About us

Turnout Industries is a Chicago-based diversified holding company focused on acquiring companies with $5-50 million of revenue and at least $1 million of EBITDA. 

Turnout Industries was formed in 2021 with committed capital in partnership with a strategic investor. Our flexible structure and indefinite holding period makes Turnout Industries a differentiated investor for lower middle market businesses.

We are committed to approaching each investment opportunity with the appropriate mix of humility and relevant experience. We prefer candor and believe in straightforward communications. We are an excellent partner to management teams and good stewards of our businesses.


Investment Criteria

New Platforms

U.S. and Canada

$5-50 million revenue

>$1 million EBITDA

Control and non-control

Complete junior capital solution, subordinated debt and equity


Healthy and underperforming

Growth financing through full buyout

Private seller preferred, although we will acquire from institutional owners


Business Services


Distribution and Logistics


Food Processing and Ingredients

Testing, Inspection and Certification

Specialty Treatments and Coatings

IT, HR and Marketing Services