structured for indefinite holding periods. Its team of five also includes principal Mike Lazarczyk and vice president Zach DuCharme. The firm targets control and non-control acquisitions of U.S. and Canadian businesses with $5-50 million in revenue and at least $1 million in EBITDA. Turnout provides a full junior capital solution—subordinated debt and equity—for growth financing through full buyouts. It will acquire from private sellers or institutional owners, and considers both healthy and underperforming companies. Sector focus spans business services, manufacturing, distribution and logistics, food processing and ingredients, testing/inspection/certification, specialty treatments and coatings, and IT/HR/marketing services. Based in Chicago at 566 West Adams Street, the firm does not disclose AUM or total deployed capital. Its five professionals cover deal sourcing, execution, and portfolio oversight. No philanthropic vehicles, additional offices, or club memberships are publicly identified. Turnout's structure is unusual for its size: a holding company with committed capital from a single strategic backer, not a fund with a fixed lifecycle. This allows indefinite holds and flexible equity/debt structures, differentiating it from private equity firms with 10-year fund terms.
General information
Firm type
Single Family Office
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
566 West Adams Street, Suite 710, Chicago, IL 60661, United States
Principals
Andrew Simmons
Partner
Rob France
Partner
Will Oberholtzer
Partner
Mike Lazarczyk
Principal
Zach DuCharme
Vice President
Sector focus
Frequently asked questions
Who makes investment decisions at Turnout Industries?
The firm is run by three partners: Andrew Simmons, Rob France, and Will Oberholtzer. Principal Mike Lazarczyk and Vice President Zach DuCharme support deal execution. No single named CIO or CEO is identified on the website; decisions appear collective among the three partners (per firm website).
How does Turnout Industries source proprietary deal flow?
Turnout targets private sellers and institutional owners for lower middle-market acquisitions, offering flexible junior capital structures. The firm does not disclose a formal sourcing network; its small team suggests a relationship-driven approach rather than a large origination machine (per firm website).
Is Turnout Industries a single family office or a private equity firm?
Turnout describes itself as a diversified holding company with committed capital from a strategic investor—typically a single-family-office structure. Unlike traditional PE funds with fixed terms, Turnout has an indefinite holding period, allowing it to hold investments longer and use subordinated debt and equity alongside control positions (per firm website).
Does Turnout participate in fund commitments or only direct deals?
Turnout executes direct acquisitions and provides junior capital solutions including subordinated debt and equity. It does not describe any fund-of-funds or external GP commitments. Its model is purely direct investment in operating companies (per firm website).
What are Turnout's typical investment metrics?
Target companies have $5-50 million in revenue and at least $1 million in EBITDA. The firm considers both healthy and underperforming businesses and can provide growth financing through full buyouts. Geography is limited to the U.S. and Canada (per firm website).
Which sectors does Turnout Industries focus on?
The firm targets business services, manufacturing, distribution and logistics, food processing and ingredients, testing/inspection/certification, specialty treatments and coatings, and IT/HR/marketing services. It does not explicitly avoid any sector but these six areas define its stated expertise (per firm website).
Where does the underlying wealth at Turnout come from?
Turnout does not disclose the source of its committed capital or the identity of its strategic investor. No public information ties the firm to a specific family fortune. The wealth origin remains undisclosed.
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