Lewis & Clark Holdings (recently rebranded from FTL Capital), the investment office of the Hillman family, has announced the launch of Lewis & Clark Capital. The new firm will specialize in private equity investments in the lower-middle market ($5M to $50M in average annual revenue).

“Lewis & Clark Capital will invest in people and businesses with the potential to have a significant and positive impact on the region’s economy,” explained founder Tom Hillman, who along with his team has invested in more than 30 business over the past 15 years.

Lewis & Clark Capital will manage three of Lewis & Clark Holdings’ current investments in the St. Louis area, including Automation Service, the world’s largest process control remanufacturer; FTL Finance, a long-standing specialty finance business; and Valley Minerals, a manufacturer of critical materials supplied to the steel and construction industries.

Chad Denen will serve as Managing Director of the new firm. Prior to joining Lewis & Clark Capital, Chad spent 10 years at Najeti Ventures USA, where he sourced and managed investments across a diverse set of industries.

“Chad’s business ethos and proven track record make him a perfect fit for the Managing Director role,” said Tom Hillman. “Our firm places a priority upon investing in companies with the potential to go beyond success to significance, and Lewis & Clark Capital will build upon this strategy under Chad’s leadership.”

This launch follows Hillman’s Fall 2015 founding of Lewis & Clark Ventures, a separately owned and managed venture capital firm. Lewis & Clark Ventures provides Series A and B stage funding to companies between the U.S. coasts that are operating in such sectors as enterprise software, healthcare and agriculture technology.