Former managing directors at Thompson Street Capital Partners and Audax Private Equity have launched Agellus Capital to pursue consolidations in the lower middle market.
Managing Partners Jeff Aiello and Beau Thomas announced the co-founding of the St. Louis, Missouri-based firm yesterday on Linkedin. In their respective Linkedin posts both Aiello and Thomas referred to each other as good friends and noted they were former colleagues at Audax Private Equity. We were unable to reach them by press-time for comment on any fundraising or hiring plans.
The Strategy: Agellus Capital plans to acquire “essential, non-discretionary services businesses across the United States and Canada,” Aiello wrote in his post. “We focus on a buy-and-build strategy, scaling and diversifying our companies through add-on acquisitions within large, fragmented markets.” For platforms the firm prefers buying companies generating EBITDA of $2 million to $20 million.
The Team: Aiello began working at Thompson Street Capital Partners in 2016 as a vice president and left in 2023 as a managing director. During those same years he served on several boards, including those of Len The Plumber, PestCo and Marmic Fire & Safety Co. From 2011 to 2014 he worked as an associate and senior associate at Audax Group. Before that he served as a captain in the U.S. Air Force. Thomas joined the private equity arm of Audax Group in 2009 as an analyst and left in 2024 as a managing director.