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Private equityFirmbuyoutlower middle market

The Watermill Group

Private Equity

Boston, MA

Watermill Group is a strategy-driven private investment firm. For more than four decades, we have been acquiring, operating and improving companies. Learn more about our firm and approach to value creation.

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Search this name across graphsid dfx:pe:afa0c51b-6a2e-44a5-98bf-48ae70a39e6e

Data as of Sep 18, 2026 (this record's last observation) from federal regulator filings, firm and issuer disclosures, news and newswire. Page built Sep 19, 2026, 5:47 AM UTC and rebuilt at most every 15 minutes.

Relationships: 80
Dated events: 40
On other graphs: 4
Observed: Sep 13, 2026 to Sep 18, 2026
50 observations

Across DFX

same identity by shared identifier, citation, or a bridge measured by hand

Independent Sponsorsidentity

The Watermill Group

Capital provider to sponsors · shared crd

RIA / Wealth Managementidentity

THE WATERMILL GROUP

Registered adviser · shared crd

Private Creditidentity

THE WATERMILL GROUP

Private credit manager · shared crd

Real Estate Fundsidentity

The Watermill Group

Real estate fund manager · shared crd

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Funds: 26
PE funds: 24
Vintages: 2013 to 2023
PE GAV, 2024 filing: $207Mgross asset value on Form ADV; never dry powder
Regulatory AUM: $213M
Investments: 27
Active investments: 18
Size band: LOWER MIDDLE MARKETderivedproxy: $0.21bn Private Equity Fund GAV on the Form ADV filed 2024-05-28
Stated sectors: technology,energy,media_telecom
Stated EBITDA range: $3.0M to $15.0M
Latest ADV filing: May 28, 2024
Employees (ADV): 16
Website: watermill.com

Funds

Fund	Vintage	Lifecycle	ADV type	Form D sold	GAV
Watermill-Ctb Partners, LP	2023	Early deployment	Private Equity Fund	n/a	$8.6M
Watermill-Enbi Partners III, LP	2023	Early deployment	Private Equity Fund	n/a	$11.4M
Watermill-Transportation Pref Partners III, L.P.	2023	Early deployment	Private Equity Fund	n/a	$40.1M
Watermill Opportunity Fund Series I - Weston	2022	Unknown	Private Equity Fund	n/a	$57.3M
Watermill Weston Co-Investment, LP	2022	Unknown	Private Equity Fund	n/a	$26.4M
Watermill-Enbi Partners II, LP	2021	Unknown	Private Equity Fund	n/a	$1
Watermill-Transportation Pref Partners II, LP	2021	Unknown	Private Equity Fund	n/a	$1.6M
Watermill-Enbi Partners, LP	2020	Harvest	Private Equity Fund	n/a	$1
Fitzwilliam Works Realty I, LP	2019	Mature	Real Estate Fund	n/a	$1.5M
Watermill-Transportation Pref Partners, LP	2019	Wound down	Private Equity Fund	n/a	$10.6M
Fitzwilliam Works Realty II, LP	2019	Successor fundraising	Real Estate Fund	n/a	$1.4M
Watermill-Transportation Debt Partners, LP	2019	Mature	Private Equity Fund	n/a	$8.5M
Watermill-Ct Partners, LP	2018	Harvest	Private Equity Fund	n/a	$52.4M
Watermill-Emi Partners, LP	2017	Wound down	Private Equity Fund	n/a	$15.3M
Watermill-Qmc Partners, LP	2016	Wound down	Private Equity Fund	n/a	$23.4M
Watermill-Mpi Partners II, LP	2015	Wound down	Private Equity Fund	n/a	$3.5M
Watermill-Tpg Partners, LP	2014	Wound down	Private Equity Fund	n/a	$0
Watermill-Mpi Partners, LP	2013	Wound down	Private Equity Fund	n/a	$4.0M
Watermill-Tubes Partners, LP	2013	Wound down	Private Equity Fund	n/a	$21,016
Watermill-Tenere Partners, LP	2013	Harvest	Private Equity Fund	n/a	$472,645
Watermill-Alsip Partners, LP	n/a	Wound down	Private Equity Fund	n/a	$0
Watermill-Toolrock Partners II, LP	n/a	Wound down	Private Equity Fund	n/a	$35.5M
Watermill-Mct Partners, LP	n/a	Wound down	Private Equity Fund	n/a	$0
Watermill-Toolrock Partners, LP	n/a	Wound down	Private Equity Fund	n/a	$89.9M
Watermill-C&m Partners, LP	n/a	Wound down	Private Equity Fund	n/a	$59,521

