Lower Middle Market Private Equity Explained: Founder Exits and Control
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About this Episode
JJ Barto, Partner at Broadwing Capital, shares insights on lower middle market private equity and what it means for founder-operators considering their first institutional capital transaction. With more than 20 years of experience investing in privately held companies, JJ brings an operator-first mindset to private equity, emphasizing discipline, partnership, and long-term value creation.
Key Highlights: - What lower middle market private equity really means ($5-50M EBITDA) - First-time institutional capital: working with founders who've never sold - The emotional and identity challenges of selling your business - How tariffs and uncertainty affect deal flow and valuations - Private equity vs. family office investment approaches - Preparing for an exit: founder intention planning
About JJ Barto
JJ Barto
Partner, Broadwing Capital
JJ Barto is a Partner at Broadwing Capital, a Dallas-based lower middle market private equity firm focused on building durable businesses alongside management teams. With more than 20 years of experience making direct investments in privately held companies across family offices and independent sponsor roles, JJ specializes in first-time institutional capital transactions with founder and family sellers.
Winners Announced: D CEO's Leadership Excellence Awards 2026
Alex Danza of Vonlane and Chris Gannett of Gannett.Partners were named finalists for Visionary Leader of the Year, and J.J. Barto of Broadwing Capital a finalist for Operational Excellence Leader, in D CEO's 2026 Leadership Excellence Awards.
Broadwing Capital Management Closes Oversubscribed $440M Fund
The Dallas firm closed its first fund at $440 million against a $350 million target, capital it is putting behind lower middle market manufacturing platforms.
How Dallas PE firm went from working out of La Madeleine to closing first fund $90M above target
Broadwing Capital Management closed Fund I oversubscribed at $440 million in committed capital, $90 million above its target. Founded in 2022 by Eliot Kerlin and Andrew Boisseau, the firm invests in small founder-owned manufacturing businesses and invested as it raised, so the portfolio was already visible to limited partners by the final close. The raise lands against a decade low in US private equity fundraising, which is hardest on first-time funds.