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Your Trusted
Investment Partner

Mutual respect, aligned economics, and thoughtful resource deployment are our guiding principles.

About Us

Amethyst Capital Group is a New York-based investment firm providing capital and strategic partnership to North American middle-market companies. We partner with management teams to clarify priorities, design tailored capital solutions and support sustainable value creation.

We favor buy-and-build consolidations where we can leverage our M&A capabilities and industry networks to accelerate growth and create scale. We are experienced in navigating complex family dynamics.  We work with executive leadership teams to develop a shared vision for the future and to provide insights, resources, and networks to help execute on these strategies.

Our Approach

We invest in established middle-market companies across North America, pursuing both control and significant minority positions

Flexible Capital

Up to $250+ million equity  over time, with a minimum initial investment of $25 million.

Tailored Capital Structures

Customized to fit each business’s unique circumstances.

Experienced Operating Partners

Access to a network of accomplished executives, typically retired from day-to-day leadership roles in industries in which we invest

Economic Alignment

We encourage seller rollover and design equity-based incentive programs to keep all oars pulling in the same direction.

Operational Guidance, not Financial Engineering

We enable meaningful business improvements while using debt responsibly.

Independent Decision Making

​Our timeline is not tied to raising successive funds, allowing the business to come first.

Collaborative Approach

Consensus-driven partners who respect management’s expertise without acting as day-to-day operators.

Patient, Long-Term Capital

Our investors are high-net-worth family offices and like-minded institutional partners who share a belief in capitalizing businesses for sustainable success.

Target Sectors

Facilities Services

Infrastructure Services

Household and Consumer Services

Professional Services

Tech-enabled Business Service

GovCon Services

Investment Criteria

Our approach is flexible and tailored, combining strategic insights and operational support with patient and aligned capital to unlock long-term value.
Investment Profile
We look for established U.S. and Canadian businesses with following attributes:
In large, fragmented markets supported by favorable macro tailwinds
With high free cash flow and strong cash conversion
Opportunities where our capital and expertise can meaningfully accelerate growth
Financial Parameters
New platform EBITDA: $8M+ (add-ons can be any size if strategically aligned)
Industry / sector size: $1B+; preferably high-growth or highly fragmented
Margins: healthy, stable; we do not invest in distressed situations
Transaction Types
Buy and Builds
Family Ownership Transitions
Control Recapitalizations
Buyouts and Carveouts
Growth Investments
Special Situations
Substantial Minority Investments

Our Team

Ross Lipson, Partner

Ross has two decades of private equity experience sourcing, executing and overseeing investments, both in the traditional fund context and on a deal-by-deal basis.
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Prior to founding Amethyst, Ross established Conferre Capital in 2015 to partner with established investment firms in the implementation of their middle market investment programs.  In this capacity, Ross worked as a senior deal team professional with The GC Companies and The Carlyle Group, completing highly successful investments with both firms.
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Previously, Ross worked as an investment professional at Fenway Partners, rising to the Principal level. Prior to Fenway, he worked as a strategy consultant at The Boston Consulting Group in New York City and practiced corporate transactional law at Cravath, Swaine & Moore LLP.​
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Ross received his B.A. from the University of Michigan, his J.D. from NYU School of Law and his M.B.A. from Columbia Business School. Ross was admitted to practice law in the State of New York. He lives with his family between East Hampton and New York City.
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Karthik Shanmugam, Partner

Karthik is a seasoned investor with over 15 years Private Equity investing experience, including sourcing, structuring, deal execution and portfolio company management.

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Prior to joining Amethyst, Karthik was a senior member of the private equity investment team at The Olayan Group, a multi-billion dollar global asset manager with a large portfolio of actively managed investments. At Olayan, Karthik sourced and led numerous investments across Industrial, Business Service, and Tech-enabled Service sectors. Previously, Karthik worked in the Financial Sponsors Group at Citigroup where he advised several large cap and mid-market private equity firms.

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Karthik also worked at The Wonderful Company (TWC) where he was responsible for evaluating new platform and add-on acquisitions. At TWC, Karthik was heavily involved in value creation at several portfolio companies including Fiji Water, Teleflora, and POM Wonderful.

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Karthik received his B.S. from Case Western Reserve University. He also received his M.B.A from the Stephen M. Ross School of Business at the University of Michigan.  Karthik lives with his family in New Jersey.

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© 2026 by Amethyst Capital Group LLC, a New York Limited Liability Company

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