Investments

Company	State	Role	Control	Invested	Exited	Status
Musser Lumber	Va	unknown	unknown	May 21, 2024	n/a	active
Weston Forest	n/a	platform	control	Jan 4, 2021	n/a	active
Pierce Industries	NY	Add on	control	Jun 24, 2019	n/a	active
Enbi Group	n/a	platform	control	Apr 3, 2019	n/a	active
Enbi Group	n/a	platform	unknown	Apr 3, 2019	n/a	active
Cooper & Turner Announced	n/a	platform	control	May 16, 2018	n/a	active
Cooper & Turner	n/a	platform	control	Aug 16, 2017	n/a	active
Experi-Metal, Inc.	Mi	platform	control	Aug 2, 2016	n/a	active
Quality Metalcraft, Inc.	Mi	platform	control	Jul 1, 2015	n/a	active
Mountain Molding, LLC	n/a	Add on	control	May 5, 2015	n/a	active
Dazzling New Investment	n/a	platform	control	Apr 1, 2015	n/a	active
Superior Tube	n/a	Add on	control	Jun 3, 2013	n/a	active
Protogenic	n/a	Add on	control	May 24, 2013	n/a	active
Advanced Components Fabricator Tenere	n/a	platform	control	Dec 17, 2012	n/a	active
Two Elite Metals Manufacturers	n/a	platform	control	Sep 13, 2012	n/a	active
Environmental Paper Producer Manistique Papers	n/a	platform	control	Apr 17, 2012	n/a	active
Tenere	n/a	platform	unknown	n/a	n/a	active
Our strategy	n/a	unknown	unknown	n/a	n/a	unknown
QMC-EMI	n/a	unknown	unknown	n/a	n/a	unknown
Quality Metalcraft, Inc. and Experi-Metal Inc.	n/a	unknown	unknown	n/a	n/a	unknown
Global Tubes	n/a	unknown	unknown	n/a	n/a	unknown
Vertex	n/a	unknown	unknown	n/a	n/a	unknown
Vertex Corporate Holdings, Inc.	n/a	unknown	unknown	n/a	n/a	unknown
Integreyted	n/a	unknown	unknown	n/a	n/a	unknown
DOWNLOAD OUR INVESTMENT CRITERIA	n/a	unknown	unknown	n/a	n/a	unknown
Tenere	n/a	unknown	unknown	n/a	n/a	unknown
Fine Tubes	n/a	platform	unknown	n/a	n/a	active

Relationships

Invested in (25)

→ ProtogenicCompanyAdd on
May 24, 2013 to presentfactNews and newswire
→ TenereCompanyplatform
factNews and newswire, The subject's own site
→ Environmental Paper Producer Manistique PapersCompanyplatform
Apr 17, 2012 to presentfactNews and newswire
→ Enbi GroupCompanyplatform
Apr 3, 2019 to presentfactNews and newswire, The subject's own site
→ Pierce IndustriesCompanyAdd on
Jun 24, 2019 to presentfactNews and newswire
→ Cooper & TurnerCompanyplatform
Aug 16, 2017 to presentfactNews and newswire
→ Dazzling New InvestmentCompanyplatform
Apr 1, 2015 to presentfactNews and newswire
→ Superior TubeCompanyAdd on
Jun 3, 2013 to presentfactNews and newswire
→ Fine TubesCompanyplatform
factNews and newswire, The subject's own site
→ Weston ForestCompanyplatform
Jan 4, 2021 to presentfactNews and newswire
→ Cooper & Turner AnnouncedCompanyplatform
May 16, 2018 to presentfactNews and newswire
→ Musser LumberCompanyunknown
May 21, 2024 to presentfactNews and newswire
→ Quality Metalcraft, Inc.Companyplatform
Jul 1, 2015 to presentfactNews and newswire
→ Experi-Metal, Inc.Companyplatform
Aug 2, 2016 to presentfactNews and newswire
→ Two Elite Metals ManufacturersCompanyplatform
Sep 13, 2012 to presentfactNews and newswire
→ Mountain Molding, LLCCompanyAdd on
May 5, 2015 to presentfactNews and newswire
→ Advanced Components Fabricator TenereCompanyplatform
Dec 17, 2012 to presentfactNews and newswire
→ Our strategyCompanyunknown
factThe subject's own site
→ QMC-EMICompanyunknown
factThe subject's own site
→ Quality Metalcraft, Inc. and Experi-Metal Inc.Companyunknown
factThe subject's own site
→ Global TubesCompanyunknown
factThe subject's own site
→ VertexCompanyunknown
factThe subject's own site
→ Vertex Corporate Holdings, Inc.Companyunknown
factThe subject's own site
→ IntegreytedCompanyunknown
factThe subject's own site
→ DOWNLOAD OUR INVESTMENT CRITERIACompanyunknown
factThe subject's own site

