What stage does Mill City invest at?

Mill City invests at the Growth stage.

What is Mill City's typical check size?

Mill City typically writes checks of $5M – $20M.

What sectors does Mill City focus on?

Mill City focuses on Advanced Manufacturing, AgTech, Consumer, Energy, FoodTech.

Where is Mill City located?

Mill City is headquartered in Minneapolis, US.

Mill City

Private equity

Minneapolis · Growth · 6 people tracked

Also known as Mill City Capital, L.P.

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Find your way into Mill City

325 people in our graph share verified history with the Mill City team — schools, employers, funds. One of them is your warm intro.

John Carpenterunlockedknows Darren Acheson · together at Northwestern University - Kellogg School of Management (overlapped)

×4knows the team · via Yale University

×5knows the team · via Piper Jaffray

knows the team · via Northwestern University - Kellogg School of Management

knows the team · via University of St. Thomas

✨ Fox Verdict

Investment thesis

Mill City Capital pursues buyouts, owner and entrepreneur recapitalizations, and take-private transactions in lower middle market companies valued between $15 million and $100 million. Its strategy centers on businesses headquartered in the Upper Midwestern United States (Minnesota, Wisconsin, Iowa, the Dakotas, Nebraska and Illinois) and western/central Canada, leveraging deep regional relationships. The firm targets less cyclical consumer segments such as non-discretionary food products, ingredients, distribution and durable household goods, alongside industrial segments tied to global energy, mining, mechanized agriculture, aerospace and medical equipment. It seeks companies positioned to benefit from demographic, lifestyle, globalization and resource-driven tailwinds across North America.

Invests inAdvanced Manufacturing AgTech Consumer Energy FoodTech Canada Minneapolis United States

Source: firm website, verified Sep 15, 2026.

Stage

Growth

Check

$5M – $20M

Minneapolis, US

Instruments

Equity

Private fund assets

$67.2M

Tracked investments

Team · 6 people

from the firm's website & public directories

Darren Acheson· Co-Founder and Partner· Minneapolis, Minnesota, United Statesin

Darren Acheson co-founded Mill City Capital, which he leads and manages. He previously spent his career at investment bank Piper Jaffray (now Piper Sandler), where he served as Group Head for Consumer Investment Banking, and later joined private equity firm Goldner Hawn Johnson & Morrison in 2003. He holds a degree from Yale University and an MBA from Northwestern University's Kellogg Graduate School of Management.

a•••@millcitycapital.comreveal

Dianna Seltz· Partner· Minneapolis, Minnesota, United Statesin

Dianna Seltz joined Mill City Capital in 2012 as an Associate and works on due diligence, financial statement analysis, investment financing, and portfolio company monitoring. Before Mill City, she was an investment banking analyst at Lazard Middle Market in New York. She holds a B.S. in Finance and International Business from the Stern School of Business at New York University.

s•••@millcitycapital.comreveal

Gary Obermiller· Operating Partner· Minneapolis, Minnesota, United Statesin

Gary Obermiller is a co-founder of Mill City Capital, where he has worked exclusively as an operating executive since 2014. He previously joined GHJ&M as a Managing Director in 2004 and spent 14 years at Deltak in senior roles including President and COO, later serving with its parent Global Power Equipment Group; earlier roles included managerial positions at Graco, Inc. and Econo-Therm Energy Systems Corporation. He holds a B.S. in Mechanical Engineering from the University of Minnesota and an MBA from the University of St. Thomas, and is a Licensed Professional Engineer.

o•••@millcitycapital.comreveal

Zander Rutlin· Partner

Zander Rutlin is a Partner at Mill City Capital, which he joined at its founding in 2010. He started his career as an analyst at GE Commercial Finance and Piper Jaffray (now Piper Sandler), then spent five years at the Minneapolis private equity firm Goldner Hawn Johnson & Morison. He holds a degree from the University of Wisconsin-Madison School of Business and an MBA from the University of Chicago Booth School of Business.

r•••@millcitycapital.comreveal

Lisa A. Kro· Executive Officer

Michael S. Israel· Executive Officer

Investments · 4 tracked

founders shown can be your intro path

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Behrens Manufacturing Co.Diversified Packaging HoldingsHorizon HobbyMobile Pro Systems

Fund performance · per public LP disclosures · 2

as of Jun 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Mill City Fund IILPs: New York City Police Pension Fund	2014	—	-4.1%	0.77x	0.77x
MILL CITY IILPs: New York City Board of Education Retirement System	—	—	—	1.66x	—

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What stage does Mill City invest at?: Mill City invests at the Growth stage.
What is Mill City's typical check size?: Mill City typically writes checks of $5M – $20M.
What sectors does Mill City focus on?: Mill City focuses on Advanced Manufacturing, AgTech, Consumer, Energy, FoodTech.
Where is Mill City located?: Mill City is headquartered in Minneapolis, US.

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