
Investments
5Portfolio Exits
5Partners & Customers
2About L2 Capital
L2 Capital is a lower-middle market private equity firm. It specializes in making equity investments in manufacturing, distribution and service companies. The company was founded in 2010 and is based in Devon, Pennsylvania.

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Latest L2 Capital News
Sep 28, 2023
September 27, 2023 DEVON, Pa.–( BUSINESS WIRE )– L2 Capital is pleased to announce the sale of Aspekt Solutions , a leading provider of medical physics, dosimetry, and strategy consultation services, to Varian, a Siemens Healthineers company. This transaction represents the successful realization of L2 Capital’s 2017 investment in Medical Physics Holdings. Terms of the deal were not disclosed. Under L2’s ownership, Aspekt Solutions underwent significant corporate leadership changes, executed a transformational acquisition, and developed a flexible solutions portfolio to meet client needs. This investment allowed the Company to significantly grow its core clinical medical physics services business, increase portfolio breadth, expand its geographic footprint, and position the business for rapid growth. “This successful exit illustrates how our team collaborates with founders and transforms niche market leading businesses into mass market solutions. Over the course of the investment, we recruited a new CEO with a demonstrated track record in healthcare, worked with the leadership team to craft and execute a focused strategic plan, and completed a high-impact add-on acquisition. We are very proud of what we have accomplished together,” commented Connor McMahan, Partner at L2 Capital. “All this was achieved while ensuring that the team and the Company had the right resources and investment required. We always believed that the Aspekt offering delivered best in class clinic and patient outcomes; the Aspekt team built upon that foundation to lead the Company to its current level. We are confident in their continued success.” Brian Pellegrini, CEO of Aspekt Solutions added, “I appreciate the support and collaborative approach L2 Capital takes. I felt I had a true partner in L2 to strategize and achieve the breakthrough goals we set together, and I had the support to execute with my team. I look forward to an exciting new chapter as part of Varian and the Siemens Healthineers team to really accelerate our positive impact.” Troutman Pepper served as legal counsel to L2. About Aspekt Solutions Aspekt Solutions offers radiology and radiation oncology providers the staff, guidance, technical and operational expertise they need to turn a high-risk, high-capital business into a competitive advantage. Our mission is to make a difference one patient, one clinic, one system at a time. That mission starts by bringing together the best team of physicists, dosimetrists, and strategy consultants in the industry, and closely partnering with clients to support and extend their existing programs and prepare them for the future. About L2 Capital L2 Capital ( www.L2Capital.net ) is a lower middle market private equity firm in Devon, PA and Miami, FL that has delivered market leading returns since 2010 by investing in niche lower middle market leading consumer and business services companies. L2 executes a differentiated operations-focused strategy by targeting founder and entrepreneur-led businesses that are at an inflection point where L2’s breakthrough growth framework and direct operating expertise can quickly accelerate market share gain. About Varian At Varian, a Siemens Healthineers company, we envision a world without fear of cancer. For more than 75 years, Varian has developed, built, and delivered innovative technologies and solutions that help care providers around the globe treat millions of patients each year. Today, as a Siemens Healthineers company, we support every step of the cancer care journey – from screening to survivorship. From advanced imaging and radiation therapy, to comprehensive software and services, to interventional radiology, we are harnessing the power of our perspective while also pursuing clinical research to create a more efficient, and more personalized care pathway. Because, for cancer patients everywhere, their fight is our fight. For more information, visit http://www.varian.com.
L2 Capital Investments
5 Investments
L2 Capital has made 5 investments. Their latest investment was in Animoca Brands as part of their Unattributed VC - IV on January 1, 2022.

