Southfield Capital Announces the Sale of Milrose Consultants

Southfield Capital has successfully completed the sale of Milrose Consultants to Littlejohn & Co., a transaction announced on June 3, 2026. While the financial terms of the deal remain undisclosed, this transaction marks a significant exit for Southfield following a period of impressive growth for Milrose. Since partnering with Southfield in 2019, Milrose has experienced over seven times earnings growth, expanding its footprint from a New York City-focused operation to a nationwide provider with more than 435 professionals across all 50 states.

Milrose Consultants specializes in code consulting, permit expediting, architecture and engineering, inspection services, and municipal real estate compliance solutions. The company has established itself as a leader in the building compliance sector, serving a diverse clientele across various industries, including commercial, multi-family residential, retail, industrial, healthcare, and academia. This expansion has been facilitated through the recruitment of a talented management team and the execution of 14 strategic add-on acquisitions, which have broadened Milrose's service offerings and enhanced its market position.

The strategic rationale behind the acquisition by Littlejohn is rooted in Milrose's strong growth trajectory and its established reputation within the industry. Key members of Milrose's management team will continue as shareholders in partnership with Littlejohn, ensuring continuity in leadership and strategic direction. This alignment is expected to support ongoing growth initiatives and capitalize on the increasing demand for building compliance services as regulatory environments evolve and construction activity remains robust across the United States.

The successful exit for Southfield Capital underscores the firm’s ability to drive value creation in lower middle-market companies. The sale follows a continuation vehicle transaction with Milrose in 2023, which provided liquidity options for existing investors while affirming confidence in the company's long-term growth potential. This strategic move highlights Southfield's commitment to fostering sustainable growth and operational excellence within its portfolio companies.

Looking ahead, the transaction may have broader implications for the building compliance and consulting sector, as it reflects a growing trend of consolidation among service providers. As companies seek to enhance their competitive positioning through strategic partnerships and acquisitions, the Milrose-Littlejohn deal may serve as a benchmark for future transactions in this space. The continued evolution of regulatory requirements and the demand for comprehensive compliance solutions are likely to drive further interest and investment in this sector, presenting opportunities for both established players and new entrants alike.