Investment Firm
Capital and partnership for lasting growth.
Tenaz Capital partners with business owners, management teams, and investors to acquire, support, and grow durable companies. We bring flexible capital, operating experience, and a long-term commitment to building better businesses.
$4M+
EBITDA Focus
N. America & Europe
Current Portfolio Geography
Long-Term
Hold Horizon
Owner-Operator
Partnership
Who We Are
An investment firm built for the long term.
Tenaz Capital was built to provide a thoughtful alternative for owners of lower middle market businesses. Many founders and family owners want liquidity, but they also care deeply about what happens next — their employees, customers, management team, reputation, and legacy.
As a flexible investment firm, we are not constrained by a rigid fund mandate or a short investment timeline. We evaluate each opportunity individually and structure partnerships around the needs of the business, the seller, the management team, and our investors.
Tenaz means tenacity. That idea shapes how we operate — we stay committed, work through complexity, and focus on building companies that endure.
Why Owners Partner With Tenaz
A transition partner for owners who care about what comes next.
Selling a business is not just a transaction. It is the result of decades of work, relationships, and reputation. We partner with owners who want liquidity while also protecting the company's people, culture, customers, and long-term potential.
| OUR APPROACH TENAZ | Private Equity | Strategic Acquirer | |
|---|---|---|---|
| Commitment | Full commitment to long-term growth. A board chosen from successful operators. | Several companies under management. Short-term over long-term focus. | Acquired business becomes one of many divisions. Focus on the core. |
| Existing Management | Strong interest in keeping the management team that built the business. | Management kept if targets met. Cost-cutting first when trouble hits. | Most acquired management replaced due to duplicate roles. |
| Time Horizon | Focused on enduring, multi-decade value creation. | Short-term value and exit. Management pressured for quick wins. | Depends on strategic objective. |
| Source of Capital | Institutional and high-net-worth individual investors. | Fully committed funds from often unknown sources. | Significant internal approvals required. Dependent on core business health. |
| Deal Terms | Flexible terms structured to align all parties. | Complex. Sellers often disadvantaged by knowledge asymmetry. | Long-term compensation tied to future performance. |
| Owner Transition | Owner helps transition the business they built. | Often brings in a new management team. | Owner sells outright; acquirer takes over. |
Our Approach — For Owners
A transition partner for owners who care about what comes next.
We offer a flexible, collaborative approach designed around continuity — preserving what makes a business special while adding capital, management support, and strategic focus for the next stage of growth.
Flexible transaction structures
Aligning sellers, management, and investors around the right deal, not a template.
Long-term orientation
We focus on durable value creation, not short-term financial engineering.
Respect for legacy
We honor the people, culture, and reputation that built the company.
Support after close
Operating, financial, and strategic resources to accelerate growth.
Investment Criteria
Durable businesses with room to grow.
We focus on U.S.-based lower middle market companies where patient capital, operating experience, and focused execution can create long-term value. Each opportunity is evaluated individually and we can scale meaningfully above these ranges where we have high conviction.
- Investment Size$5M – $50M equity per transaction
- Enterprise Value$20M – $200M+, with flexibility above
- EBITDAGreater than $4M — preference above $5M, no top end
- Company TypeOwner transitions to retirement, corporate divestitures, and situations with operational or financial improvement potential
- GeographyU.S.-based operations and headquarters
- ManagementTalented, committed team with appetite to invest and passion for the business
Industries
Sectors where we bring conviction and experience.
Areas of Interest
- Equipment Distribution
- Distribution & Transportation
- Niche Manufacturing
- Equipment Rental
- Equipment Manufacturing
- Industrial Services
- Aerospace & Defense
- Business & Government Services
- Consumer Products & Services
Our Approach — For Investors
Disciplined access to lower middle market opportunities.
Our investment firm model allows us to evaluate opportunities on a transaction-by-transaction basis. Investors participate directly in situations we believe offer strong fundamentals and meaningful upside — with alignment, not blind pool commitments.
Discuss a PartnershipAligned Capital Deployment
Flexible deal structures
Owner-Operator
Hands-on post-close involvement
Downside First
Underwriting with capital preservation focus
Long Duration
Structured for compounding, not quick exits
How We Work
A disciplined four-stage process.
01
Introduction
A confidential conversation to understand goals, timing, and priorities.
02
Evaluation
Focused diligence anchored on people, cash flow durability, and growth path.
03
Structuring
A transaction built around continuity, alignment, and long-term outcomes.
04
Partnership
Hands-on support across operations, capital, and strategy after close.
Business Characteristics We Seek
- Proven, differentiated business model
- Talented management team with appetite to invest
- Organic and acquisition growth opportunities
- Diversified customer base, products, and end markets
- Market leadership in key area(s) of the value chain
- Strong free cash flow generator
- Situations where conventional capital is not the best fit
Transaction Types
Control
Owner transition or partnership, recapitalizations, and management-led buyouts.
Add-On
Acquisitions for current portfolio companies.
Minority
Recapitalizations and growth capital investments.
Discuss a Partnership