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Mill City

Private equity

Minneapolis · Growth · 6 people tracked

Also known as Mill City Capital, L.P.

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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.

Source: firm website, verified Sep 29, 2026.

Stage
Growth
Check
$5M – $20M
HQ
Minneapolis, US
Instruments
Equity
Private fund assets
$67.2M
Tracked investments
4

Team · 6 people

from the firm's website & public directories
Lisa A. Kro· Executive Officer
Michael S. Israel· Executive Officer

What they invest in

from 1 of 4 portfolio companies

Consumer ×1E-commerce ×1Hardware ×1Retail Tech ×1Sports Tech ×1

Investments · 4 tracked

founders shown can be your intro path
Horizon Hobbyhorizonhobby.com𝕏

Team Losi Racing designs and manufactures competitive remote control (RC) racing vehicles, including buggies and truggies in 1/8 and 1/10 scales, for hobbyists and professional RC racers.

ConsumerE-commerceHardwareRetail TechSports Tech

Co-investorsBullish

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 HoldingsMobile Pro Systems

Fund performance · per public LP disclosures · 2

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
Mill City Fund IILPs: New York City Police Pension Fund2014—-4.1%0.77x0.77x
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.

Images

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