Great Range Capital Research
Investment Approach
Great Range Capital is a Midwest-focused private equity firm built on a foundation of institutional investing experience combined with authentic Midwestern values. Founded in 2010 by Ryan Sprott and Paul Maxwell—both native Midwesterners who spent years at large East Coast investment banking and private equity firms completing over $5 billion in transactions before returning to Kansas City—the firm combines sophisticated institutional-grade expertise with a genuine commitment to partnership and long-term value creation in the Midwest.
Great Range Capital's thesis centers on the belief that great Midwestern companies—often family-owned or founder-operated with strong products, rich histories, and genuine growth potential—deserve partners who understand their culture and values. Rather than impose a one-size-fits-all operating model, GRC tailors its approach to each business, leveraging the firm's operational expertise and network to drive organic growth, strategic add-on acquisitions, and sustainable value creation. The firm has closed its third fund at $250 million and maintains a disciplined investment strategy focused on long-term partnership over rapid exits.
Sector Focus
Great Range Capital targets niche manufacturing, business and industrial services, consumer/retail, and healthcare services. Within these sectors, the firm has demonstrated particular depth and repeated success patterns:
Manufacturing Focus: GRC has invested in specialty manufacturing and light industrial companies, including pallet production (Realm Companies), commercial roofing operations (Roofed Right America platform), and related industrial services. The firm understands operational complexity in manufacturing—capital requirements, supply chain dynamics, production efficiency—and actively works with management teams to improve operations and margins.
Business and Industrial Services: The firm has built expertise in staffing (Labor Source, acquired 2017), specialty transportation (LLL Transport, acquired 2011), and facilities/janitorial services. These businesses have common characteristics: recurring customer relationships, scalable operational models, and opportunities for geographic or service-line expansion through add-on acquisitions.
Consumer/Retail and Food Service: GRC has invested in consumer-facing businesses including commercial roofing (Roofed Right Right), home improvement, landscaping (HeartLand platform), and coffee/café operations (FairWave Holdings with Messenger Coffee, The Roasterie, Fiddleheads Coffee, and others). These investments often feature strong brand equity, loyal customer bases, and opportunities for multi-unit expansion.
Healthcare Services: The firm pursues healthcare-related investments, with team members (particularly Philip Scheuerman) bringing healthcare investment banking experience from firms like Piper Jaffray.
Deal Track Record
Great Range Capital has completed over 30 transactions since 2010, with significant acceleration in recent years. Notable exits and active platforms include:
Realm Companies (Pallet Producer): Acquired 2020, successfully exited 2022 to one of the largest pallet companies in the United States. Demonstrated clean entry, operational improvement, and strategic exit to a strategic buyer.
Roofed Right America Platform: Acquired base company April 2023 with founders Adam Brissman (CEO) and Ricardo Herrera (COO) retaining significant ownership. Platform has since completed four add-on acquisitions: Upstate Roofing & Painting (Rochester, NY, November 2023), B&M Roofing of Colorado (Frederick, CO, July 2025), Eagle Rivet Roof Services (Connecticut/Massachusetts, October 2025), and other regional roofing contractors. This demonstrates GRC's effective build-up strategy—creating a scalable platform, executing add-ons, and expanding geographic footprint while preserving founder identity and local operations.
FairWave Holdings: Majority-owned by GRC, FairWave has acquired and integrated multiple coffee/café brands including Messenger Coffee (Kansas City), The Roasterie (Kansas City), and most recently Fiddleheads Coffee (Wisconsin, January 2026). Platform strategy allows founders to retain brand identity while accessing GRC's capital, operations expertise, and multi-unit expansion guidance.
Citadel Security Holdings: Acquired June 2024, providing GRC capital and operational support to scale a security services business across multiple geographies.
Other Notable Deals: America's Best Carpet & Tile (acquired 2023), HeartLand landscaping platform (exited to Sterling Investment Partners), and ongoing portfolio support across consumer, manufacturing, and services businesses.
Aggregated portfolio metrics: Over 30 completed transactions since 2010, focused on disciplined entry valuations, operational improvement, and strategic exits or hold-for-growth strategies.
Investment Process & Engagement Model
Great Range Capital targets founder-owned and family-owned businesses seeking one of several outcomes: retirement liquidity, generational transition solutions, partnership to take the company to the next level, or partial/full liquidity while retaining operational control.
The firm's engagement model emphasizes collaboration, transparency, and long-term partnership:
- Integrity: Open, candid communication; commitment to doing what you say
- Respect: Recognition that businesses are driven by people; commitment to preserving company culture and history
- Creativity: Tailored solutions reflecting each company's unique goals and situation
- Collaboration: Playing to strengths; management teams run the business while GRC provides strategic support, capital allocation guidance, M&A assistance, and board engagement
- Growth: Active support for organic growth, add-on acquisition strategy, refinancing/recapitalization, and multi-unit expansion
GRC structures deals across multiple formats: leveraged buyouts, management buyouts, recapitalizations, significant minority stakes, structured equity arrangements, and add-on acquisitions for platform companies. Investment timelines vary from 5-10+ years depending on business dynamics and exit opportunities.
Buyer Network and Add-On Strategy
Great Range Capital's deal history reveals a strong capability for identifying strategic add-on acquisition targets. The Roofed Right America platform demonstrates this: in roughly 2.5 years (April 2023 – October 2025), the platform executed four add-on acquisitions across multiple geographies, suggesting strong sourcing capabilities, operational playbooks for rapid integration, and founder-friendly acquisition terms that encourage management team participation in add-on deals.
