BANNER CAPITAL MANAGEMENT, LLC

Thesis

Banner Capital Management, LLC is a private equity firm founded in 2020 and headquartered in Lehi, Utah. The firm focuses on providing partnership capital to family-owned and founder-led businesses in the lower middle market, primarily across the Western United States, with a particular emphasis on the Intermountain West region. They target companies with an EBITDA between $4 million and $15 million, and are looking to invest between $15 million and $50 million per transaction. The firm's focus sectors include "Main Street Services," which encompasses core business services, commercial property services, IT & professional services, logistics & fulfillment, print & marketing services, outsourced services, critical/industrial services, household services, and specialty services like healthcare supply chain & distribution, insurance, and pet care. They also invest in consumer, industrial, and healthcare sectors. Banner Capital Management is known for its hands-on approach, working alongside founders to solve problems and scale operations. The firm is also recognized for its founder-friendly approach, having been named to Inc.'s Founder-Friendly Investor List for two consecutive years. As of June 30, 2025, Banner Capital Management had $653 million in Assets Under Management (AUM). The firm is currently investing out of Fund II, a lower middle market buyout fund with a $200 million target. Fund I, a multi-asset continuation fund, closed with over $400 million in capital commitments.

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