Foundation Investment Partners — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Founder and family-owned niche manufacturers, industrial distributors, and specialized business services with $1M-$10M EBITDA ($5M-$50M TEV) in the Midwest and Southeast US. Companies where operational complexity or resource constraints limit growth potential.

Not A Fit If

Turnarounds, distressed situations, startups/early-stage, financial services/real estate, businesses above $10M EBITDA, companies requiring aggressive leverage or financial engineering.

People-first private equity with operational expertise in niche manufacturing and distribution. Differentiates through hands-on operating model, Midwestern values, use of EOS/structured processes, and focus on employee wellbeing as a driver of performance. Not a passive financial investor—active operator embedded in portfolio companies.

02Process & Fees

Acquisition and hands-on value creation: embed team into portfolio companies, implement EOS and proprietary processes, recruit professional leadership, install operational systems, and drive growth through metric-driven management and continuous improvement. 5-7 year holding period with exit to strategic buyers or larger PE firms.

Foundation Investment Partners Research

CRITICAL DATA QUALITY NOTE

Foundation Investment Partners is a private equity firm that acquires companies, NOT an M&A advisory firm that represents sellers. The AdvisorIndex directory is designed for M&A intermediaries who represent business owners in sale processes. This entity is a buyer of companies, not a sell-side advisor. This record may represent a data classification error that should be reviewed for potential removal or reclassification.

Investment Approach

Foundation Investment Partners (FIP) is a lower middle market private equity firm founded in 2009 and based in Chagrin Falls, Ohio (with operations in Solon, Ohio). The firm focuses on acquiring niche manufacturers, high value-added distributors, outsourced business service providers, and select software developers with EBITDA levels of $1 million to $10 million. FIP's thesis is centered on "people-centric" private equity—the firm believes that cared-for and empowered employees outperform, and they build companies that account for the universal wellbeing of people.

Unlike traditional private equity firms that rely on financial engineering and excessive leverage, FIP's operating model emphasizes embedding their team directly into portfolio companies to provide operational support, strategic guidance, and resources necessary to drive growth. They utilize Entrepreneurial Operating Systems (EOS) and other proprietary processes to identify and clear growth blockages, whether through technology implementation, leadership team installation, or operational improvements.

Sector Focus

FIP concentrates on niche industrial sectors where their operational expertise provides competitive advantage:

Manufacturing: The firm has deep experience in precision manufacturing, particularly paper and packaging products (spiral wound tubes, folding cartons, paper converting), metal fabrication (wire harness assemblies, metal components for cosmetics), and industrial components (probe needles for testing applications, pressure and temperature gauges).

Distribution: FIP has acquired multiple industrial distributors, including companies serving the construction and industrial sectors (drainage supplies, pipe and fittings), industrial tools and equipment distribution, and safety equipment supplies.

Specialized Services: The firm invests in niche business services and specialized manufacturing, including work truck body upfitting for government and commercial markets, and contract manufacturing serving specific end markets.

Deal Track Record

Since its founding in 2009, FIP has completed 10+ platform acquisitions across multiple sectors. The firm typically holds investments for 5-7 years before exiting, with several successful realized exits:

Active Portfolio (Holdings): Amspak, Inc. (packaging manufacturer, acquired 2024), Spartan Tool Supply (industrial tools distributor, 2024), AAA Industrial Supply (safety equipment distributor, 2025), Paper Converters, Inc. (paper tubes manufacturer, 2026 through Sustainable Packaging platform), W.A. Jones (work truck upfitting, 2019), and Advanced Probing Systems (probe needles manufacturer).

Realized Exits: Discount Drainage Supplies (acquired 2018, sold to Winsupply Inc.), Miljoco Corporation (sold to DwyerOmega in 2024), Western Reserve Wire Products (wire harness assemblies), and Acme Cosmetic Components (global leader in cosmetic packaging components).

The firm's disciplined acquisition approach focuses on founder-owned and family-owned businesses where the owners lack the resources, experience, or risk appetite to scale operations. FIP provides exit liquidity for founders while building management teams and professionalizing operations to drive growth.

Investment Process & Criteria

FIP targets businesses with $1M-$10M in EBITDA (typically translating to $5M-$50M in enterprise value). The firm seeks sound businesses that "need a little help to be something special"—companies with strong fundamentals but operational constraints, limited management depth, or resource constraints inhibiting growth.

The firm's process emphasizes measured, ambitious growth without excessive leverage or unrealistic KPIs. They work collaboratively with management teams, providing tactical support and strategic guidance while maintaining the culture and values that made portfolio companies successful. FIP often recruits new CEOs and professional leadership teams while allowing founders to transition out or remain in advisory roles.

Competitive Positioning

FIP differentiates from other lower middle market private equity firms through:

People-First Philosophy: Unusual emphasis on employee wellbeing and culture as a driver of business performance
Operating Expertise: Team members have operational backgrounds in manufacturing and industrial sectors, not just finance
Hands-On Engagement: Direct embedding into portfolio companies rather than passive board-level oversight
Midwestern Values: Principled, collaborative approach emphasizing long-term relationships over transactional deal-making
Proprietary Processes: Use of EOS and other structured operating systems to drive predictable improvements

Geographic Coverage

Primary focus on the Midwest and Southeast United States, with portfolio companies located in Ohio, South Carolina, Indiana, and other states. The firm operates nationally but maintains strong regional presence in the industrial heartland.

Not a Fit If

FIP typically does not invest in:

Businesses outside their niche manufacturing/distribution focus
Companies requiring turnaround or distress scenarios
Startups or early-stage ventures without proven cash flow
Real estate, financial services, or other non-operating assets
Businesses above their $10M EBITDA bandwidth

Team

The firm is led by Founder & Managing Partner David Wood, who previously spent 10 years as a Partner at Kirtland Capital Partners (another Cleveland-based private equity firm) and worked in structured finance at KeyBank. Key team members include Partners Amy Forsythe, Doug Moore, and Ed Johnson, along with professionals Carolyn Manley, Jim Foley, Joe Paulsen, Kit Smith, Kevin Sargent, and Taylor Bergana. The team combines operational experience with private equity and financial services backgrounds.