Lower Middle Market Manufacturing Private Equity
Grounded in operations.
Proven in execution.
Provenance acquires U.S. manufacturers at $30M–$150M in revenue and 0–8% EBITDA — businesses that are under-managed, not broken — and transforms them through an embedded operator-CEO and the 100-Day Value Creation Playbook.
The Opportunity
Most firms avoid this category.
That is the point.
Thousands of U.S. manufacturers — $30M to $150M in revenue, 0–8% EBITDA — are passed over by generalist PE because the work is operationally hard and the margin is too thin for financial engineering. They are not broken. They are under-managed. That distinction is where Provenance operates.
Why generalists pass
- −Margins too thin for financial engineering
- −Operational complexity requires floor-level expertise
- −Management gaps that can't be solved with capital alone
- −Too small for institutional attention
Where Provenance operates
- +$30M–$150M revenue manufacturers at 0–8% EBITDA
- +Under-managed, not broken — viable demand, eroded discipline
- +Operational transformation as the primary value driver
- +Off-market sourcing through proprietary relationships
Our Model
How we work
Acquire
Stable U.S. manufacturers at 0–8% EBITDA, sourced through proprietary relationships and warm introductions. No auction processes.
Transform
Install operational discipline through an embedded operator-CEO. The 100-Day Value Creation Playbook drives the first six months.
Grow
Reposition commercially, diversify customer concentration, and build the platform for consolidation once the operating core is stable.
Exit
Sell a transformed, predictable business at a premium multiple to entry price. Investors receive full deal-level reporting and a close-out report at realization.
The Provenance Edge
It is not just strategy. The edge is biography.
Provenance brings together operator execution, capital formation, and proprietary sourcing in one firm. Together, those strengths create an edge no financial engineer can replicate.
Diagnostic Speed
We see what others miss — and we see it fast. Financial forensics, floor-level observation, and operational pattern recognition converge in the first days, not the first quarter.
A $1.2M inventory overstatement at Thierica was identified in week two, sized accurately, and communicated to the board the same day. Closed without a crisis.
Execution Speed
We move before the lagging financials confirm it. The intervention begins at acquisition, not after a hundred days of study.
First profitable month at Thierica in 30 days. Combined EBITDA from ~3% to north of 11% in six months — across two plants, two countries, and one unexpected leadership vacancy.
Institutional Durability
We install systems that outlast the founder. What we do is not instinct or charisma. It is a documented, repeatable methodology that can be deployed by trained operator-CEOs at scale.
The 100-Day Value Creation Playbook is documented, structured, and teachable. Every operator-CEO placed into a portfolio company is trained on it before deployment.
Track Record
Proof of concept
One documented flagship transformation. Additional cases available to qualified investors under NDA.
“$1.2M inventory overstatement. Identified in week two. Communicated to the board the same day.”
Thierica Inc.
~3% → 11%+ combined EBITDA
Combined EBITDA improvement · Six months
11%+
Combined EBITDA
13.4%
U.S. EBITDA
83%
Outside labor reduction
30 days
First profitable month
Two plants. Two countries. One unexpected leadership vacancy at entry. 60% revenue concentration in a single automotive customer. Outside labor structurally elevated. Combined EBITDA ~3%.
Four additional documented turnarounds available to qualified investors. Full specifics shared under NDA following initial inquiry.
Our Team
Two partners. Distinct roles.
Daniel Clark leads investments and operations. Jonathan Hunt leads investor relations and deal sourcing.
Daniel B. Clark
Managing Partner, Investments
12+ years of hands-on P&L leadership inside U.S. manufacturers. Five documented turnarounds. $180M+ combined P&L ownership. Currently executing the Thierica Inc. transformation — combined EBITDA from ~3% to 11%+ in six months.
Full bio →
Jonathan T. Hunt
Managing Partner, Investors
Serial entrepreneur with deep capital formation relationships and a proprietary deal origination network built across years of business ownership. At Provenance, Jonathan owns investor relations and deal sourcing.
Full bio →
How We Operate
Operating standards, not aspirations
These govern how Provenance behaves with investors, sellers, employees, and portfolio companies — under pressure and without it.
Truth Before Comfort
We tell investors, sellers, and employees the truth — even when it is hard to hear. A $1.2M inventory problem found in week two gets communicated to the board the same day. That is not a policy. It is a conviction.
Stewardship Over Extraction
We are stewards of capital, of businesses, and of the livelihoods of the people inside them. We do not strip assets. We build organizations. Every decision we make is made in the awareness that workers and families depend on it.
Excellence as a Standard
Half-effort is not an option. The standard we bring to every acquisition, every floor walk, and every management conversation is the same: whole-hearted, full-accountability execution.
Long-Term Thinking
We make decisions for the decade, not the quarter. Choosing short-term output loss to build long-term organizational trust is a trade-off we will always make. Capital that thinks in years is capital we want as a partner.
Investor Access
Formalized. Transparent.
Structured.
Our investor portal provides qualified investors with access to fund documents, quarterly operational updates, and deal-level reporting.
Investor communication is formalized, recurring, and access-controlled.
Access is reviewed before materials are shared. Inquiry is the first step.
Fund Documents
PPM, LP agreement, and subscription materials
Quarterly Updates
Operational and financial reporting each quarter
Deal-Level Reporting
Acquisition, integration, and performance data by deal
Secure Portal
Authenticated access for qualified investors only
Access restricted to qualified investors. All materials transmitted via encrypted connection.