Twin Springs Capital

Managing Partner Jeffrey A. Kovacs leads all investment decisions. Before founding Twin Springs in 2013, he was a partner at Irving Place Capital and an investment professional at AEA Investors. Partners Andrew K. Mendelsohn and Brent M. Gordin are also active in sourcing and executing deals, but the firm's ultimate authority on acquisitions rests with Kovacs as the founder and managing partner.

Twin Springs is a direct-deal buyout firm and does not operate as a fund-of-funds. It makes control equity investments directly into portfolio companies, sourcing opportunities through its partners' networks and intermediary relationships in the lower middle market.

The firm focuses on business services, healthcare services, and niche industrial companies. It does not invest in technology startups, real estate, hospitality, or natural resources. Twin Springs avoids cyclical heavy-manufacturing businesses and has historically stayed away from consumer-facing brands, preferring B2B models with recurring revenue characteristics.

Kovacs has publicly stated that the firm relies on long-standing intermediary relationships rather than broad auction processes. By targeting companies with EBITDA below $15 million, Twin Springs competes against independent sponsors and smaller family offices — a less efficient corner of the market where personal networks and founder trust are more important than process-letter volume.