Employs (19)

→ Steven KarolPersonFounder and Managing Partner
factNews and newswire
→ Robert AckermanPersonPartner, Watermill Management Co.
Mar 1, 2002 to Mar 10, 2014inferenceForm ADV, News and newswire
→ Steven E. KarolPersonManaging Partner and Founder
factNews and newswire
→ Debora CollerPersonAdvisor
factThe subject's own site
→ Julia KarolPersonPresident And Chief Operating Officer
Aug 1, 2016 to presentfactForm ADV, The subject's own site
→ Benjamin ProcterPersonPartner
Feb 1, 2009 to Mar 10, 2014inferenceForm ADV, The subject's own site
→ Olga LevinPersonDirector of Finance and Compliance
factThe subject's own site
→ Scott OudheusdenPersonPartner
factThe subject's own site
→ Lucas GillespiePersonSenior Associate
factThe subject's own site
→ John R. AllardPersonAdvisor
factThe subject's own site
→ Russell GoodmanPersonAdvisor
factThe subject's own site
→ Charles KalmbachPersonAdvisor
factThe subject's own site
→ David RobinsonPersonAdvisor
factThe subject's own site
→ Steven Edward KarolPersonManaging Member
Mar 1, 2002 to presentfactForm ADV
→ Timothy EburnePersonChief Compliance Officer
Mar 1, 2012 to Mar 29, 2021inferenceForm ADV
→ Michael Edward FullerPersonChief Financial Officer
Aug 1, 2016 to Mar 29, 2019inferenceForm ADV
→ Monte HaymonPersonPartner
Jan 1, 2005 to Mar 10, 2014inferenceForm ADV
→ Dale OkonowPersonPartner
Feb 1, 2009 to Mar 10, 2014inferenceForm ADV
→ Michael ChoukasPersonPartner
Feb 1, 2011 to Mar 28, 2013inferenceForm ADV

Manages (26)

