Two Roads Partners

Brett Crandall is the Managing Partner and Chief Investment Officer. He spent roughly 12 years at Castle Harlan, a middle-market private equity firm, where he ran portfolio operations before launching Two Roads in 2018. His career path also includes operating CEO roles at Internet travel business Travelbyus and propane distributor Pyrofax Energy, giving him direct P&L experience that shapes the firm's operational focus.

The firm pursues control buyouts in the lower middle market, targeting financial services and consumer companies. It typically writes equity checks between $20 million and $75 million and takes a hands-on approach to portfolio company management — restructuring operations, improving margins, and supporting growth initiatives rather than relying solely on financial leverage.

Brett Crandall's network, built over decades in middle-market private equity and as an operating executive, is the primary sourcing engine. The firm competes on its willingness to tackle complex operational situations — turnarounds, corporate carve-outs, and founder transitions — that demand active management involvement, a filter that screens out many conventional buyers.

Two Roads Partners is structured as a traditional private equity firm, not a family office. It raises committed capital from institutional limited partners. However, its founder-led, single-office, concentrated-portfolio model shares some operational characteristics with family offices, particularly in the depth of engagement with individual portfolio companies.

The firm has not published an explicit exclusion list. However, its focus is narrowly drawn around financial services and consumer businesses. Capital-intensive industries like heavy manufacturing, energy extraction, and commodities fall outside its observable mandate, as do early-stage venture investments and minority growth equity. The firm targets mature, established businesses ready for operational intervention.