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GMB Capital Partners invests in privately owned middle-market companies with enterprise values from $20 million to $300 million. GMB’s investment size can range up to $30 million, and GMB has led much larger investments by including co-investors. Targeted businesses include the manufacturing, distribution, technology, healthcare, consumer and business service industries.

We are proud to have been selected by the US Small Business Administration as the 2016 Small Business Investment Company of the Year.

When you need answers, we strive to reply quickly. When you need flexibility, we draw on extensive experience and a nationwide network of strong relationships to tailor a financial structure. co-investment, or plan of action to suit your needs.

Experienced

The GMB team members over their careers have a combined track record of more than 200 debt & equity transactions totaling over $2.1 billion. They have invested in a wide range of industries, businesses, transaction types, geographic markets and capital structures, across multiple business cycles.

All of GMB’s team members have long been active in private company, middle-market financing. Professional relationships across the country provide a significant base of deal referral sources, portfolio companies and financing partners. Their access to growth opportunities, advisory services and capital sources creates a value proposition that extends well beyond their funding capabilities.

GMB’s staffing is complemented by an Advisory Committee of executives and entrepreneurs with a diverse experience base, drawn from GMB’s limited partner investor group.

Responsive

We believe that our customers (deal referral sources, equity sponsors, portfolio companies) value responsiveness when searching for a mezzanine capital resource. We focus on:

Communicating with prompt and informed feedback on all deal referrals
Meeting our milestone commitments and delivering on time
Offering alternative ideas, structures and resources when of value
Identifying the conditions precedent to proposals, thus avoiding subsequent surprises
Appreciating that each opportunity is unique and sparing you any preconceived responses

Trusted

You can trust GMB:

To create and sustain an environment that reflects the best elements of business practice and culture that we have experienced over our many years in the finance business.
To deliver our best effort every time, sharing resources, ideas and alternatives where they might be of value.
To communicate consistently, openly and honestly with all parties.
To make it easy and enjoyable for people to do business with us – and gratifying for our team members to represent GMB in the marketplace.

Focus

We will invest in companies led by experienced and committed management teams which can produce the free cash flow required to support the company’s capital structure.

We will entertain:

A diverse range of transaction purposes
- Private equity firm sponsored buyouts
- Management buyouts
- Acquisition financing
- Recapitalizations
- Growth/expansion needs
Flexible investment structures
- All-coupon, fixed rate, subordinated notes
- Subordinated notes with warrants
- Tranche B Senior Note structured financing
- Preferred stock
- Minority common stock co-investments
Alternative roles, participating as
- A sole investor
- A lead investor for a co-investment group
- A co-investor with another institutional investor

Investments ranging in size from $3 million to $30 million and larger through use of co-investment partners. In all cases, our investment will be crafted to fit the unique needs of the equity sponsor, the company in which we are investing and the specific characteristics of their capital structure and growth plan.

Criteria

Targeted companies will generally possess the following characteristics:

Manufacturing, distributing, fabrication or service businesses.
Private and closely held.
Annual revenues greater than $10 million (based on latest fiscal year).
EBITDA greater than $3 million (based on latest fiscal year).
EBITDA margin greater than 10% (based on latest fiscal year).
Proven and committed management teams.
Minimal or manageable technology risk.
A diverse mix of products, customers, geographic markets and suppliers.
Sound historical financial performance.

We will not invest in the following:

Dramatic “turnaround” situations.
Hostile takeovers or other adversarial situations.
Other investment partnerships.
Companies based outside the United States.
Real estate, farmland, mining or oil and gas production.

Portfolio

GMB Capital Partners has operated five successive funds (GMB-I, GMB-II, GMB-III, GMB-IV and GMB IV – Parallel) since 2005 for a cumulative total under management of $1.1 billion. The investment portfolio is well-diversified by industry, sponsor and geographic location. Investment size ranges up to $30 million. Transaction purposes include buyouts, refinancing, recapitalizations, and add-on acquisitions.

Our Team

All of GMB’s team members have long been active in private company, middle-market financing. Their nationwide network of relationships provides a significant resource base for their deal referral sources, portfolio companies and financing partners. Their access to growth opportunities, advisory services and capital sources creates a value proposition that extends well beyond their funding capabilities.