The firm's network includes relationships with founder-owners and middle-market business operators across the Midwest, built through both direct investing experience and an active "Market Ambassador Program" that leverages community relationships and investment networks across the region.
Competitive Positioning
Great Range Capital differentiates from other Midwest PE firms through several key factors:
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Founder-Centric Approach: Emphasis on long-term partnership and cultural fit rather than aggressive operational overlays or rapid multiple expansion plays. Founders and management teams often retain significant equity stakes and operational control in GRC-backed companies.
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Geographic Advantage: Deep Midwest roots and relationships provide sourcing advantages and credibility with family-owned and founder-operated businesses that value local understanding and commitment to the region.
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Build-Up/Platform Expertise: The Roofed Right America and FairWave platforms demonstrate GRC's capability to identify fragmented industries with add-on acquisition potential, rapidly execute acquisitions, integrate operations, and preserve brand identity while driving multi-unit growth.
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Institutional Experience + Midwest Values: Leadership team combines substantial East Coast institutional expertise (East Coast PE, investment banking, fund management) with genuine Midwest roots and values, creating credibility with both sophisticated capital sources and Midwest business owners.
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Active Portfolio Support: Rather than passive investment, GRC actively supports portfolio company growth through strategy development, capital allocation guidance, acquisitions, financings, and board engagement.
Not a Fit If
Great Range Capital typically declines opportunities that don't align with its thesis:
- Businesses below $10M revenue or $3M+ EBITDA
- Companies requiring pure financial engineering or EBITDA manipulation for quick exits
- Founder-owners seeking to completely exit with zero ongoing involvement
- Situations where GRC's Midwest focus or network adds limited value
- Turnarounds requiring significant operational restructuring in capital-intensive manufacturing
Team
Great Range Capital's investment team combines institutional-grade experience with Midwest relationships and values. Key team members include:
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Ryan Sprott: Co-founder and Managing Partner. 20+ years of investment banking and private equity experience. Former Managing Director and Partner at DLJ Merchant Banking Partners (Credit Suisse's PE division) in New York. Led over $5 billion in transactions before returning to Kansas City to establish GRC.
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Paul Maxwell: Co-founder and Managing Partner. M&A experience and diverse background in finance, entrepreneurship, and consulting. CFO experience with regional companies, representing GRC's Southwest Missouri region. Strong ties to Springfield area and regional business community.
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Philip Scheuerman: Senior member of investment team. Healthcare investment banking background from Piper Jaffray (Minneapolis), with M&A advisory, debt/equity financing, and LBO experience. Prior PE experience at McCarthy Capital (Omaha). CPA background from KPMG. Brings structured finance expertise and healthcare sector knowledge.
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Matt Stranz: Managing Director, Business Development. Leads identification of new investment opportunities and partnership development across the Midwest. Primary point of contact for new business development.
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Mark Robinson: Managing Director. Experienced PE investor and portfolio company operator.
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Paul Freeman: Regional representative for Southwest Missouri. M&A background at Merrill Lynch, CEO/CFO experience with regional companies, strong community ties and sourcing capability.
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Chris Santiago: Operating Partner. Brings operational improvement expertise to portfolio companies.
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Adam Hazlett: Associate. Background in M&A and restructuring consulting at Deloitte.
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Keaton Cross: Vice President (promoted January 2026)
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Zach Neuner: Vice President (promoted January 2026)
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Cameron Gornet: Senior Associate (recent hire, October 2025)
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Jack Dwyer: Associate (recent hire, October 2025)
Team total: ~12 investment and operational professionals, with additional operating partners and market ambassadors across the region.
Geographic Coverage
Great Range Capital operates with a primary focus on the Greater Midwest, with particular strength in:
- Kansas: Home base and core market; highest transaction density
- Missouri: Strong presence and sourcing network, particularly Southwest Missouri through Paul Freeman
- Oklahoma, Arkansas, Louisiana: Southern edge of coverage area
- Illinois, Wisconsin, Minnesota, Iowa: Northern Midwest coverage
- Geographic Expansion: Recent platform investments (Roofed Right America) and acquisitions suggest expanding national reach, with successful add-on acquisitions in Northeast (Connecticut, Massachusetts) and Mountain West (Colorado)
The firm's "from here, based here, live by Midwest values" positioning reflects genuine geographic commitment and community ties across the region.
Capital and Fund Strategy
Great Range Capital raised Fund III at a $250M hard cap (closed November 2023). Limited partners include pension funds, insurance companies, endowments, foundations, and fund-of-funds. The firm has indicated continued growth and investment activity, with the 2024 Market Ambassador Program designed to increase visibility, ramp acquisition activity, and expand the growing portfolio.
Financial Criteria
Great Range targets companies with:
- Revenue: $10M+
- EBITDA: $3M+
- Deal structures: Leveraged buyouts, management buyouts, recaps, significant minority, structured equity, add-on acquisitions
- Investment horizon: 5-10+ years depending on business and exit timing
Conclusion
Great Range Capital represents a distinctive Midwest PE franchise combining institutional-grade investment experience with authentic regional commitment and a founder-centric approach to partnership. The firm's track record of 30+ transactions, successful platform builds (Roofed Right, FairWave), clean exits (Realm), and active portfolio support demonstrates both competence and commitment. For founder-owned or family-owned Midwest businesses seeking patient capital, operational partnership, and genuine respect for company culture, Great Range Capital offers a differentiated alternative to national PE firms pursuing aggressive operational overlays or rapid multiple expansion strategies.