Where we invest

$2–5M EBITDA.
Founder-Run. 
Unique Businesses.

We're opportunists with naturally broad interests. Have one to discuss and don't know if it's a fit? Reach out to us at ben@evolvecapital.com and carlyn@evolvecapital.com.

  • Fire Safety Assembly
  • Critical Services
  • Branded Food
  • Niche Manufacturing
  • Aerospace & Defense
  • PCBA
  • Healthcare
  • Chemicals
  • Consumer Goods
  • Industrials
Our Current Investments

We keep our portfolio intentionally quiet, but we're happy to discuss it with business owners and intermediaries. If you want a sense of what we're in right now, look to the right. We'll do anything in the spirit of these existing investments.

  • Home Health & Hospice

    Medicare-reimbursed skilled care providers expanding into new geographies.

  • Residential & Day Services

    Medicaid-reimbursed skilled care providers expanding into new geographies.

  • Emergency Services Manufacturing

    Branded products and assemblies for the fire, ambulance, and other emergency services markets.

  • Decontamination & Cleaning

    Mission-critical and controlled environment specialists.

Realized Investments

Talk doesn't cook rice.

An ancient proverb we live by. We don't just talk about taking a founder's business to the next level and realizing value upon exit. We deliver. See our realized investments for more detail.

Green Circuits

Green Circuits

PCB Assembly

Green Circuits

Quick-turn PCB assembly and electronics manufacturing services for design teams and OEMs.

  • Brought in CEO & CFO
  • Increased revenue more than 2×
  • Increased EBITDA more than 2.5×
3.5× Invested Capitalat exit
Initial: 2015Realized: 2026
Biologos

Biologos

Cell Culture Media & Reagents

Biologos

Full-service manufacturer of custom and standard cell culture media, reagents, buffers, enzymes, and sera.

  • Brought in CEO & CRO
  • Built new facility
  • Increased revenue more than 3×
4.2× Invested Capitalat exit
Initial: 2016Realized: 2024
Doctor's Choice Home Care

Doctor's Choice Home Care

Home Health Agency

Doctor's Choice Home Care

Skilled home care services throughout Florida.

  • Expanded from Sarasota/Bradenton into most markets statewide
  • Increased revenue more than 5×
  • Added experienced management and operational personnel
7.5× Invested Capitalat exit
Initial: Apr 2012Realized: Apr 2021
Aspire Home Care

Aspire Home Care

Home Health & Hospice

Aspire Home Care

Skilled home care and hospice services throughout Oklahoma.

  • Expanded from rural southern Oklahoma into metro markets
  • Increased revenue more than 4×
  • Built a hospice line of business from the ground up
2.4× Invested Capitalat exit
Initial: Jul 2009Realized: Mar 2018
Filling Machines & Systems

Filling Machines & Systems

Packaging Equipment

Filling Machines & Systems

Liquid packaging equipment, with a focus on fillers and labelers for the craft beer market.

  • Completed an add-on to diversify products and industries
  • Developed several new products and added international distributors
  • More than doubled EBITDA
2× Invested Capitalat exit
Initial: Jul 2013Realized: Jun 2016
Mission Critical Electronics

Mission Critical Electronics

Electronic Power Products

Mission Critical Electronics

Power products for emergency vehicle, telecommunications, and marine markets.

  • Completed four add-on acquisitions
  • Entered the emergency vehicle market
  • Expanded product lines and increased EBITDA more than 5×
3.5× Invested Capitalat exit
Initial: May 2007Realized: Sep 2016
D&S Residential Services

D&S Residential Services

Residential Homes for Disabled

D&S Residential Services

Multi-state operator of residential homes for people with special needs.

  • Completed several add-on acquisitions
  • Expanded into additional geographies
  • Enhanced the management team
9× Invested Capitalat exit
Initial: Mar 2005Realized: Dec 2015
Cambridge Home Health Care

Cambridge Home Health Care

Home Health Agency

Cambridge Home Health Care

Leading Medicaid-focused home care provider in Ohio and Pennsylvania.

  • Built out existing geography
  • Expanded into a neighboring state
  • Developed and grew Medicare program
5× Invested Capitalat exit
Initial: Mar 2004Realized: Aug 2011
Comfort Keepers

Comfort Keepers

Non-Medical In-Home Care

Comfort Keepers

Fastest-growing franchisor of private-pay, non-medical, in-home care in the US.

  • Brought in CFO
  • Created and expanded home office and regional infrastructure
  • Replaced retiring CEO
7.2× Invested Capitalat exit
Initial: Feb 2003Realized: Jul 2007
Future Food

Future Food

Seafood Salads, Dips & Spreads

Future Food

Supplier of seafood salads, dips, and spreads to grocery and other retailers.

  • Brought in CEO and acquired a West Coast competitor
  • Rationalized production and production lines
  • Invested in branding and intellectual property
8.8× Invested Capitalat exit
Initial: Nov 1999Realized: Jul 2004
Option 1 Nutrition Solutions

Option 1 Nutrition Solutions

Enteral Therapy Services

Option 1 Nutrition Solutions

Specialized enteral therapy supplies, equipment, delivery, and billing for the home environment.

  • Brought in CFO and received accreditation
  • Built out sales force and more than doubled geography
  • Completed two acquisitions
5× Invested Capitalat exit
Initial: Realized: Aug 2007
Texas Home Health Agency

Texas Home Health Agency

Home Health Agency

Texas Home Health Agency

One of the largest Medicaid-focused home health agencies in Texas.

  • Brought in CEO, CFO, and National Sales Manager
  • Reorganized and enhanced infrastructure and systems
  • Achieved rapid Medicare growth
33× Invested Capitalat exit
Initial: Realized: Sep 2005