Michael D. McHugh

Founding Partner

Prior to forming GMB, Mike spent nine and one-half years at Churchill Capital, Inc., and became the Managing Principal of the mezzanine investment team. Prior to joining Churchill, Mike worked for approximately 11 years at First Bank (nka U.S. Bank) and three years at Norwest Bank (nka Wells Fargo Bank) in various corporate banking positions. He holds a BS with Distinction from the University of Nebraska (1980) and performed MBA coursework at the University of Nebraska at Omaha.

Carleton L. Olmanson

Managing Partner

Prior to forming GMB, Cully was a Senior Vice President and Division Manager at U. S. Bank focusing on middle-market leveraged lending. Additionally, he was responsible for originating and managing a portfolio of investments in private equity funds and for select mezzanine and equity investments. He spent over 19 years at U.S. Bank working with both national and middle-market companies providing financing for buyouts, recapitalization and several corporate purposes.

Prior to joining U.S. Bank, Cully was an Assistant Vice President at Norwest Bank (nka Wells Fargo Bank). He holds a BS with Distinction from the University of Minnesota and an MBA from the University of Minnesota.

Daniel J. Hemiadan

Managing Partner

Prior to joining GMB in 2005, Dan was a Vice President at Churchill Capital, Inc., responsible for sourcing, closing, and monitoring mezzanine investments. Prior to joining Churchill, Dan worked for the leveraged finance group at U.S. Bank. He holds a BS degree from St. Cloud State University as well as the Chartered Financial Analyst designation.

Judd G. Stevens

Managing Director

Judd joined GMB in 2013. Prior to joining, Judd was at TripleTree Investment Bank, where he focused on transaction execution, business development, and primary research within the Healthcare sector. Judd also spent time in corporate finance with Honeywell International. Judd graduated from the University of Minnesota’s Carlson School of Management with a concentration in Finance.

John T. Helms

Prinicpal

John joined GMB in 2016. Prior to joining GMB, he spent over four years in the investment management industry and was most recently at Water Street Healthcare Partners, LLC. Previously, he worked at William Blair & Company and interned at Stone Arch Capital, LLC. He completed his BA in Finance magna cum laude at the University of Notre Dame.

Seth D. Jonker

Vice President

Prior to joining GMB in 2015, Seth was an Associate at Wells Fargo, where he focused on providing debt financing in support of private-equity backed buyouts, M&A transactions, and recapitalizations across an array of industry verticals. Seth graduated cum laude from Carleton College with a BA in Economics.

Mitch Heflin

Associate

Prior to joining GMB, Mitch was an Associate at BMO Capital Markets where he focused on middle-market sell-side M&A transactions and advisory work across a variety of industry verticals. Mitch received his BA in History from Carleton College.

Emily Schramm

Associate

Prior to joining GMB, Emily was an Analyst at Janney Montgomery Scott where she worked on M&A transactions, debt and equity capital raises and advisory work in the Financial Institutions group. Emily graduated from Davidson College with a BA in Economics.

Thomas A. Kreimer

Chief Financial Officer

Prior to joining GMB in 2009, Tom spent 17 years with Churchill Capital, Inc., serving as the firm’s Chief Financial Officer for the majority of his tenure. He was responsible for managing accounting, auditing, reporting, investor communications and tax matters for multiple investment funds. Prior to joining Churchill, Tom was a public accountant with Charles Bailly & Company. He is a magna cum laude graduate of the University of St. Thomas with a degree in Business Administration-Accounting. Tom is an inactive Certified Public Accountant.

Beth A. Nechanicky

Controller

Prior to joining GMB in 2017, Beth spent 14 years with Churchill Equity, Inc., serving as the firm’s Controller. She was responsible for managing accounting, auditing, reporting, investor communications and tax matters for multiple investment funds. Prior to joining Churchill, Beth was a financial analyst with General Mills. Beth also worked as a public accountant with PricewaterhouseCoopers and RSM. She is a graduate of the University of Iowa with a degree in Business Administration-Accounting. Beth is an inactive Certified Public Accountant.

Lisa R. King-Porter

Administrative Manager

Prior to joining GMB in 2017, Lisa was a business administrator at Dolan Printing for 3 years and was also an office manager in the recycling industry for 10 years prior to Dolan Printing. She obtained her BA in History from St. Catherine University in St. Paul, graduating magna cum laude. She is also a member of the Phi Beta Kappa honor society. She also holds a Masters in Business Administration from Capella University in Minneapolis.

