Lower Middle Market Private Equity

Where Operational
Truth Meets Capital.

We acquire stable, homegrown manufacturers operating at 0–8% EBITDA and convert them into premium-margin assets through disciplined operational execution — not financial engineering.

“But whoever lives by the truth comes into the light, so that it may be seen plainly that what they have done has been done in the sight of God.”— John 3:21
$75–125M
Fund I Target
0–8%
Entry EBITDA
3.0–4.0×
Target Gross MOIC
Q3 2026
First Close Target
Who We Are

A Faith-Based Firm Built
on Operational Truth

Provenance Capital Holdings is a non-denominational, faith-based private equity firm. We believe that capital deployed with integrity, patience, and genuine care for people produces better outcomes for investors and for the world. Our faith is not a marketing position — it is the foundation of every decision we make.

We do not manage from a distance. We do not commission turnarounds. We execute them — and we have the floor-level track record to prove it. The person running this fund has personally done the thing the fund does.

Most PE managers have never run a shift, never walked a production floor at 5:00 a.m., and never had to stand in front of 300 employees and explain why a difficult decision protects their jobs. Our founder has done all of those things.

Stewardship
We manage capital as a trust, not a transaction. Every dollar committed to Provenance Fund I is held with the seriousness of a fiduciary and the humility of a steward.
Truth
We operate transparently with LPs, sellers, and portfolio company teams. Operational truth is both a business methodology and a moral commitment.
People
We invest in businesses and the humans inside them. The operators, floor workers, and families who depend on these companies matter in every decision we make.
The Opportunity

The Most Underleveraged
Segment in U.S. Private Markets

Tens of thousands of manufacturers with $30M–$150M in revenue are profitable, stable, and owner-operated — but structurally inefficient. They were built by founders who prioritized revenue over process. The result: real businesses with real customers running at margins they do not have to accept.

01
Financial Buyers Pass
Margins of 0–8% require operational conviction that most PE firms do not possess and are not structured to deliver. We are built for exactly this environment.
02
Motivated Sellers
Succession gaps, owner fatigue, and the absence of a clear buyer create consistent off-market opportunity. Founders want a buyer who will steward their legacy.
03
CI Programs Transform
A structured Continuous Improvement installation can add 5–12 EBITDA points without significant capital investment. The value was always there — it just needed a system.
04
Operational Alpha
Not leverage — operational execution is the primary return driver. This makes the segment defensive and resilient across market cycles.
05
Process Engineering
Targeted facility conversion unlocks latent capacity, quality, and throughput that are invisible in the pre-acquisition P&L. We see it before we sign.
06
Proprietary Sourcing
General solicitation combined with deep operational and industry networks. Motivated sellers come to us. We do not need auctions to find exceptional businesses.
Investment Strategy

We Buy Operational Dysfunction.
We Exit Operational Excellence.

A four-phase CI-driven buyout strategy, disciplined and sequential, designed specifically for homegrown manufacturers where operational improvement is the primary return driver.

01
Phase One
Source
General solicitation and proprietary operational networks surface off-market opportunities. We do not rely on auction processes. Our reputation for speed and certainty of close attracts motivated sellers.
02
Phase Two
Diagnose
Before signing an LOI, we conduct a physical floor-walk alongside financial diligence. We know exactly what is broken and what it will cost to fix — before capital is committed.
03
Phase Three
Transform
The 100-Day Value Creation Playbook activates immediately: financial-to-floor reconciliation, CI installation, talent density audit, and AI-enabled digital backbone modernization.
04
Phase Four
Exit
By Day 100, the portfolio company has predictable performance, visible controls, and a credible growth narrative. We position for premium exits to strategic buyers or larger PE platforms.
Track Record

The Playbook in Practice

From negative EBITDA to 11%+ combined and $155M+ in contracted backlog — across two plants, two countries, six months. This is not a case study we commissioned. It is work our founder did, with his name on every decision.

State at Entry — October 2025
-$860K
YTD Net Loss
~3%
Combined EBITDA
$145K
Outside Labor / Mo
0%
Mexico Profit Since 2019

The five decisions that changed the trajectory: go to the floor first before any announcement, surface the inventory problem and own it with the board, eliminate temp agency labor, convert a competitor conflict into a customer win, and plan the plant idle with direct workforce communication.

Each decision came from the floor up — not the boardroom down.

State as of April 2026 — 6 Months Later
13.4%
U.S. EBITDA Est.
9.1%
Mexico EBITDA Est.
>11%
Combined EBITDA
83%
Outside Labor Reduction
$155M+
Contracted Revenue Backlog
Institutional customers across automotive and aerospace, including a Tier 2 GM program ($14.7M/year, 8-year LTA launching July 2026), GE long-term agreement (5-year + guaranteed renegotiation), and Cirrus Aircraft preferred supplier designation. Margins of 28–40%+ before CI improvement.
The Team

Operators First. Investors Second.

Two Managing Partners. One builds and transforms the assets. The other sources the capital and the deals. Together they cover the full value chain from origination through exit.

DC
Daniel B. Clark
Managing Partner, Investments · Co-Founder
An operator-founder with two documented turnarounds to profitability and three significant operational improvements across manufacturers in the $30M–$150M revenue range. Specialist in leveraging a company's core capabilities to drive top-line diversification and EBITDA expansion simultaneously — not just cost reduction.
JH
Jonathan T. Hunt
Managing Partner, Investors · Co-Founder
Serial entrepreneur with 15+ years of business ownership experience across multiple industries. Primary LP sourcing relationship and capital formation engine for the firm, with a deep investor network spanning family offices, HNW capital, and private deal networks.
MF
Matthew C. Frick
Chief of Staff
Senior leader with 17+ years as a United States Marine Corps officer, bringing institutional-grade organizational, human capital, and operational execution capability to Provenance Capital.
Contact

Request Fund Documentation

Complete fund documentation — including the Private Placement Memorandum, Limited Partnership Agreement, and Subscription Agreement — is available to qualified accredited investors under a mutual NDA.

IR ContactJonathan T. Hunt
Managing Partner, Investors
EntityProvenance Capital Holdings LLC
Delaware Limited Liability Company
FundProvenance Capital Fund I, LP
506(c) Regulation D Offering

This website is for informational purposes only and does not constitute an offer to sell or solicitation to buy any securities. Any such offer will be made only by means of a Private Placement Memorandum delivered to verified accredited investors. All inquiries are subject to our mutual NDA process.

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