L2 Capital Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
1/18/2022 | Unattributed VC - IV | Animoca Brands | $358.88M | Yes | 10T Fund, C Ventures, Delta Asia Financial Group, Gemini, Gobi Partners, HongShan, JPMorgan Asia Pacific, Kingsway Capital Partners, L2 Capital, Liberty City Ventures, Mirae Asset Venture Investment, Pacific Century Group, ParaFi Capital, Senator Investment Group, Smile Group, Soros Fund Management, Stable Asset Management, Undisclosed Investors, Wildcat Capital Management, and Winklevoss Capital | 19 |
12/8/2021 | Recap | |||||
1/31/2019 | Seed VC | |||||
7/31/2012 | Recap | |||||
Other Investors |
Date | 1/18/2022 | 12/8/2021 | 1/31/2019 | 7/31/2012 | |
---|---|---|---|---|---|
Round | Unattributed VC - IV | Recap | Seed VC | Recap | Other Investors |
Company | Animoca Brands | ||||
Amount | $358.88M | ||||
New? | Yes | ||||
Co-Investors | 10T Fund, C Ventures, Delta Asia Financial Group, Gemini, Gobi Partners, HongShan, JPMorgan Asia Pacific, Kingsway Capital Partners, L2 Capital, Liberty City Ventures, Mirae Asset Venture Investment, Pacific Century Group, ParaFi Capital, Senator Investment Group, Smile Group, Soros Fund Management, Stable Asset Management, Undisclosed Investors, Wildcat Capital Management, and Winklevoss Capital | ||||
Sources | 19 |
L2 Capital Portfolio Exits
5 Portfolio Exits
L2 Capital has 5 portfolio exits. Their latest portfolio exit was Aspekt Solutions on September 26, 2023.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
---|---|---|---|---|---|
9/26/2023 | Acquired | 3 | |||
Date | 9/26/2023 | ||||
---|---|---|---|---|---|
Exit | Acquired | ||||
Companies | |||||
Valuation | |||||
Acquirer | |||||
Sources | 3 |
L2 Capital Acquisitions
10 Acquisitions
L2 Capital acquired 10 companies. Their latest acquisition was Open World on August 14, 2023.
Date | Investment Stage | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Total Funding | Note | Sources |
---|---|---|---|---|---|---|
8/14/2023 | Acq - Fin | 1 | ||||
7/8/2021 | Acq - Fin | 1 | ||||
5/22/2019 | Acq - Fin | 1 | ||||
12/3/2018 | Debt | |||||
1/1/2018 |
Date | 8/14/2023 | 7/8/2021 | 5/22/2019 | 12/3/2018 | 1/1/2018 |
---|---|---|---|---|---|
Investment Stage | Debt | ||||
Companies | |||||
Valuation | |||||
Total Funding | |||||
Note | Acq - Fin | Acq - Fin | Acq - Fin | ||
Sources | 1 | 1 | 1 |
L2 Capital Partners & Customers
2 Partners and customers
L2 Capital has 2 strategic partners and customers. L2 Capital recently partnered with Google Cloud Platform on October 10, 2022.
Date | Type | Business Partner | Country | News Snippet | Sources |
---|---|---|---|---|---|
10/12/2022 | Partner | United States | HONG KONG , Oct. 12 , 2022 / PRNewswire / -- L2 Capital Management , a multi-strategy asset management firm , today announced that it has entered into a collaboration with Google Cloud to accelerate the sustainable growth of its portfolio companies . | 2 | |
10/12/2022 | Vendor |
Date | 10/12/2022 | 10/12/2022 |
---|---|---|
Type | Partner | Vendor |
Business Partner | ||
Country | United States | |
News Snippet | HONG KONG , Oct. 12 , 2022 / PRNewswire / -- L2 Capital Management , a multi-strategy asset management firm , today announced that it has entered into a collaboration with Google Cloud to accelerate the sustainable growth of its portfolio companies . | |
Sources | 2 |
L2 Capital Team
5 Team Members
L2 Capital has 5 team members, including , .
Name | Work History | Title | Status |
---|---|---|---|
Frank Han | Founder | Current | |
Name | Frank Han | ||||
---|---|---|---|---|---|
Work History | |||||
Title | Founder | ||||
Status | Current |