Aaron Tolson

Aaron Tolson is a Managing Director in the Middle Market Fund of H.I.G. Capital, one of the world's leading alternative investment firms. Based in H.I.G.'s San Francisco office, Aaron is responsible for all aspects of the investment process including sourcing, financing, and executing investments, as well as helping portfolio companies with their growth and operational improvement efforts.

Aaron's career began with distinguished military service as an Armor Officer in the U.S. Army, where he served with honor in Iraq, Bosnia, and Korea. He was part of the initial invasion into Iraq in 2003 as a tank officer. This military experience instilled in him the leadership, discipline, and strategic thinking that would later define his investment career. Aaron graduated from the United States Military Academy at West Point in 1999 with a Bachelor of Science in Systems Engineering, following in the footsteps of many military leaders who have successfully transitioned to business.

After his military service, Aaron transitioned into finance and earned his M.B.A. from the Stanford Graduate School of Business in 2006, one of the world's premier business schools. He then entered the private equity and venture capital industry, working as a Vice President at Summit Partners and American Securities, two well-regarded middle-market investment firms. During his time at these firms, Aaron developed deep expertise in evaluating technology, media, and telecom businesses, structuring complex transactions, and driving value creation in portfolio companies.

Demonstrating an entrepreneurial spirit, Aaron co-founded Badger Maps in 2012 alongside Steven Benson, a mobile SaaS product designed to help field sales teams optimize their routes, focus on the right customers, and improve coordination. Aaron identified the opportunity for Badger Maps while working with portfolio companies that struggled with field sales efficiency. As co-founder and CEO of this mobile enterprise software company, Aaron gained firsthand experience building a technology startup from the ground up, an experience that has proven invaluable in his role evaluating and guiding technology investments at H.I.G. Capital.

Aaron joined H.I.G. Capital and has since become a Managing Director in the Middle Market Fund, where he focuses on investments in technology, media, and telecommunications. His unique combination of operational experience as a founder, private equity investing experience, and military leadership has made him a valuable partner to portfolio company management teams navigating complex growth and operational challenges.

Aaron Tolson focuses on middle-market investments in the Technology, Media, and Telecom (TMT) sectors, specializing in growth equity and buyout opportunities. His investment approach is informed by his operational experience as a technology entrepreneur and his deep understanding of how to scale businesses efficiently.

Investment Philosophy: Aaron seeks to partner with management teams of technology-enabled businesses that have proven business models, strong market positions, and significant growth potential. He emphasizes operational improvement and strategic growth initiatives to drive value creation. His background as both an investor and operator allows him to provide hands-on guidance in areas such as go-to-market strategy, operational efficiency, technology infrastructure, and strategic M&A.

Sector Preferences:

Investment Approach: As a Managing Director at H.I.G. Capital, Aaron sources, structures, and executes middle-market transactions, typically involving companies with substantial revenue and EBITDA. H.I.G.'s Middle Market Fund targets established businesses where the firm can provide both capital and operational expertise to accelerate growth, improve margins, and execute strategic acquisitions. Aaron is actively involved in portfolio company boards, working closely with management teams on strategic initiatives.

Value-Add to Portfolio: Aaron brings a unique combination of skills to portfolio companies: military leadership and discipline, entrepreneurial operating experience from founding Badger Maps, and institutional private equity expertise. He helps management teams with strategic planning, operational improvements, technology infrastructure decisions, M&A integration, and recruiting key talent.

• Technology: Enterprise software, SaaS, IT services, cybersecurity, cloud infrastructure, AI
• Media: Digital media, content platforms
• Telecom: Telecommunications infrastructure, communication technologies