→ Watermill-Enbi Partners III, LPFundPrivate Equity Fund
Mar 30, 2023 to presentfactForm ADV
→ Watermill-Enbi Partners, LPFundPrivate Equity Fund
Mar 30, 2020 to presentfactForm ADV
→ Watermill-Transportation Pref Partners II, LPFundPrivate Equity Fund
Mar 29, 2021 to presentfactForm ADV
→ Watermill-Enbi Partners II, LPFundPrivate Equity Fund
Mar 29, 2021 to presentfactForm ADV
→ Watermill Opportunity Fund Series I - WestonFundPrivate Equity Fund
Mar 30, 2022 to presentfactForm ADV
→ Watermill Weston Co-Investment, LPFundPrivate Equity Fund
Mar 30, 2022 to presentfactForm ADV
→ Watermill-Transportation Pref Partners III, L.P.FundPrivate Equity Fund
Mar 30, 2023 to presentfactForm ADV
→ Watermill-Ctb Partners, LPFundPrivate Equity Fund
Mar 30, 2023 to presentfactForm ADV
→ Watermill-C&m Partners, LPFundPrivate Equity Fund
Mar 27, 2012 to presentfactForm ADV
→ Watermill-Mct Partners, LPFundPrivate Equity Fund
Mar 6, 2015 to presentfactForm ADV
→ Watermill-Preferred Partners, LPFundPrivate Equity Fund
Mar 27, 2012 to presentfactForm ADV
→ Watermill-Toolrock Partners, LPFundPrivate Equity Fund
Mar 27, 2012 to presentfactForm ADV
→ Watermill-Toolrock Partners II, LPFundPrivate Equity Fund
Mar 27, 2012 to presentfactForm ADV
→ Watermill-Alsip Partners, LPFundPrivate Equity Fund
Mar 27, 2012 to presentfactForm ADV
→ Watermill-Mpi Partners, LPFundPrivate Equity Fund
Mar 28, 2013 to presentfactForm ADV
→ Watermill-Tubes Partners, LPFundPrivate Equity Fund
Mar 28, 2013 to presentfactForm ADV
→ Watermill-Tenere Partners, LPFundPrivate Equity Fund
Mar 28, 2013 to presentfactForm ADV
→ Watermill-Tpg Partners, LPFundPrivate Equity Fund
Mar 10, 2014 to presentfactForm ADV
→ Watermill-Mpi Partners II, LPFundPrivate Equity Fund
Mar 6, 2015 to presentfactForm ADV
→ Watermill-Qmc Partners, LPFundPrivate Equity Fund
Mar 16, 2016 to presentfactForm ADV
→ Watermill-Emi Partners, LPFundPrivate Equity Fund
Mar 15, 2017 to presentfactForm ADV
→ Watermill-Ct Partners, LPFundPrivate Equity Fund
Mar 29, 2018 to presentfactForm ADV
→ Fitzwilliam Works Realty I, LPFundPrivate Equity Fund
Mar 29, 2019 to presentfactForm ADV
→ Fitzwilliam Works Realty II, LPFundPrivate Equity Fund
Mar 29, 2019 to presentfactForm ADV
→ Watermill-Transportation Pref Partners, LPFundPrivate Equity Fund
Mar 29, 2019 to presentfactForm ADV
→ Watermill-Transportation Debt Partners, LPFundPrivate Equity Fund
Mar 29, 2019 to presentfactForm ADV

Dated events

18 bookkeeping events (roster, classification and holdings changes) folded below

Occurred
Mar 3, 2026
Firm news
Watermill Group Completes Sale of Cooper Turner Beck (CTB) to Waterland Private Equity
The subject's own siteobserved yesterday
Occurred
Aug 12, 2025
Firm news
Lucas Gillespie Joins Watermill Group as Senior Associate
The subject's own siteobserved yesterday
Occurred
May 21, 2024
Platform investment
The Watermill Group Invests in Musser Lumber Company
Musser Lumber News and newswireobserved yesterday
Occurred
May 21, 2024
Firm news
The Watermill Group Invests in Musser Lumber Company
The subject's own siteobserved yesterday
Occurred
May 21, 2024
Transaction announced
The Watermill Group Invests in Musser Lumber Company
News and newswireobserved yesterday
Occurred
Jan 23, 2024
Firm news
Watermill Group Promotes Scott Oudheusden to Partner
The subject's own siteobserved yesterday
Occurred
Jul 21, 2023
Firm news
Weston Forest announces acquisition of Kings Wood Products
The subject's own siteobserved yesterday
Occurred
Aug 22, 2022
Firm news
Weston Forest announces acquisition of Industrial Lumber Sales, Inc. of Moultrie, GA
The subject's own siteobserved yesterday
Occurred
Jul 19, 2022
Firm news
Watermill Group Completes Sale of Tenere to CGI Manufacturing Holdings, a Portfolio Company of CORE Industrial Partners
The subject's own siteobserved yesterday
Occurred
Mar 29, 2021
Person left
Timothy Eburne (Chief Compliance Officer) no longer on Schedule A of The Watermill Group
Form ADVobserved 5 days ago
Occurred
Mar 1, 2021
Firm news
Mobility Industry Veteran Colleen Haley Appointed CEO of QMC-EMI
The subject's own siteobserved yesterday
Occurred
Jan 4, 2021
Platform investment
Weston Forest has been acquired by the Watermill Group
Weston Forest News and newswireobserved today
Occurred
Jan 4, 2021
Firm news
Weston Forest has been acquired by the Watermill Group
The subject's own siteobserved yesterday
Occurred
Jan 4, 2021
Transaction announced
Weston Forest has been acquired by the Watermill Group
News and newswireobserved today
Occurred
May 6, 2020
Firm news
Julia Karol Joins Northstar’s Private Equity Fast Pitch podcast
The subject's own siteobserved yesterday
Occurred
Sep 24, 2019
Firm news
Enbi Global, Inc. Appoints Christopher Miller as CEO
The subject's own siteobserved yesterday
Occurred
Jun 24, 2019
Firm news
Watermill’s Enbi Group Announces Add-On Acquisition of Pierce Industries
The subject's own siteobserved yesterday
Occurred
Jun 24, 2019
Transaction announced
Watermill’s Enbi Group Announces Add-On Acquisition of Pierce Industries
News and newswireobserved today
Occurred
Apr 3, 2019
Platform investment
Watermill Group Acquires Enbi in Cross-Border Deal
Enbi Group News and newswireobserved today
Occurred
Apr 3, 2019
Firm news
Watermill Group Acquires Enbi in Cross-Border Deal
The subject's own siteobserved yesterday
Occurred
Apr 3, 2019
Transaction announced
Watermill Group Acquires Enbi in Cross-Border Deal
News and newswireobserved today
Occurred
Mar 29, 2019
Person left
Michael Edward Fuller (Chief Financial Officer) no longer on Schedule A of The Watermill Group
Form ADVobserved 5 days ago

