Boyne Capital Research
Firm Type and Business Model
IMPORTANT: Boyne Capital is a Private Equity firm (buy-side investor), not an M&A advisory firm. Boyne Capital acquires and invests in lower middle market companies, partnering with founders and management teams to drive growth. They are buyers of businesses, not sell-side M&A advisors who help owners sell companies.
Investment Approach
Boyne Capital positions itself as "Value Cultivators"—a Florida-based private equity firm founded in 2006 by Derek McDowell that takes a differentiated, relationship-driven approach to investing in founder and family-owned businesses. Their investment thesis centers on partnering with management teams to accelerate growth while preserving the culture and values that made these companies successful.
The firm's philosophy emphasizes collaboration over control. Unlike traditional private equity firms that may replace management and implement aggressive changes, Boyne believes in keeping founders and families involved in growing their businesses. They describe their approach as "more human"—one that doesn't mind seeing things from the ground level and ensures growth goals are realistic and achievable.
Sector Focus
Boyne Capital is a generalist investor with specific expertise in several lower middle market sectors:
Healthcare Services: Significant depth in ambulatory infusion services (Infusion Associates, exited to Vivo Infusion), home health care (Sonas Home Health Care), and behavioral health platforms. The firm has demonstrated ability to scale healthcare businesses through both organic growth and add-on acquisitions.
Infrastructure & Utility Services: Strong track record in water and wastewater infrastructure (McKee Utility Contractors, sold to MasTec for $276M; Ryan Infrastructure Services; McNish LLC with Walker Process Equipment, Amwell, and E&I Corporation). These investments leverage critical infrastructure needs and municipal spending trends.
Consumer Products: Experience in e-commerce supplements (Double Wood Supplements, exited to Gryphon Investors), beverages (Blue Monkey Beverages), and consumer goods (A&A Global Imports).
Business & Industrial Services: Investments include home improvement services (Pinnacle Home Improvement Group), fire protection systems (Rapid Fire Protection Group), construction materials, and various niche manufacturing and distribution businesses.
Investment Themes: The firm prioritizes specific sectors including agriculture, business services, consumer products and services, energy efficiency, environmental services, government services, healthcare services, industrials, niche manufacturing, utility and infrastructure services, and water and wastewater products and services.
Investment Criteria and Process
Size Focus: Companies with $10 million to $100 million in annual revenue and EBITDA of $3 million to $15 million. This is squarely in the lower middle market, where many founder-owned businesses operate.
Geography: United States and Canada, with Boyne headquartered in Miami, Florida.
Transaction Types: Management and shareholder buyouts, recapitalizations (approximately 50% of transactions are recapitalizations of owner-operated businesses), corporate divestitures, add-on acquisitions, and growth capital investments.
Control Preference: Boyne prefers control positions but supports management continuity. Approximately 50% of their transactions involve founders/families remaining involved in operations.
Investment Process: Boyne employs a hands-on, operational approach to value creation. The firm provides dedicated operations and human capital resources to portfolio companies, including executive recruiting, system implementation, and operational infrastructure buildout. This differentiated model focuses on building organizational capabilities that enable sustainable growth while preserving company culture.
Track Record and Fund Performance
Boyne Capital has raised multiple institutional funds:
- Fund I (BCM Fund I): Closed at $126 million in 2017, surpassing the original $100 million target
- Fund II: Closed at $247 million in 2020
- Assets Under Management: Approximately $678 million as of 2025
The firm has completed 30+ platform investments across three funds, with multiple successful exits generating strong returns for limited partners.
Notable Exits and Transactions
McKee Utility Contractors to MasTec (March 2026, $276M): Boyne recapitalized this third-generation, family-operated water and wastewater infrastructure business in December 2022. During Boyne's three-year ownership, the company approximately doubled its crew count, revenue more than doubled, and EBITDA approximately tripled. The sale to publicly-traded MasTec at a $276 million enterprise value represented a significant return.
Double Wood Supplements to Gryphon Investors (January 2026): Boyne acquired this e-commerce vitamins and supplements brand in December 2020. Under Boyne's ownership, the company expanded from ~50 to 150+ SKUs, invested in physical plant and IT infrastructure, and built out a seasoned leadership team. The exit to Gryphon Investors marked a successful outcome after five years of ownership.
