Manufacturing specialists investing in lower-middle market companies in complex situations
New Water Capital
Targeting businesses in periods of transition, with a focus on complex, operationally intensive situations where our expertise has the largest impact
Whether navigating a family or founder transition, a corporate carve-out, or an operational transformation, we work side by side with management teams to build the foundation for sustainable growth at scale
Industry Focus
We invest in lower-middle market manufacturing and distribution businesses, focusing on mission-critical solutions with high switching costs, cycle-resistant business models, and primarily made-to-order production across the following industries:
Situations We Invest In
Business Characteristics
- B2B contract manufacturing and distribution
- Mission critical solutions provider, with high switching costs and sticky customers
- Focused on quality and delivery, not solely price
- Cycle-resistant business model
- Primarily made to order, not made to stock
Types of Complexity
- Family / founder transitions
- Corporate carve-outs
- Capacity constrained
- Legacy real estate ownership
- Key customer risk
- Limited financial info or earnings visibility