Versatility

Providing more options and greater opportunities

Investment Criteria

With nearly $5 billion in capital under management, we seek investment opportunities in profitable and growing middle market companies within the Agriculture, Applied Technology, Business Services, Cosumer Products & Services, Distribution, Diversified Industrials, and Healthcare industry sectors. Criteria for investment consideration, includes:

  • $30 mm – $150 mm equity investment
  • $50 mm – $500 mm transaction size
  • >$10 mm EBITDA for platform investment

Flexible Transaction Structures

The breadth and flexibility of our investment charter, including a wide array of equity and mezzanine capabilities, enables us to participate in a broad range of transactions. We can create flexible and tax efficient transaction structures and offer competitive pricing and acquisition capital.

Industry Verticals

Click on an industry to learn about our expertise and investment opportunities.


Healthcare

Norwest Equity Partners

Investment Strategy

Targets

  • Medical devices
  • Specialty distribution
  • Outsourced services
  • Healthcare IT

Themes

  • Lower cost of care
  • Wellness and prevention
  • Outsourcing of non-core functions
  • Increased consumer involvement in decision-making
  • Recurring revenue business models, high retention rate

Representative Investments

Amcom Software

Mission-critical communication solutions

GoHealth

Health insurance technology company

Pentec Health

Specialty infusion services

Shock Doctor

Sports protection and sports medicine products

Surgical Information Systems

Surgery and anesthesia management software solutions

Primary Contacts

Tim Kuehl
Partner
612-215-1668

Jason Sondell
Director
612-215-1687

Diversified Industrials

Norwest Equity Partners

Investment Strategy

Targets

  • Diversified manufacturing
  • Industrial distribution & services
  • Capital goods & equipment
  • High-tech manufacturing
  • Test & measurement
  • Flow control

Themes

  • Leading market share with sustainable differentiation
  • Growing domestic & global end markets
  • Recurring revenue business model
  • Brand identity & strength
  • Robust margins with cyclicality resilience
  • Strong FCF generation

Representative Investments

CVI Melles Griot

Optical components

Gopher Resource

Technology-driven recycler of lead-acid batteries

Imperial Supplies

Distributor of quality maintenance products

Jacobson Companies

Third party logistics

Lindstrom Metric

Master distributor and importer of metric fasteners

Longwood Industries

Specialized industrial rubber products

Michaels of Oregon

Hunting, shooting and law enforcement accessories

Minnesota Rubber & Plastics

High-value rubber and plastic molded components and assembly solutions

Norwesco

Polyethylene tanks

Paladin Brands

Mobile equipment attachments

Pelican Products

Plastic industrial safety products

Warn Industries

Off-road equipment and accessories

Primary Contacts

Tim DeVries
Managing General Partner
612-215-1679

Andy Cantwell
Principal
612-215-1680

Distribution

Norwest Equity Partners

Investment Strategy

Targets

  • Niche and/or value-added distributors

Themes

  • Leading market share
  • Clear differentiation through service, technology, technical expertise, sourcing
  • Growing end markets
  • Recurring revenue business model
  • Brand strength
  • Robust margins with cyclicality resilience
  • Strong FCF generation (EBITDA – CAPEX – Working Capital)
  • Adjacent market and/or acquisition opportunities

Representative Investments

Lindstrom Metric

Master distributor and importer of metric fasteners

Imperial Supplies

Distributor of quality maintenance products

Momentum Group

Custom fabrics sold to the commercial interiors market

Univar

Distributor of commodity and specialty chemicals

Stanton Carpet Corporation

Distributor of decorative high quality, branded soft floor covering products

Primary Contacts

Todd Solow
Partner
612-215-1671

Andy Cantwell
Principal
612-215-1680

Consumer Products & Services

Norwest Equity Partners

Investment Strategy

Targets

  • Agribusiness
  • Education
  • Food and beverage
  • Health and wellness
  • Packaging and distribution
  • Sporting and tactical products

Themes

  • Multi-channel distribution
  • Enthusiast brand and differentiated product
  • Stable demand and demographics
  • Health and wellness

Representative Investments

Rosetta Stone

Immersion-based language learning software

Savage Sports Corporation

Outdoor sportsman products

Shock Doctor

Sports protection and sports medicine products

Roundy’s

Grocery stores

Primary Contacts

Todd Solow
Partner
612-215-1671

Brian Allingham
Principal
612-215-1688

Business Services

Norwest Equity Partners

Investment Strategy

Targets

  • Services and software
  • Financial technology
  • Information services
  • Outsourcing & IT services

Themes

  • Technology and software continue to increase applications at businesses
  • Many companies use legacy/outdated processes
  • Niche markets underserved
  • Recurring revenue business models, high retention rate

Representative Investments

Amcom Software

Mission-critical communication solutions

DCM Services

Deceased account collection solutions

GoHealth

Health insurance technology company

Jacobson Companies

Third party logistics

Rosetta Stone

Immersion-based language learning software

SPIE

Multi-technical services

Surgical Information Systems

Surgery and anesthesia management software solutions

Primary Contacts

John Lindahl
Managing General Partner
612-215-1659

Tom Schauerman
Partner
612-215-1695

Applied Technology

Norwest Equity Partners

Investment Strategy

Targets

  • Test & measurement
  • Instrumentation
  • Industrial automation
  • Micro-electro-mechanical (MEMS) devices
  • Microfluidics
  • Photonics
  • Sensors

Themes

  • Technologies enabling the economy’s most important advances
  • Access to growing global end markets without concentration risk
  • Increasing need for precision and miniaturization across all controlled processes
  • Recurring revenue business models, high retention rate

Representative Investments

CVI Melles Griot

Optical components

GoHealth

Health insurance technology company

Mitchell

Software and e-Business solutions for the automotive insurance claims processing industry

PeopleNet

Mobile communication services for the transportation industry

Primary Contacts

John Lindahl
Managing General Partner
612-215-1659

Taylor Moore
Director
612-215-1686

Tom Schauerman
Partner
612-215-1695

Agriculture

Norwest Equity Partners

Investment Strategy

Targets

  • Yield enhancing inputs
  • Value-added distribution
  • Equipment
  • Technology
  • Outsourced service
  • Differentiated processing and storage
  • Feed enhancements

Themes

  • Track record of success
  • Sustainable competitive advantage
  • Strong management team
  • Headquartered in the domestic U.S. or Canada

Representative Investments

Actagro

Organic acid liquid specialty plant nutrients

Becker Underwood

Global provider of technologies for biological seed treatment and seed treatment pigments and polymers.

Norwesco

Polyethylene tanks

POET

Ethanol producer

Jacobson Companies

Third party logistics

Paladin Brands

Mobile equipment attachments

Primary Contacts

Tim DeVries
Managing General Partner
612-215-1679

Todd Solow
Partner
612-215-1671

Enzo D’Angelo
Director
612-215-1696

Erik Torgerson
Senior Advisor
612-215-1665