Infusion Associates to Vivo Infusion (July 2024): Boyne invested in this Grand Rapids-based ambulatory infusion services provider in November 2018. During Boyne's six-year ownership, the company expanded from one location to 14 across Michigan, Minnesota, Ohio, and Wisconsin, completing seven add-on acquisitions. Revenue and EBITDA grew in excess of 5x, and the business was sold to Vivo Infusion, creating strong returns.
Portfolio Companies
Active and recent investments include:
- McNish, LLC (May 2025): Provider of highly engineered products for municipal water and wastewater treatment industries, operating three divisions (Walker Process Equipment, Amwell, E&I Corporation)
- Blue Monkey Beverages (February 2025): Platform investment in clean-label, 100% pure juice beverages, partnering with Fifth Ocean Capital
- Pinnacle Home Improvement Group (February 2024): Direct-to-homeowner provider of roof replacement, window replacement, and exterior home improvement services
- Ryan Infrastructure Services: Marine and industrial contracting and maintenance services
- ProFusion Industries (October 2023): Niche manufacturing platform
- Sonic Systems International: Technology-enabled services
- Premier Building Associates (August 2024): Commercial roofing platform
Team and Leadership
Derek McDowell – Founder and Managing Partner: Founded Boyne Capital in 2006 after a career in private equity. Under his leadership, the firm has grown from a deal-by-deal investor to a multi-fund platform with nearly $700 million in assets. McDowell is featured in Inc. Magazine for his founder-friendly approach to private equity.
Roman Krislav – Managing Director: Joined Boyne in 2022 after 16 years at H.I.G. Capital and earlier experience at Goldman Sachs. Involved in all aspects of the investment process including sourcing, due diligence, and post-closing growth initiatives. Holds an MBA from Columbia Business School and degrees from the University of Pennsylvania (Wharton School and School of Engineering).
Adam Herman – Chief Operating Officer: Responsible for financial and administrative operations, including finance, accounting, treasury management, and IT infrastructure.
Valerie Barrett – Controller/VP & Chief Compliance Officer: Over 20 years of global finance experience with large multi-national corporations including Burger King, AT&T Wireless, BAX Global, and The Walt Disney Company. CPA with MBA from UCLA.
Rob Regan – Principal, Business Development: Joined Boyne in 2020, drives sourcing and origination efforts. Previously Director of Business Development at McCombie Group. Background includes U.S. Army intelligence officer service.
Other Team Members: The firm includes additional principals and associates including Jonathan Cohn, Scott Bartnick, Michael Riley, and others focused on deal execution and portfolio management.
Competitive Positioning
Boyne Capital differentiates itself through:
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Founder-Friendly Philosophy: Recognized by Inc. Magazine's 2024 list of Founder-Friendly Investors. The firm emphasizes partnership over control, keeping founders involved in growth.
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Operational Value Creation: Dedicated operations and human capital team that supports portfolio companies with executive recruiting, system implementation, and infrastructure buildout.
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Lower Middle Market Focus: Target companies with $10M-$100M revenue—a segment underserved by larger private equity firms.
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Long-Term Perspective: Willing to hold investments for 5+ years (Double Wood: 5 years; Infusion Associates: 6 years) to realize full value.
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Collaborative Culture: Emphasis on "cultivating value" rather than financial engineering, with hands-on partnership approach.
Not a Fit If
Boyne Capital typically does not invest in:
- Companies below $10M in annual revenue
- Pure asset plays or real estate
- Startups or early-stage companies without operating history
- Businesses requiring immediate turnaround or distressed situations
- Industries outside their core expertise (though they maintain generalist flexibility)
- Founders seeking complete immediate exit without ongoing involvement
Regulatory Status
Boyne Capital is registered with the SEC as an Investment Adviser (CRD #285919), not as a FINRA-registered broker-dealer. This registration is appropriate for a private equity firm managing institutional capital.
Geographic Coverage
Headquartered in Miami, Florida (3350 Virginia Street, Suite 400, Miami, FL 33133), Boyne invests across the United States and Canada with particular depth in:
- Florida and Southeast
- Texas and Oklahoma
- Midwest (Michigan, Ohio, Minnesota, Wisconsin)
- West Coast
Summary
Boyne Capital is a well-established lower middle market private equity firm with nearly 20 years of experience partnering with founder and family-owned businesses. The firm's differentiated "value cultivator" approach, operational resources, and founder-friendly philosophy have enabled successful outcomes across healthcare services, infrastructure, consumer products, and business services. With approximately $678 million in assets under management, 30+ platform investments, and multiple successful exits, Boyne has established itself as a respected player in the lower middle market private equity landscape.