Experienced Investors in Middle Market Companies
What We Do
At SEEM Capital, we specialize in acquiring and transforming middle-market companies. With decades of experience completing control transactions across a wide array of industries, we have built a reputation for partnering with business owners to unlock untapped potential.
Our approach is rooted in collaboration. We often partner with existing owners, encouraging them to roll over a portion of their equity into the deal. This ensures alignment of interests as we work side-by-side to drive growth. Together, we pursue add-on acquisitions, branch into adjacent industry segments, and implement strategies to expand rapidly and sustainably.
Our expertise in "Buy and Build" strategies and access to significant capital enable us to amplify value beyond the initial transaction. Time and again, owners who have partnered with us have achieved outcomes far exceeding their expectations, both financially and operationally. At SEEM Capital, we don’t just acquire businesses—we help build enduring legacies.
Why We’re Different
Selling your business is one of the most significant decisions you’ll ever make. Choosing the right buyer is about more than just price—it's about finding a partner who knows how to close the deal efficiently and who will be a responsible steward of your business and its employees post-closing.
Many transactions fall apart because of inexperience—buyers who over-negotiate, fail to secure financing, or abandon deals over minor diligence findings. At SEEM Capital, we know how to get deals done. More importantly, we know how to grow and protect what you’ve built, ensuring that your business thrives for years to come.
At SEEM Capital, we stand apart because of our experience, expertise, and values:
Efficient Diligence Process—
We understand the importance of a seamless diligence process. Our deep experience allows us to focus on what matters most, avoiding unnecessary disruptions to your business.
Insightful Decision-Making—
Challenges in diligence don’t scare us. We know how to differentiate between critical issues and minor hurdles, ensuring the deal stays on track.
Capital Certainty—
With decades of experience raising billions of dollars, we know how to have all capital parties aligned and ready to close. This eliminates delays and ensures a smooth transaction.
Fair and Balanced Negotiations—
We believe in creating win-win agreements. Our negotiation approach is transparent, balanced, and rooted in mutual respect.
Post-Closing Partnership—
Our commitment doesn’t end at closing. We bring a steady hand and strategic insight to help management teams and owners develop impactful growth and acquisition strategies. Together, we drive organic growth and execute transformative add-on acquisitions.
Proven Track Record Across Industries—
With decades of experience acquiring and building businesses across various industries and economic cycles, we bring unmatched expertise and a history of success to every partnership.
What We Look For
We look for companies where we can add meaningful value. We shy away from businesses that have significant customer concentration, are cyclical in nature, require significant cap ex, or have large working capital requirements.
Other financial metrics include:
Gross margins > 30% of revenues
Inventory + receivables < 30% of revenues
EBITDA margins >10%
EBITDA >$3MM
Industries of interest include:
Business services
Behavioral health services
Consumer services
Industrial services
Niche manufacturing
Consumer products
Education
Residential services
About Us
Stephen W. Etter
Stephen brings four decades of middle market investing experience to SEEM capital. He was one of the original Founding Partners of Greyrock Capital Group. During his tenure with the Fund, Stephen co-managed almost a billion dollars in four funds investing junior capital in dozens of middle market companies with both funded and un-funded sponsors. At Greyrock, he sat on the board of directors of numerous companies and has garnered a wide array of experience across many industries including manufacturing, food, building materials, industrial equipment, software, education and business services.
Most recently he has worked with Acumen in an Advisory Role across both its early stage, high growth, patient capital Pioneer Investment Group as well as Acumen Capital Partners, covering the globe (Africa, Pakistan, Latin America, and the United States). He assisted in fund raising, investment selection, portfolio construction and management. His work for Acumen extended down to the portfolio level where he currently serves on the boards of numerous companies in developing countries.
His Social Impact work has been focused in four verticals; Regenerative Sustainable Agriculture, Education, Energy and Forcibly Displaced People. He has also spent a great deal of time working with Acumen Academy focused on educating future social impact entrepreneurs in their fellows program.
Stephen is a long-time member of the Professional Faculty at the Haas School of Business at U.C. Berkeley, which he joined in 1995. He teaches a variety of accounting and finance classes across both of the schools key programs (Undergraduate & MBA) and has also done extensive executive education classes in the Middle East and Bay Area. He has been awarded the Chiet Distinguished Teaching Award three times at Haas.
Early in his professional career, Stephen worked at PWC during which time he obtained his CPA. He currently serves on the Audit Committee for the University of California at Berkeley Foundation. He previously served extended terms as a University of California at Berkeley Foundation Trustee and the San Francisco Giants Community Fund Director. Mr. Etter received his undergraduate degree and MBA from the Haas School of Business.
Eric R. Menke
Eric brings over three decades of private equity and venture capital experience to SEEM Capital. He began his career at Kidder, Peabody & Company, where he pioneered innovative financing strategies for large ESOP buyouts, overseeing over $100 million in transactions. He later transitioned to private equity, holding senior roles at MBR Associates and Champlain Capital Partners. At Champlain, Eric was a founding partner, raising and deploying $148 million in equity capital and over $500 million in debt in more than a dozen companies across sectors such as facilities services, consumer products, healthcare, and industrial products. His active leadership grew portfolio companies from under $30 million to over $150 million in revenue.
Prior to co-founding Champlain Capital, Eric founded Menke Equity Partners, where he focused on acquiring and scaling lower middle-market companies. His transaction experience spanned industries as diverse as musical instruments, industrial equipment, and filtration products.
More recently, Eric has worked with the venture firm Acumen, advising rapidly growing portfolio companies in Africa. His efforts center on operational efficiency, margin expansion, and revenue growth, with a focus on go-to-market strategies and market expansion. He has also been deeply involved in mentoring management teams to help them achieve consistent, measurable growth objectives.
Beyond his professional endeavors, Eric has been instrumental in various charities and community organizations. Among his accomplishments was his successful effort to help over 400 elementary school children organize, train for, and achieve a Guinness Book of World Records.
Eric earned his MBA from the Kellogg School of Management at Northwestern University and received his undergraduate degree, cum laude, from the University of Southern California.
Contact Us
For New Deals:
Eric Menke
(415) 939-5995
Emenke@Seemcap.com
For Investor Relations:
Stephen Etter
(415) 531-3651
Setter@Seemcap.com
