Panmure Capital is a private investment partnership focused on acquiring and operating lower middle-market businesses. We invest only our own capital — no outside LPs, no mandated timelines.
Who We Are
We understand how great companies are built because we have built them. We have invested in them. We have successfully sold them.
We manage no outside capital. Our permanent capital base allows us to partner with owners or management teams on their terms, and make decisions based solely on long-term value creation. We operate without external pressures or mandated exit timelines.
How We Work
We think and act like owners — because we are owners. We apply common sense and good judgment consistently, and believe both compound over time.
We have the ability to roll up our sleeves. We can take active roles in sales, strategy, operations, finance, personnel and M&A execution.
No outside LPs means no conflicting interests. We structure transactions to create meaningful upside for ownership and key management.
We are under no obligation to sell. This allows us to be patient through cycles, invest in long-term initiatives, and avoid forced exits at inopportune times.
Our experience, backgrounds and capital base allow us to move quickly and credibly through diligence, structuring, and financing. We can work with or without a sellside intermediary.
Succession is one of the most consequential decisions an owner makes. We are equipped to solve for it — structuring transactions that prioritize legacy, employees, and the long-term continuity of the business.
We are a small team making our own decisions. No investment committee theater. Conversations stay confidential and we move on your timeline.
Investment Criteria
We are sector-agnostic. We prefer established businesses with durable cash flows that have the opportunity to invest incremental capital at attractive rates.
$5M–$50M in annual revenue. We are comfortable underwriting businesses at various stages of their life cycle.
$1M–$10M in EBITDA.
We prefer businesses located in the Midwest, but we will pursue opportunities across the United States.
Specialty trades, environmental services, distribution, business services, software, and manufacturing. We avoid low return on capital businesses in commoditized industries.
Ownership liquidity, management buyouts, turnarounds, growth recapitalizations, and carve-outs.
We are not a financial sponsor with a fixed mandate which requires that we act based on the terms of a fund or a fixed capital raise. We are not transactional and do not participate in zero sum games. We are investors and operators who act like owners and seek to create enduring value regardless of how long we are invested in a business.
Our Team
Matt has been Chief Executive Officer of Equipment Technologies — makers of the Apache crop sprayer — since first investing in the company in 2002. In 2016, he and his partners sold Equipment Technologies to Exel Groupe, a Paris-based manufacturer of industrial and agricultural spraying equipment.
Earlier in his career, Matt spent seven years at Price Waterhouse before becoming CFO of Sunrise Publications, where he participated in a management-led LBO and ultimately served as CFO and COO through the company's sale to Hallmark Cards in 1998. He subsequently served as COO of iProperty.com, a real estate e-commerce start-up sold to Fidelity National Financial in 2001.
Matt received a BS in Accounting from Indiana University. Matt and his wife Laura are both Hoosiers and have two daughters.
Carson currently serves on the leadership team of Propio, a Leonard Green & Partners-backed platform that has grown from $15M in revenue and $1M of EBITDA to more than $575M in revenue and $230M of EBITDA during his five-year tenure.
Prior to Propio, he was President of Affordable Language Services in Cincinnati. Before that, Carson worked in the Investment Banking Division at Goldman Sachs, advising clients in the Real Estate, Gaming, Lodging, and Retail sectors on more than $50 billion of M&A and capital markets transactions — including acquisitions, IPOs, follow-on offerings, private equity placements, and debt financings.
Carson received a BS in Financial Management from Clemson University and an MSF from the University of Alabama. He and his wife, Brooke, a Cincinnati native, met as classmates in the MSF program at Alabama and have two sons.
Get in Touch
If you are an owner exploring your options, an intermediary with a mandate, or a management team seeking a partner — we would like to hear from you.