New State Capital Partners

New State Capital Partners is a private equity firm that invests in middle‑market companies in North America, providing flexible equity and debt solutions to support growth, add‑on acquisitions, restructurings and strategic divestitures. The firm targets market‑leading businesses in business services, healthcare services and industrials, including professional staffing, information technology, distribution, manufacturing and logistics. It pursues majority or minority equity investments and can partner with independent sponsors or co‑investors, offering structures for control buyouts, growth capital, recapitalizations and corporate carve‑outs. Typical deal scope includes enterprise values from $25 million to $250 million and equity investments generally from $10 million to $100 million, with EBITDA in the $8 million to $40 million range. Founded in 2013 and headquartered in Larchmont, New York, it maintains additional offices across New York, California, Washington, Florida, and Massachusetts. The firm emphasizes a long‑term, relationship‑driven approach and aims to build durable value by aligning with founders and management teams through flexible, tailored solutions.

Alec Arthur

Associate

John Beauclair

Senior Principal

Andrea Cipriani

CFO and Chief Compliance Officer

Alex Dunn

Associate

Daniel Han

Senior Principal

John Kim

Senior Principal

Steve Larned

Senior Principal

Kurt Lentz

Senior Principal

Adam McDowell

Vice President

Steve Moore

Senior Operating Partner, Operations Excellence

Parashar Ranade

Senior Principal

Josh Skevington

Senior Principal

Victoria Smorodinova

Vice President

Will Swayne

Senior Principal

Shaun Vasavada

Principal

Shaun Vasavada

Principal

Yanre Wu

Associate

18 past transactions

The Expo Group

Acquisition in 2024
The Expo Group specializes in designing and executing distinctive, engaging experiences for organizations aiming to boost attendee, exhibitor, and sponsorship revenue through events.

Agility Recovery

Acquisition in 2023
Agility Recovery is a leading provider of business continuity and disaster recovery solutions aimed at helping organizations prepare for, respond to, and recover from unexpected incidents. The company offers a comprehensive suite of services, including temporary office space, satellite-based communication systems, technology infrastructure, and backup power generators. By centralizing these resources, Agility Recovery enables clients to effectively manage disruptions and minimize their impact on operations and communities. The company's expertise supports both seasoned continuity professionals and those developing business continuity plans for the first time, making resilience accessible and straightforward for all organizations.

Finnoff Aviation Products

Acquisition in 2023
Finnoff Aviation Products specializes in providing performance products for Pilatus PC-12 and Beechcraft King Air aircraft. The company offers a range of products including engine upgrades, MT-Propeller, avionics, batteries and more. They also hold the FAA-certified STC for the Pratt & Whitney (P&W) engine upgrade, which offers increased horsepower and speed. In addition to these products, Finnoff Aviation Products also assists customers in purchasing pre-owned Pilatus PC-12 aircraft.

Blackhawk Aerospace

Acquisition in 2023
Blackhawk Aerospace is a prominent company specializing in engine performance solutions for the global turboprop fleet. It provides a range of engine upgrade products designed to enhance the efficiency and capabilities of turboprop aircraft for both commercial and government markets. By focusing on improving an aircraft's speed, safety, and climb performance, Blackhawk Aerospace aims to meet the diverse needs of its clients in the aviation industry.

AFIMAC Global

Acquisition in 2022
AFIMAC Global is a prominent provider of corporate security and contingency planning services, specializing in crisis management and response for both governments and corporations across North America. The company offers a wide range of services, including disaster assistance, emergency response, security and protection, labor dispute resolution, and business continuity planning. By delivering comprehensive solutions, AFIMAC Global aims to protect assets, preserve reputations, and mitigate the risk of litigation for private industries and government entities. Their focus on effective employee training further enhances their ability to support clients in navigating complex security challenges.

P&A Roofing

Acquisition in 2022
P&A Roofing provides roofing contracting, consulting, re-roofing, roofing repair and services for the commercial sector.

Avex

Acquisition in 2021
Avex takes a purist approach to the TBM. Focusing specifically on TBMs for the last 20 years has provided AVEX the specialization and knowledge base required to provide the best possible support network tailored specifically to your TBM needs. AVEX's continuous dedication to the TBM product has positioned AVEX as an industry leader in TBM sales, maintenance, and parts.

Wilmington Paper

Acquisition in 2021
Wilmington Paper provides recycling and waste-management services, including secure document destruction, end-of-life materials recycling, and landfill reduction. The company serves converting plants, distribution centers, retail facilities, manufacturing facilities, and other industrial sites, offering customized recycling programs for scrap fiber, plastics, and metals. Additional services include waste audits, zero-waste-to-landfill consulting, logistics, and secure shredding, helping clients divert waste from landfills while recovering material value through structured recycling and marketing practices.

