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Two Roads Partners
Brett Crandall's Two Roads Partners pursues control investments in lower middle-market financial services and consumer companies from New York.
Two Roads Partners
Two Roads Partners opened its doors in 2018 under the leadership of Managing Partner and Chief Investment Officer Brett Crandall. Crandall spent over a decade at New York-based Castle Harlan, a middle-market private equity firm, where he ran portfolio operations and led the acquisition of companies including Perkins & Marie Callender’s. His operating background — he previously served as CEO of an Internet travel business and a regional propane distribution company — informs the firm's engaged ownership model. The firm targets control buyouts of lower middle-market businesses in financial services and consumer sectors, typically deploying between $20 million and $75 million of equity per transaction. Two Roads distinguishes itself through an operating lens, with Crandall and his team taking hands-on roles inside portfolio companies to improve operating margins and growth trajectories. In financial services, the firm looks at asset-light service providers, specialty lenders, and insurance distribution platforms. Consumer investments focus on branded, niche businesses with pricing power. With a lean team structure based in New York, the firm runs a concentrated portfolio designed around management partnerships. Two Roads does not publicly disclose its assets under management, adhering to a posture of low-profile execution that mirrors many small, independent sponsors. Brett Crandall's own career architecture — institutional investor turned operating CEO turned fund manager — embeds an atypical candor about operations at the board level. Two Roads occupies a structural niche: it competes not with mega-funds but with family offices and small-cap strategies that require deep operational rehabilitation. The firm's founder-led, single-office architecture means every investment gets the attention of the lead decision-maker, a structural advantage in turnarounds that require on-site management interventions rather than financial engineering.
General information
Firm type
Private Equity
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Brett Crandall
Managing Partner & Chief Investment Officer
Sector focus
Frequently asked questions
Who runs Two Roads Partners and what is their background?
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.
What is Two Roads Partners' investment strategy?
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.
How does Two Roads source its deals?
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.
Does Two Roads Partners operate as a family office or a traditional private equity fund?
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.
What sectors does Two Roads explicitly avoid?
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.
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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