Mill Road
Private equityGreenwich · Growth–Late Stage
Also known as Mill Road Capital Management Llc
Investment thesis
Mill Road Capital brings private equity governance and skills to small public companies. Its funds are structured as private equity vehicles that can invest in publicly traded equity and debt, provide primary capital of any type to support growth or deleveraging, and partner with management to take companies private. The firm shifts focus among investment types depending on market conditions and valuations. Its distinctive approach emphasizes lengthy due diligence and scaling investment size progressively as understanding of the target grows. Mill Road targets high-quality companies it believes are misunderstood and mispriced by public markets, using long-term committed capital to support management's pursuit of long-term value creation.
Source: firm website, verified Aug 18, 2026.
What they invest in
from 5 of 9 portfolio companiesConsumer ×4Cleantech ×2Retail Tech ×2AgTech ×1Circular Economy ×1Climate Tech ×1Direct to Consumer ×1FoodTech ×1
HQs:United States×2
Investments · 9 tracked
founders shown can be your intro pathLignetics Group manufactures consumer products made from recycled wood waste, including wood heating pellets, BBQ products, animal bedding, and cat litter.
Circular EconomyCleantechConsumer
Co-investorsFarol Asset Management
Mother's Market is a grocery retailer selling wholesome, organic, and non-GMO food products, from pantry staples to fresh ingredients.
ConsumerFoodTechRetail TechDana Point
Co-investorsConvergent Capital
Noodles & Company is a restaurant chain serving made-to-order, globally inspired noodle bowls, pasta dishes, salads, and mac & cheese, with menu options for various dietary preferences including gluten-sensitive and vegetarian diners.
Consumer
PRT Growing Services grows forest seedlings and provides reforestation and environmental solutions for landowners and timber managers across North America, operating a network of nurseries and seed orchards.
AgTechCleantechClimate Tech
Co-investorsMercato Partners
Fund performance · per public LP disclosures
as of Dec 2024| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Mill Road Capital III, L.P.LPs: Florida State Board of Administration | 2011 | — | 14.3% | 1.39x | 0.44x |
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
- How many investments has Mill Road made?
- Mill Road has 9 tracked investments.
- What stage does Mill Road invest at?
- Mill Road invests at the Growth, Late Stage stages.
- Where is Mill Road located?
- Mill Road is headquartered in Greenwich, US.
- Who does Mill Road co-invest with?
- Mill Road most often shares deals with Convergent Capital, Farol Asset Management, Mercato Partners, among 3 tracked co-investors.
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