News

November 2021: Subordinated debt and equity in a specialty distributor of aftermarket collision auto parts.
November 2021: Subordinated debt and equity in a manufacturer of industrial workwear for cold temperature environments.
September 2021: Subordinated debt and equity in a provider of telecom infrastructure services.
August 2021: Subordinated debt and equity in a scaled eye care platform.
August 2021: Subordinated debt and equity in a provider of training solutions focused on complex B2B sales.
July 2021: Subordinated debt and equity in a distributor of packaging supplies and manufacturer of stock & custom corrugated boxes.
June 2021: Subordinated debt and equity in a provider of technology enabled virtual staffing services.
April 2021: Subordinated debt and equity in a urology practice management firm.
April 2021: Subordinated debt and equity in a leading refrigerated pickle manufacturer.
March 2021: Subordinated debt and equity in a manufacturer of custom dietary supplements and OTC Rx products.
January 2021: Subordinated debt in a manufacturer of medical suction and oxygen therapy (SOT) products and source equipment by an East-coast based equity partner.
December 2020: Subordinated debt and equity in a provider of technology-enabled career services by an East-coast based equity partner.
November 2020: GMB Capital Partners, a private credit and equity investment firm, is pleased to announce the final close of GMB Mezzanine Capital IV and second close of GMB Mezzanine Capital IV – Parallel.
July 2020: Subordinated debt and equity in a provider of custom printed pressure sensitive, shrink sleeve, flexible packaging, and blank labels by an East-coast based equity partner.
July 2020 : GMB MEZZANINE CAPITAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JUDD STEVENS TO MANAGING DIRECTOR.

