White Marlin Capital Partners acquires control positions in established lower middle market businesses with $10–$100 million in revenue. We invest principal capital from our own balance sheet, not committed fund capital, so there is no fund clock, no investment committee, and no syndication risk. When we tell a seller we will close, we close on the terms we put in writing.
We are active owners, not passive financiers. We sit on boards, work alongside management on strategy, capital allocation, and M&A, and bring our legal, tax, and operating experience to the issues where it matters most. We are also realistic about what we don’t do: we don’t run the business from a boardroom, and we don’t replace operator judgment with ours.
We invest in businesses whose teams already know how to operate them, and our job is to make those teams more effective, with more capital, better structure, and a longer horizon than they’d have on their
own.
Because we invest principal capital, we are not on a fund clock and not under pressure to flip the business in five to seven years. We can hold for as long as it makes sense to hold, structure transactions around the seller’s goals rather than a portfolio model, and underwrite complexity
(successions, transitions, tax-driven structuring, distressed and turnaround opportunities) that many buyers walk away from.
Glen Frost, Co-Founder. An attorney, CPA, and Certified Financial Planner™, Glen brings the legal, tax, and financial-structuring expertise needed to execute complex lower middle market transactions. He is also the Founding Partner of Frost Law, where he advises owners, families, family businesses, and private equity stakeholders on tax, business, and estate matters.
William Carr, Co-Founder. Will brings a background in private equity, operations, and finance to the firm. He previously served as Chief Operating Officer at Frost Law, Principal at Ames Watson (leading control and minority investments), and Vice President at Severn Partners (buy-side and sell- side transactions). He began his career in public and corporate accounting.
Control Buyouts
We acquire established lower middle market businesses where current ownership is seeking a partner for succession, transition, or growth.
We invest with a long-term horizon, retain existing management where possible, and structure transactions around the seller’s goals, not a fund timeline.
Private Credit & Specialty Finance
We move quickly and we tell you what is happening at each step. Most engagements follow this arc:
Introductory Conversation. Within 48 hours of initial outreach. A short call to understand the business, the seller’s goals, and whether there is a real fit. No materials required.
Information Exchange. Mutual NDA, followed by high-level financials and an operating overview. We use this to confirm fit and sharpen our view of the opportunity.
Indication of Interest. Within roughly two weeks of receiving sufficient information, we provide a written IOI outlining proposed valuation, structure, and process. If we are not the right partner, we say so plainly.
Diligence and Close. Streamlined, principal-led diligence with minimal disruption to the business and team. Target close in 60–90 days, with no financing contingency and no syndication risk.
If you're considering a transition and want to talk through what a partnership might look like, we'd welcome the conversation.
