2025 Year in Review

People walking on stairs

A&M Capital had an active 2025. Despite persistent macroeconomic and geopolitical uncertainty, we continued to actively, but prudently, invest in the middle-market, successfully exit investments, and create meaningful value in our current portfolio companies.

Across our four strategies, we believe our investment teams effectively weathered market volatility, staying disciplined while leveraging our strategic relationship with A&M Consulting as a key differentiator in an increasingly competitive PE landscape. These actions resulted in a productive year: A&M Capital deployed approximately $800M through eight new platform investments, over 40 add-on acquisitions and in two single-asset continuation vehicles via our new secondaries strategy (AMCS). In a challenging exit environment, we were able to achieve seven realization events, generating ~$1.5 billion in realized value across our strategies.

We also expanded our geographic footprint with new offices in West Palm Beach (FL) and Milan (IT), supporting the continued strategic growth of the A&M Capital platform.

Thank you to all the founders, management teams, and investment partners, with whom we are proud to collaborate, build and drive meaningful results. We’re excited by what we accomplished this year and look forward to continuing to grow with you in 2026!

2025 By The Numbers

Across the A&M Capital Platform

8

platforms

40+

add-ons

~$800M

deployed

7

realizations

~$1.5B

returned

New Investments

Growing our Portfolio

Across our two buyout funds (AMCP and AMCE) and two partnership solutions funds (AMCSI and AMCS), A&M Capital teams strategically deployed approximately $800M capital in 2025, scaling existing portfolio companies and making compelling investments in our core sectors.

East Coast Power logo
Turnbridge logo
SAMGI logo
Asurint logo
SkyMark + Rampmaster logo
Isla Délice logo
GSTV logo

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Add-ons

Strategic M&A Continued to Drive Value Across the Portfolio

M&A continued to be a key driver of value creation for our portfolio companies in 2025. We worked with our management team partners to strategically transform their businesses through accretive add-ons, allowing them to expand geographically and/or by product offering.

A&M Capital’s investment teams completed over 40 add-on transactions across the portfolio, adding more than $880M in aggregate EBITDA.

  • AmeriServe’s acquisition of Day&Nite
  • ProAmpac’s acquisition of TC Transcontinental Packaging (pending)
  • Ayesa Engineering’s acquisition of ADP Consulting
  • Pet Network International’s acquisition of Pet Republic Group
  • Carton Pack’s acquisition of Andolfi
  • GBUK’s acquisition of GS Medical

Realization Activity

A&M Capital Achieved Successful Realizations

After working closely with management and our investment partners to grow, transform and optimize our portfolio companies, A&M Capital teams completed(1) seven realizations, including four exits and three dividend payouts. This includes:

Med-Metrix logo
La Patria logo
MPLT logo
PatientCare EMS logo
Waupaca Foundry logo
Ayesa logo

New Strategy

Investing in Secondaries

A&M Capital Secondaries (AMCS) is A&M Capital’s active middle-market secondaries strategy. We partner with like-minded private equity firms to support the continued growth of high-quality companies and investment vehicles pursuing compelling value creation objectives. The AMCS strategy leverages our unique relationship with A&M Consulting, and the broader expertise of the A&M Capital platform, to produce a differentiated edge.

Dedicated Middle-Market Secondaries Strategy

Single Asset Continuation Vehicles

Multi-Asset Continuation Vehicles

Opportunistic LP Stakes

Team Updates

16 New Hires + 13 Promotions

Jeremy Weisberg Francesco Furlani David Berg Ajay Dakappagari Karin Frykthammar Drew Hunter Lauren Katz Zuzanna Thompson Jared Wien Kade Kenlon Jackson Buonamia AJ Degrado Pietro Girardi Karen Sodke Steve Vacco Jeremy Weisberg Francesco Furlani David Berg Ajay Dakappagari Karin Frykthammar Drew Hunter Lauren Katz Zuzanna Thompson Jared Wien Kade Kenlon Jackson Buonamia AJ Degrado Pietro Girardi Karen Sodke Steve Vacco
Matt Rhone Jarret Rutstein Matthew Bird Karin Frykhammar Aubrey Salmon Aleksandr Rudakov David Berg Pietro Girardi Michael Bourne Emilien Arnold Mason Nyhoff Victoire Piens Karan Kaul Matt Rhone Jarret Rutstein Matthew Bird Karin Frykhammar Aubrey Salmon Aleksandr Rudakov David Berg Pietro Girardi Michael Bourne Emilien Arnold Mason Nyhoff Victoire Piens Karan Kaul

What Our Partners Said*

A&M Capital has been a fantastic partner to all of us at Med-Metrix. We have seen the value of their differentiated model first-hand, starting from our initial introduction to the firm through A&M Consulting. They've connected us with new health system clients to turbocharge organic growth and helped us execute six strategic M&A transactions to further build out our end-to-end tech-enabled offering. Given the clear value-add and resulting highly successful first investment partnership together, it was a no brainer to partner with them once again on the next chapter in our journey.

Joe Davi

Founder & CEO, Med-Metrix

Partnering with AMCE transformed Ayesa. Building on the strength of an exceptional Ayesa management team, AMCE’s hands-on, long-term approach enabled a global buy-and-build strategy that expanded our footprint to 62 international offices, grew the team to 15,000 people, and more than tripled revenues to €1 billion. Together with A&M Consulting’s support on strategy, integration, and the Engineering–Digital demerger, this combination delivered a highly successful exit and positioned Ayesa for its next chapter.

José Luis Manzanares

CEO, Ayesa

When we were looking for an investor in Turnbridge, we knew we wanted a firm that understood what we’re trying to build and could act as more of a value-added partner than purely a financial sponsor. The A&M Capital healthcare team delivered – they understood our niche adolescent mental health industry and unique clinically focused care delivery model. They’re the kind of firm we know we can trust to do what they say they will do, and to operate with integrity. We’re confident that with our aligned values and a shared focus on driving successful outcomes, A&M Capital in association with A&M Consulting will help Turnbridge further our mission for the benefit of patients across the country.

David Vieau

Founder & CEO, Turnbridge

(*) Statements about A&M Capital made by portfolio company executives included herein are intended to illustrate A&M Capital’s relationship with management teams of portfolio companies, including with respect to A&M Capital’s role in working as a partner alongside portfolio company management teams. While certain statements were made by individuals who are also investors in A&M Capital-sponsored funds, no persons have been compensated for making the statements included herein.

New Locations

A&M Capital Expands with Two New Office Locations

West Palm Beach

300 Banyan Blvd
West Palm Beach, FL 33401

Milan

Via S. Raffaele,
1, 20121
Milano MI, Italy