Independently Sponsored

Independently Sponsored: Amalgam Capital


Phil Lynch

Managing Director


Amalgam acquires and sustainably grows underrated businesses as independent sponsors. They focus on companies in transition, turnarounds, asset-heavy companies, and other growth challenges.

Firm Profile
Founded in 2020
Based in New York, NY
Offices in Atlanta & Raleigh
Fast Capital Process
Broad Team Expertise
Areas of Focus
Consumer Products
Industrial Manufacturing
Industrial Services
Investment Criteria
Revenue: $20-100M
EBITDA: $2-10M
High Performers
High Growth Potential
Growth Challenges

5 Questions with Phil Lynch

What’s the firm’s origin story?

We describe Amalgam as a family independent sponsor group. Three of our partners are related (father and two sons) and then the other two of us are family by choice (we have all worked together for over 10 years). In the midst of COVID, we had an inflection point in our collective journeys having been consultants, entrepreneurs, and business folks for a long time. We realized with our skill sets and experience, our positioning as an independent sponsor is different than most. Further, because we have built companies and sold them ourselves, we are able to relate and empathize with sellers as most can’t.

What is your investment thesis or value proposition?

We are looking for businesses which have a compelling story to them and exist in an area where we feel we will be most successful from our collective experience and ability to drive value. Generally, we are looking for businesses in the industrials, industrial services, tech-enabled, or healthcare spaces, but really, with our backgrounds, we can look at a lot of opportunities. They key is truly the differentiator of the business and if we feel we are positioned to drive value – not just invest for the sake of investing.

Any notable differentiators for the firm?

Beyond the five partners of Amalgam and our collective experiences, we have a sister consulting firm and partnership there. This allows us to leverage our collective consulting expertise and team to support investments as needed.

what are you looking for, and where are you seeing opportunities?

I’m really interested in the story of a business. I have to be interested in the mission, the products, the people, and how they got there most; without this connection, it’s more difficult to engage in a meaningful way. We are also keenly interested in what are the technologies and needs for the next 10+ years. So, how is a company innovating, growing, and embracing changing technology or needs in the world.

Finally, can you regale us with an interesting or funny M&A story?

This one, fortunately was not me, but one of my partners. Below is a recap, in his words, that I try to share whenever I can:

“It’s January 2022, on-site management meetings are in full swing and I’m headed from New York to San Diego via Minneapolis. The plane is an old Embraer that’s seen better days and I take notice of the ratty seats. We take off from LGA and I settle into a soothing podcast. About 40 minutes into the flight, I notice my ears popping, the plane descending quickly, and the oxygen masks dropping from the ceiling. I think, great this old plane is malfunctioning, there’s confusion, and no one knows what to do with the mask. After a few minutes, the pilot comes on the radio that we should put on our masks and that we’re going to make an emergency landing. My phone finds a cell phone tower — “Welcome to Canada”. Lovely. After 30 minutes of growing anxiety and little communication, we land in Detroit. As we disembark, I asked the pilot what happened. The cockpit window had blown out. I took it as a sign that maybe on-site management meetings weren’t back on the menu. I headed back home to join the call via phone.”

Although my partner had to dial in, I actually did make it to the management meeting and continued anyway.

“Independently Sponsored”

Trivest has a long and successful track record of working and closing deals with independent sponsors. In this series, we interview a leading or up-and-coming independent sponsor about their firm. To mix things up, at the end of each interview, we ask our guest to recount a particularly memorable (and hopefully humorous) deal-making experience. Our goal is to deepen the knowledge and strenghten connections within the independent sponsor community.
Interested in taking part? Have a potential transaction to discuss?

About Trivest

Trivest Partners, with offices in Miami, Charlotte, Chicago, Los Angeles, Philadelphia, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the U.S. and Canada. The Firm has multiple dedicated investment approaches, including both majority and minority flexibility for founders. Since its founding in 1981, Trivest has completed more than 500 investments totaling approximately $8 billion in value. The firm has roughly $4.5 billion in assets under management and a growing team of 70+ professionals.

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