Eagle Merchant Partners Research
CRITICAL FINDING: Database Classification Error
Eagle Merchant Partners is a Private Equity firm, NOT an M&A advisory firm. This entity has been incorrectly classified in the advisor database. Eagle Merchant Partners is a buyer/investor that acquires companies—they are not an intermediary that advises business owners on selling their businesses. The firm invests capital to acquire control positions in founder-owned companies, typically working with sell-side advisors (such as Founders Investment Banking, William Blair, Piper Sandler) who represent the sellers in transactions.
This distinction is fundamental for an M&A advisor directory. Business owners searching for advisors to represent them in a sale process should NOT be matched with Eagle Merchant Partners, as Eagle is a potential BUYER in transactions, not an advisor representing the seller's interests.
Investment Approach
Eagle Merchant Partners is a lower middle-market private equity firm focused on control investments in founder-owned companies in the Southeastern United States and Texas. The firm was founded in 2013 and has established itself as one of the region's most active PE investors, with approximately $1 billion invested across 16+ portfolio companies generating more than $1.5 billion in combined revenue.
The firm's investment thesis centers on two core sectors: Consumer Services and Commercial Services (what they describes as "industrial" opportunities). Within Consumer Services, Eagle targets differentiated multi-unit brands in growing sectors, particularly franchisors and franchisees with recurring revenue models and scalable operating systems. Within Commercial Services, the firm focuses on facility services, industrial services, roofing, mechanical services, and infrastructure businesses with non-deferrable, mission-critical service offerings and stable end markets.
Fund Structure & Track Record
Eagle Merchant Partners has raised two institutional funds:
- Fund I (2023): $265 million, used to make eight platform investments
- Fund II (2025): $415 million, oversubscribed and closed above target in just seven months
The firm has successfully completed multiple exits, including:
- Chicken Salad Chick (2019): Sold to Brentwood Associates. Under Eagle's ownership, the fast-casual restaurant chain achieved a seven-fold increase in system sales and added over 100 locations.
- Caliber Car Wash (2021): Sold to Percheron Capital. Eagle retained a minority interest. The company operates 50+ express conveyor car wash facilities across the Southeast and Mid-Atlantic.
- The Recreational Group (2022): Sold to Sentinel Capital Partners. During Eagle's ownership, RG became vertically integrated through several strategic acquisitions across the recreational surfacing landscape.
Investment Criteria
Target Size:
- Revenue: $20 million – $200 million
- EBITDA: $2 million – $20 million
Geographic Focus: Southeastern United States and Texas
Sector Focus:
- Consumer Services: Franchisors, franchisees, residential services, automotive services, health & wellness, childhood enrichment
- Commercial/Industrial Services: Facility services, industrial services, roofing, mechanical services, infrastructure services, industrial components & equipment
Investment Structure: Control investments (majority or controlling stakes) with founder-operators typically retaining equity and continuing to lead the business
Portfolio Companies
Current Holdings:
- Atlantic Pipe Services (Dec 2025): Provider of inspection, cleaning and rehabilitation services for stormwater and wastewater infrastructure across Florida (7 locations)
- ES Integrated (Sep 2025): Industrial cleaning, environmental, and waste services provider headquartered in Charleston, SC (8 locations across Southeast)
- Sam the Concrete Man (Oct 2024): Nation's largest residential concrete services franchisor with 80+ franchise units across 30 states
- Code Ninjas (Sep 2021): World's largest coding franchise system for children with 345+ locations across US, Canada, and UK
- Aligned Fitness (Jun 2025): Leading Southeast-based Club Pilates franchisee with 34+ locations
- Guidewell Education (Sep 2025): Education services platform with add-on acquisition of Reach Cambridge
- AYA Medical Spa (Nov 2024): Premier medical spa franchisor headquartered in Atlanta
- Impact Home Services (May 2023): Home services franchisee
- Enviro-Master Services: Commercial hygiene and cleaning services
- Puget Collision: Auto collision repair network
- TCB Franchising: Multi-brand franchise platform
- Eskola Roofing & Waterproofing: Residential and commercial roofing services
Value Creation Philosophy
Eagle Merchant Partners employs a "Three Core Processes" philosophy centered on Strategy, Operations, and People:
Strategy: Building shared strategic vision with management teams, aligning on aggressive yet achievable short-term and long-term goals through open communication.
Operations: Leveraging first-hand operating experience in lower middle-market businesses. The investment team brings decades of experience actually owning and operating businesses in their target sectors.
People: Supporting existing executives, hiring ahead of anticipated growth, and leveraging deep networks of industry executives to build out teams during critical growth stages.
Industry Recognition
Eagle has been named to Inc. Magazine's list of "Best Private Equity Firms for Entrepreneurs and Founders" for four consecutive years (2021-2024). The firm emphasizes founder-friendly partnerships and has become a preferred partner for founders seeking growth capital while maintaining meaningful ownership and operational involvement.
Team & Organization
The firm is led by Partners Stockton Croft and Bill Lundstrom, with additional investment professionals including Principals Brady Sumner, Zack Taylor, Drew Foster, and Jake Rubenstein. John Egan serves as Vice President. The founders have been working together for more than 15 years and remain actively engaged in every investment. Shellie Davis serves as Chief Financial Officer. The team includes approximately 20-25 professionals across investment, portfolio operations, and administrative functions.
Geographic Footprint
Headquarters: One Buckhead Plaza, 3060 Peachtree Rd NW, Suite 970, Atlanta, Georgia 30305 Phone: 404-974-2480 Primary Markets: Southeastern United States (Georgia, Florida, Alabama, Tennessee, South Carolina, North Carolina) and Texas
Regulatory Registration
Eagle Merchant Partners is registered with the SEC as an investment adviser (CRD #285104). The firm is NOT a FINRA-registered broker-dealer, which is consistent with its status as a private equity investor rather than an M&A advisory intermediary.
Not a Fit For
Eagle Merchant Partners does NOT provide M&A advisory services. The firm is not a fit for:
- Business owners seeking representation in a sale process (Eagle is a potential buyer, not an advisor)
- Companies below $20 million in revenue or $2 million in EBITDA
- Businesses outside the Southeast/Texas geography
- Startups or early-stage companies without established cash flow
- Industries outside their consumer and commercial services focus
Business owners seeking M&A advisory representation should consult investment banks such as Founders Investment Banking, William Blair, Piper Sandler, or D.A. Davidson—all firms that have advised sellers in transactions where Eagle Merchant Partners was the buyer.