Show 18 bookkeeping events

Occurred
Mar 30, 2026
The Watermill Group: Private Equity Funds on Form ADV 11 (2024 extract) -> 14 (roster 2026-09-01)
Occurred
Mar 30, 2023
Watermill-Enbi Partners III, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $2,945,700
Occurred
Mar 30, 2023
Fund 805-7702335354 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 30, 2023
Fund 805-1281039093 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 30, 2023
Fund 805-6184436464 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 30, 2023
Watermill-Transportation Pref Partners III, L.P. first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $12,167,757
Occurred
Mar 30, 2023
Watermill-Ctb Partners, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $9,924,715
Occurred
Mar 30, 2022
Watermill Weston Co-Investment, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $11,386,850
Occurred
Mar 30, 2022
Watermill Opportunity Fund Series I - Weston first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $24,687,133
Occurred
Mar 29, 2021
Watermill-Enbi Partners II, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $4,275,313
Occurred
Mar 29, 2021
Watermill-Transportation Pref Partners II, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $2,457,122
Occurred
Mar 30, 2020
Fund 805-2849448409 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 30, 2020
Fund 805-8054664963 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 30, 2020
Watermill-Enbi Partners, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $17,210,001
Occurred
Mar 30, 2020
Fund 805-8947943466 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 30, 2020
Fund 805-3438518648 no longer reported on Form ADV by The Watermill Group
Occurred
Mar 29, 2019
Fitzwilliam Works Realty I, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $1,383,130
Occurred
Mar 29, 2019
Fitzwilliam Works Realty II, LP first reported on Form ADV by The Watermill Group (Private Equity Fund), GAV $1,328,658

Who to call

the organisation, the role and the published line, with the filing or website that published it; revealed to signed-in accounts

The firm's published line

Revealable: 1 business phone (Form ADV), 1 office address (Form ADV), 1 website (Form ADV) · as of 2026-09-13

Scott Oudheusden
Partner · Revealable: 2 professional profiles (firm website)

Also named here, with no published line of their own (reach them through the firm): Steven Karol (Founder and Managing Partner), Robert Ackerman (Senior Partner), Steven E. Karol (managing partner), Debora Coller (Advisor), Julia Karol (President And Chief Operating Officer), Benjamin Procter (Chief Compliance Officer, Senior Partner), Olga Levin (Director of Finance and Compliance), Lucas Gillespie (Senior Associate), John R. Allard (Advisor), Russell Goodman (Advisor), Charles Kalmbach (Advisor), David Robinson (Advisor).

Who to call is the organisation, the person's role and the line they published themselves: a business phone, office address, website or profile link from Form ADV, Form 13F or their own website, with that source named on every value. The counts above are what a reveal returns; a personal email is rarely published, so most reveals are the firm's line. Never data bought from a provider, never anything personal. Reveals by plan

Provenance

Graph: Private Equity
Canonical id: dfx:pe:afa0c51b-6a2e-44a5-98bf-48ae70a39e6e
First observed: Sep 13, 2026
Last observed: Sep 18, 2026 10 h ago
Source families: Federal regulator filings, Firm and issuer disclosures, News and newswire
4 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.