Investing in Lower Middle Market Growth

Jeff Reamer and Madden Media have completed the acquisition of Karsh Hagan, a Colorado-based digital marketing agency serving leading state, city, and regional tourism boards. With decades of industry experience and strong client relationships, Karsh Hagan is a highly strategic add-on that deepens Madden’s presence in the $1.25B destination marketing ecosystem. Minds Capital is an equity investor in this transaction, which strengthens the combined platform and accelerates its path toward a market-leading position.

Guideboat Capital Partners, led by Mike Sutton, has acquired P3CA, a cost-reduction consulting firm that helps businesses lower recurring operational expenses through shared-savings audits across utilities, telecom, waste, and more. Founded in 1991, P3CA operates a scalable, asset-light franchisor model and benefits from a large, durable TAM. Minds Capital is an equity investor in the deal, building on our long-standing relationship with Mike through prior partnerships.

LP First Capital, led by independent sponsor Thomas Ince, has acquired Icon Restoration, a Michigan-based rapid-response home restoration business specializing in fire, water, mold, and storm damage. Icon is a strong platform in a large, fragmented sector, known for seamless insurance coordination and high-quality emergency work. Minds Capital is an equity investor in the deal, which LP First specifically opened to us to begin a long-term partnership.

Bloom Equity, led by Bart Macdonald, recently closed a carve-out acquisition of DTC, a global cyber security consulting and testing firm specializing in regulatory compliance, breach resilience, digital privacy, and penetration testing. The company operates across the UK, Ireland, Japan, and the US, serving primarily mid-market organizations with recurring regulatory needs in a rapidly growing sector.

Alpine Crest Capital, a privately held investment firm with an entrepreneurial, long-term approach, recently closed a majority investment in HerScan. This is a nationally recognized, innovative healthcare company that provides convenient, affordable ultrasound screening services for the early detection of breast cancer. Minds Capital is an equity investor, and this opportunity was a referral by someone in our network.