Investment Focus & Thesis

NorCal Capital invests in middle market companies with strong growth potential and defensible market positions: Investment Range Equity investments of $25M-$100M in companies with enterprise values typically ranging from $75M-$300M. Stage Focus Growth equity and buyout investments in established middle market companies. Technology & Software — Enterprise software, SaaS platforms, and IT services companies with recurring revenue models Healthcare Services — Healthcare technology, medical devices, and healthcare services businesses Business Services — Professional services, IT consulting, and outsourced business processes Consumer & Retail — Branded consumer products, specialty retail, and digital consumer platforms

Key Takeaways

  • •Focus on Retail, Technology, Business Services companies
  • •Investment range: $25M-$100M in equity
  • •Based in United States
  • •Control-oriented investments
  • •Growth equity focus
  • •Also invests in Consumer

Recent Investment Activity

NorCal Capital has maintained active investment activity in the Western US middle market, partnering with management teams to build market-leading companies. Company Sector Investment Theme Year West Coast SaaS Platform Technology Growth Equity 2024 Healthcare Services Company Healthcare Buyout 2024 Business Services Platform Business Services Growth Equity 2024 The firm leverages its extensive West Coast network to source proprietary deals and add value beyond capital through strategic introductions and operational expertise.

Notable Portfolio Companies

NorCal Capital has built a portfolio of market-leading companies across their target sectors: Technology Companies SaaS and software companies that have scaled across the West Coast market with strong recurring revenue. Healthcare Businesses Healthcare services and technology companies benefiting from West Coast demographic trends. Business Services Leaders Professional services and IT consulting firms with strong client relationships. NorCal Capital takes a collaborative approach, working closely with management teams while providing strategic guidance and operational expertise.

What NorCal Capital Looks For

NorCal Capital evaluates potential investments based on several key criteria: West Coast focus — Companies headquartered or primarily operating in the Western United States Strong management team — Experienced management with a track record of execution Market leadership position — Companies with defensible competitive advantages Clear growth pathway — Identifiable opportunities for revenue and earnings growth Proven business model — Established companies with demonstrated market traction }> Pro Tip NorCal Capital has deep connections in the West Coast business community. Leveraging local relationships and demonstrating authentic West Coast roots can be advantageous.

How to Connect With NorCal Capital

Approaching a firm of NorCal Capital's caliber requires thorough preparation: 1 Demonstrate West Coast Market Position Show a strong market position in your region with defensible competitive advantages. 2 Prepare Financial Infrastructure Ensure clean financials. NorCal typically invests in companies with EBITDA of $5M+. 3 Develop a Growth Vision Articulate a clear plan for how NorCal's capital and expertise will accelerate your growth. 4 Build Relationships Leverage West Coast networks and industry connections to get introductions.

The Value of Middle Market Partnership

Companies seeking middle market PE investment must demonstrate readiness for scaled growth. This is where many companies need support: Growth Infrastructure • Financial planning and analysis capabilities • Scalable operating systems • Management team depth • Growth capital allocation strategy Financial Preparation • EBITDA optimization • Financial reporting upgrade • Due diligence data rooms • Growth modeling }> How Eagle Rock Helps We help middle market companies prepare for PE investment by building financial infrastructure and operational frameworks. Our fractional CFO services ensure you're ready for due diligence while maintaining your growth trajectory.

Pro Tip

Prepare detailed financial projections and operational metrics before initial meetings.

Frequently Asked Questions

What industries does focus on?

primarily invests in Retail, Technology, Business Services. The firm seeks companies with strong market positions and clear growth trajectories.

What size companies does acquire?

typically invests $25M-$100M in equity, targeting companies with enterprise values in the lower to middle market range.

What is 's typical investment size?

The firm's equity investments generally range from $25M-$100M, positioning them as active investors who can provide meaningful capital for growth.

How long does 's due diligence process take?

Due diligence timelines vary by deal complexity, but typically conducts thorough financial, operational, and market due diligence over several weeks to months.

What should I prepare before engaging with ?

Prepare three years of audited financials, detailed market analysis, management team bios, growth plans, and a clear vision for how the partnership would create value.

How does work with portfolio companies?

takes a partnership approach, working closely with management teams on strategic initiatives, acquisitions, and operational improvements.

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This article is part of our Private equity firms | Eagle Rock CFO guide.