Judd joined GMB Mezzanine Capital in 2013 and is focused on business development, transaction underwriting and portfolio management. Prior to joining, Judd was at TripleTree Investment Bank, where he focused on transaction execution, business development, and primary research within the healthcare sector. Judd also spent time in corporate finance with Honeywell International. Judd graduated from the University of Minnesota’s Carlson School of Management with a concentration in Finance. “Judd is a high caliber person and a very strong performer. He brings a high level of energy to the firm and we are fortunate to have him as a team member” – Cully Olmanson, Partner.
May 2020: Subordinated debt in a provider of plumbing and HVAC services by an East-coast based equity partner.
January 2020: GMB IS PLEASED TO ANNOUNCE THE PROMOTION OF SETH JONKER TO VICE PRESIDENT. GMB is pleased to announce the promotion of Seth Jonker to Vice President. GMB recognizes a valuable team member since 2015 by promoting Seth Jonker to Vice President. “Seth continues to contribute significantly to the success of GMB and we are excited to recognize him for his hard work and dedication to the firm,” said Judd Stevens, Principal.
September 2019: Subordinated debt in a provider of custom wire & cable accessories by an East-coast based equity partner.
August 2019: Subordinated debt and equity in a manufacturer of made-to-order specialty fasteners by an East-coast based equity partner.
July 2019: CARY NORDAN JOINS GMB TEAM AS PARTNER & MANAGING DIRECTOR. Prior to joining GMB, Cary spent fourteen years at Triangle Capital, which managed $1.5 billion of capital within a publicly traded BDC and three SBIC Funds. Triangle provided private debt and equity capital to middle market companies; most recently, Cary was Chief Origination Officer, Co-Head of Investment Group, and Investment Committee member. Prior to Triangle, Cary managed BB&T Asset Management’s $1 billion small-cap growth equity mutual fund for almost three years. He also spent four years in investment banking and consulting, primarily for the financial and technology sectors. Cary holds a BSBA with honors from Appalachian State University and an MBA from Duke University. Also, he holds the Chartered Financial Analyst designation. “We have known Cary on a professional and personal level for almost fourteen years. We co-invested in many platforms and worked closely together over that time. His experience, performance and character make him a perfect fit for GMB. We look forward to him being an integral member of the firm and our growth going forward.” – Michael McHugh, Managing Partner
June 2019: GMB IS PLEASED TO ANNOUNCE THE PROMOTION OF JOHN HELMS TO VICE PRESIDENT. John joined GMB Mezzanine Capital in 2016 and is focused on business development and portfolio management. Prior to joining GMB, he spent over four years in the investment management industry and was most recently at Water Street Healthcare Partners, LLC. Previously, he worked at William Blair & Company and interned at Stone Arch Capital, LLC. He completed his BA in Finance magna cum laude at the University of Notre Dame. “John is a very valued team member at GMB and we are excited to see him continue to grow in his new position,” said Cully Olmanson, Partner at GMB.
June 2019: Subordinated debt in a provider of dairy food ingredients by an East-coast based equity partner.
June 2019: GMB ANNOUNCES ADDITION OF NEW ASSOCIATE, LUCAS HOUGO. Prior to joining GMB in 2019, Luke was an Associate at Craig-Hallum Capital Group, where he focused on raising equity in public and private offerings, M&A transactions, and advisory work. Luke received his BA in Finance from Villanova University. Partner Michael McHugh said, “We are happy to welcome Luke to GMB Mezzanine Capital. He is a great addition to the team.”
May 2019: Subordinated debt in a dental service organization by an East-coast based equity partner.
March 2019: Subordinated debt and equity in a supplier of advanced control products by a Midwest based private equity partner.
March 2019: Subordinated debt and equity in the leading provider of communications solutions and services in North America and one of Motorola Solutions’ largest channel partners by an East-coast based private equity partner.
January 2019: Subordinated debt and equity in a provider of omnichannel fundraising and marketing services by an East-coast based private equity sponsor.
December 2018: Subordinated debt and equity in a provider of outpatient physical therapy and workplace health services by an East-coast based private equity sponsor.
October 2018: Subordinated Debt and equity in a provider of third party administration (“TPA”) services to Taft-Hartley multi-employer trust funds by an East-Coast based private equity firm.
August 2018: Subordinated debt and equity for a national supplier of vertical interior surfaces by a Midwest-based private equity sponsor.
July 2018: GMB MEZZANINE CAPITAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JOHN HELMS TO SENIOR ASSOCIATE. John joined GMB Mezzanine Capital in 2016 and is focused on business development and portfolio management. Prior to joining GMB, he spent over four years in the investment management industry and was most recently at Water Street Healthcare Partners, LLC. Previously, he worked at William Blair & Company and interned at Stone Arch Capital, LLC. He completed his BA in Finance magna cum laude at the University of Notre Dame. “John is a very talented team member at GMB and we are excited to see him continue to grow as he takes on new challenges at GMB,” said Michael McHugh, Partner.
May 2018: Subordinated debt for an operator of children’s entertainment equipment by an East coast private equity firm.
April 2018: Add-ons for Q1: $212,000 of equity and 2.7 million of subordinated debt in an add-on transaction for an existing portfolio company of GMB-III, and $5.0 million of subordinated debt in an add-on transaction for a second existing portfolio company of GMB-III.
