Propel Equity Closes Investment in Flow Services Holdings

Propel Equity today announces their launch to market and the close of their platform investment in Flow Services Holdings. Propel Equity is a private equity firm focused on partnering with lower middle-market companies to achieve transformational growth, both organically and through acquisitions.

Founders, Ryan Bruehlmann and Franklin Foster bring extensive experience in these realms. Prior to forming Propel Equity, Ryan and Franklin were both Managing Directors at Audax Private Equity, a leading middle-market private equity platform. They each spent over 15 years at Audax and were involved in completing over 200 transactions as part of the investment team.

Following their years at Audax, in 2021 Franklin founded Essex Bay Capital and in 2023 Ryan founded Point A Capital. Both vehicles took similar growth investing strategies in lower-middle market companies. Given their close working relationship at Audax, complementary strengths and shared approach to supporting transformation growth strategies, they chose to merge Essex Bay and Point A and form Propel Equity.

Franklin Foster, Founding Partner, Propel Equity said, “Ryan and I are excited to formally partner to help build lower middle-market companies. We are like-minded in our vision as collaborative, supportive partners of our management teams to achieve transformational growth and market leadership.”

Propel Equity also launched a newly created residential services platform, Flow Services Holdings, focused primarily on sewer and drain repair services. The platform partners with existing management teams and provides resources, strategic guidance, and capital to accelerate growth while preserving leading local brands. The business provides emergency repair services direct to homeowners and through plumbing partner relationships. Flow Services completed its first acquisition in December 2023, of a business in the mountain west region specializing in residential sewer and water line repairs. The acquired business is a leader in their local market, having completed greater than 25,000 sewer and water line repair jobs over the last decade.

Ryan Bruehlmann, Founding Partner at Propel Equity shared, “We see significant opportunity to develop and expand this leading, multi-regional provider of sewer and drain repair services through our investment in Flow Services Holdings. Aging infrastructure creates a significant need for this repair work, and the advancement of trenchless repair technologies, which Flow Services provides, allows for several advantages including less disruption and a lower price point for customers.”

About Propel Equity
Propel Equity is a people-oriented investment firm that partners with owners and management teams to create and execute transformational growth strategies. We provide the experience, resources, and patient capital to help lower-middle market companies reach their full potential. Learn more at

About Flow Services Holdings
Flow Services Holdings invests in market-leading residential drain cleaning and sewer line repair companies. With an initial presence in the mountain west region, Flow Services intends to scale further through acquisition in the coming years.