Rabco Enterprises

Acquisition in 2021
Rabco Enterprises specializes in the design and construction of self-storage facilities and various types of steel structures, including agricultural buildings, airplane hangars, and sports facilities. The company is committed to maximizing site utilization to ensure optimal returns on self-storage investments. It offers a comprehensive range of services, including expert site planning, unit and mix analysis, as well as installation and customization of roof systems, insulation, and framing systems. With a focus on quality, flexibility, and versatility, Rabco Enterprises aims to minimize development costs for its clients while providing tailored engineering solutions to meet their specific needs.

Rabco Enterprises

Private Equity Round in 2021
Rabco Enterprises specializes in the design and construction of self-storage facilities and various types of steel structures, including agricultural buildings, airplane hangars, and sports facilities. The company is committed to maximizing site utilization to ensure optimal returns on self-storage investments. It offers a comprehensive range of services, including expert site planning, unit and mix analysis, as well as installation and customization of roof systems, insulation, and framing systems. With a focus on quality, flexibility, and versatility, Rabco Enterprises aims to minimize development costs for its clients while providing tailored engineering solutions to meet their specific needs.

KMS

Private Equity Round in 2020
KMS was founded in 1976 and based out of Wichita Kansas. KMS has evolved into one of the nation’s largest wholesalers of closeouts, special buys, and KMS exclusive brands. KMS operates four distribution centers throughout the US offering customers first-class merchandise with top-scale service. KMS offers a wide array of general merchandise from clothing, hardware, kitchen appliances, electronics, heaters, air conditioners, and much more. There is no deal too large or too small for KMS to distribute. KMS allows its vendors protection on goods purchased, and will not disrupt current channels or customers.

CDS

Acquisition in 2019
Computer Data Source provides data center storage and support services.

Mako Steel

Acquisition in 2019
Mako Steel, Inc. is a construction and engineering company based in Carlsbad, California, specializing in the commercial storage sector. Founded in 1993, Mako Steel designs, develops, and installs multi-storey steel buildings and warehouses, as well as storage facilities for boats and recreational vehicles. The company has played a significant role in the construction of over 1,500 self-storage facilities across the United States. Its clientele includes notable firms such as Kinsey Development LLC, Carlo Development, Black Canyon Storage, The Atherton Group, and CPC. Mako Steel is owned by Caesar Wright, Robert Lesko, and James Bartnick.

Capitol Pain Institute

Private Equity Round in 2017
Capitol Pain Institute, PA is a provider of pain management care and treatment services in the United States, with its headquarters located in Austin, Texas, and additional locations in Bastrop, Georgetown, Lampasas, and San Marcos. Founded in 2007, the company operates a chain of clinics across Texas, Kentucky, and Ohio. Capitol Pain Institute specializes in developing individualized treatment programs that utilize advanced therapies, including spinal cord stimulation, pain management injections, and medication management. The institute addresses a variety of pain conditions, such as joint, head, shoulder, back, elbow, and abdominal pain, through techniques like radiofrequency ablation and platelet-rich plasma treatments.

NWN Corporation

Private Equity Round in 2015
NWN Corporation offers integrated IT services and solutions to federal agencies and commercial enterprises. It provides managed IT services such as network monitoring, security, and support; program management and consulting; staff augmentation for various IT roles; cloud services including infrastructure and applications; end-user computing solutions; IT security platforms; collaboration tools; contact center solutions; and infrastructure assessment services.

Central Conveyor

Private Equity Round in 2014
Central Conveyor Company, Inc. specializes in the design and manufacture of customized material handling systems, storage retrieval systems, and automated conveyance solutions, primarily serving the automotive industry across the United States, Canada, Mexico, and the United Kingdom. Founded in 1993 and headquartered in Brighton, Michigan, the company operates production facilities in both Brighton and Bessemer, Alabama. Central Conveyor offers a diverse range of products, including various types of conveyors, electrified monorail systems, fork transfers, and ergonomic material handling systems. Additionally, the company provides comprehensive services such as engineering, fabrication, field installation, and project management, as well as custom controls and electrical support. Central Conveyor's solutions can be tailored as standalone units or fully integrated with existing manufacturing lines, enabling clients to optimize their operations effectively.

United Medical Systems

Acquisition in 2014
United Medical Systems specializes in mobile medical services, transporting heavy healthcare equipment to hospitals, ambulatory surgery centers, and physicians' offices across the United States, Canada, and South America. Their offerings include Kidney Stone Lithotripsy, Stereotactic Breast Biopsy, Ultrasound-guided Breast Biopsy, Prostate Brachytherapy, Laser, and MRI services, empowering healthcare professionals to deliver advanced care on-site.

Gautier Steel

Acquisition in 2014
Founded in 1998, Gautier Steel specializes in producing hot rolled carbon and alloy flats, squares, and special sections. Serving diverse industries such as construction and manufacturing, the company operates three bar mills and offers metallurgical testing, straightening capabilities, and custom packaging options.
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