February 2018: Subordinated debt and equity for an Ophthalmology Practice Management firm by a Midwest-based private equity sponsor.
January 2018: Judd joined GMB Mezzanine Capital in 2013 and is focused on business development, transaction underwriting and portfolio management. Prior to joining, Judd was at TripleTree Investment Bank, where he focused on transaction execution, business development, and primary research within the healthcare sector. Judd also spent time in corporate finance with Honeywell International. Judd graduated from the University of Minnesota’s Carlson School of Management with a concentration in Finance. “Judd is a very valued team member at GMB and we are excited to see him continue to grow in his new position,” said Dan Hemiadan, Partner at GMB.December 2017: Subordinated debt and equity for a designer of wallcoverings, fabrics, and furniture, sponsored by a Midwest-based private equity sponsor.
December 2017: Subordinated debt and equity in an Internet of Things (IoT) wireless connectivity solutions company, sponsored by an East-Coast based private equity sponsor.
December 2017: GMB Mezzanine Capital is pleased to welcome Lisa King-Porter to our team as Office Manager. She joined GMB in November 2017, replacing Beth Sullivan, the retiring Office Administrator. She brings more than 15 years of office management experience in the printing and recycling industries, as well as a Master’s Degree in Business Administration. “After an extensive search, we were very fortunate to have found Lisa. She brings the perfect combination of skills and a wealth of knowledge to our back office and has immediately been a solid contributor, ” said Tom Kreimer, CFO at GMB.November 2017: Add-ons: $154,286 of equity in an add-on transaction for an existing portfolio company of GMB-III, and $3.0 million of subordinated debt in an add-on transaction for an existing portfolio company of GMB-II.
November 2017: $15.0 million of subordinated debt in a new transaction sponsored by an East Coast-based private equity sponsor.
October 2017: $10.0 million of subordinated debt in a new transaction sponsored by an East Coast-based private equity sponsor.
October 2017: Add-ons: $156,300 of equity in an add-on transaction for existing portfolio companies of GMB-III.
October 2017: GMB Mezzanine Capital is pleased to announce the promotion of Seth Jonker to Senior Associate and the hiring of Beth Nechanicky as Controller.
September 2017: Add-ons: $4.5 million of subordinated debt in two add-on transactions for existing portfolio companies of GMB-III.
August 2017:$3.75 million of subordinated debt and $1.75 million of equity in a new transaction sponsored by a Midwest-based private equity sponsor
August 2017: Add-ons: $500,000 of subordinated debt in an add-on transaction for an existing portfolio company of GMB-III, and $660,697.01 of subordinated debt in an add-on transaction for an existing portfolio company of GMB-II.
May 2017: $6.0 million of subordinated debt and $750,000 of equity in a new transaction sponsored by a Midwest-based private equity sponsor.
April 2017: $13.8 million of subordinated debt and $1.5 million of equity in a new transaction sponsored by a West Coast-based private equity sponsor.
April 2017 Add-ons: $1,666,666.67 of subordinated debt in an add-on transaction for an existing portfolio company of GMB-II, and $250,000 of equity in an add-on transaction for an existing portfolio company of GMB-III.
February 2017 Add-ons: $1.0 million of subordinated debt and $319,000 of equity in two add-on transactions for existing portfolio companies of GMB-II.
December 2016: $2.7 million of subordinated debt and $2.3 million of equity in a new transaction sponsored by a Midwest-based private equity sponsor
November 2016 Add-ons: $156,000 of equity in an add-on transaction for an existing portfolio company of GMB-II, and $4.3 million of subordinated debt in an add-on transaction for an existing portfolio company of GMB-III.
October 2016: $5.1 million of subordinated debt and $500,000 of equity in a new transaction sponsored by an East Coast-based private equity sponsor
September 2016: $10 million of subordinated debt and $1.0 million of equity in a new transaction sponsored by an East Coast-based private equity sponsor.
August 2016: $9.2 million of subordinated debt in a new transaction sponsored by a West Coast-based private equity sponsor.
June 2016: $4.3 million of subordinated debt and $216,000 of equity in an add-on transaction for an existing portfolio company.
June 2016: $7.75 million of subordinated debt and $600,000 of equity in a new transaction sponsored by an East Coast-based private equity sponsor.
May 2016: U.S. Small Business Administration Selects GMB Mezzanine Capital as the 2016 Small Business Investment Company (SBIC) of the Year. Read Full Press Release.
April 2016: 12.0 million of subordinated debt and $1.5 million of equity in a new transaction sponsored by a Southern-based private equity sponsor.
April 2016: $4.3 million of subordinated debt and $1.0 million of equity in a new transaction sponsored by a Southern-based private equity sponsor.
April 2016: $8.7 million of subordinated debt in a new transaction sponsored by an East Coast-based private equity sponsor.
April 2016: $5.9 million of subordinated debt and $1.3 million of equity in a new transaction sponsored by an East Coast-based private equity sponsor.
First Quarter 2016 Add-ons: $325,000 of equity in four add-on transactions for existing portfolio companies of GMB-II and $4.0 million of subordinated debt in an add-on transaction for an existing portfolio company of GMB –III.
March 2016: $5.6 million of subordinated debt in a new transaction sponsored by an East Coast-based private equity sponsor.
February 2016: $7.5 million of subordinated debt in a new transaction sponsored by a Midwest-based private equity sponsor.
February 2016: $5.8 million of subordinated debt and $500,000 of equity in a new transaction sponsored by a Midwest-based private equity sponsor.
January 2016: GMB Mezzanine Capital is pleased to announce Fund III, in excess of $270,000,000 — Read Full Press Release