Investment Criteria

We invest in B2B software, IT Services, and tech-enabled service companies with strong competitive positions, recurring or re-occurring revenue and high customer retention. We focus on family- and founder-owned businesses, orphan assets, and those poised for breakout growth.

<$100M

Enterprise Value
>$5M

Software ARR
>$10M

Services Revenue
>$3M

Services EBITDA
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About Etna Capital

Etna Capital is a private equity firm investing in family- and founder-owned businesses in technology and industrials. We focus on hands-on value creation, partnering with owners and management teams to optimize operations and build stronger businesses.

Team

Peter Leibman
CEO

Peter Leibman is the Chief Executive Officer of Etna Capital. He has led a broad variety of investments in middle market businesses across technology, tech-enabled services and industrial sectors. He has served on the board of directors of numerous companies working closely with founders and management teams to achieve transformative growth and performance improvement.

Prior to Etna, Mr. Leibman was a Managing Director and co-founder of Peak Rock Capital, a leading middle market private equity firm. Previously, Mr. Leibman was an investment professional at Aurora Capital and a strategy consultant at Bain & Company where he led numerous engagements for middle market and Global 1000 clients in North America and Europe.

Mr. Leibman received an M.B.A. from the University of Chicago Booth School of Business, and a B.A. in Economics and Mathematical Methods in the Social Sciences from Northwestern University.

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Tom Behringer
Vice President

Tom Behringer is a Vice President at Etna Capital and focuses on deal origination, transaction execution and portfolio management. He has spent his career partnering with founders and leaders across IT services, tech-enabled, software and business services sectors as an investor, board member and operator.

Prior to Etna Capital, Mr. Behringer partnered with an industry leader to build an IT services business within the GitLab ecosystem. Prior to that venture, Mr. Behringer was an investment professional at both Strattam Capital and Seaport Capital, focusing on investments in founder-owned businesses in the technology and business services sectors. He began his career as an investment banking analyst in the M&A Group at Wells Fargo Securities.

Mr. Behringer received an M.B.A. from the Kellogg School of Management at Northwestern University, and a B.B.A. from the Stephen M. Ross School of Business at the University of Michigan.

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At-a-Glance

15+

Years of Experience
20+

Investments Closed
$500M+

Capital Deployed