Eric Ewald

Eric Ewald is the founder and principal of Boardwalk Capital LLC, a Boston-based investment vehicle he launched in April 2017 to acquire and operate a single high-quality small or family-owned business over the long term. Boardwalk describes itself as backed by an investment holding company, Fleming Corp, and a network of successful entrepreneurs, and explicitly distinguishes itself from a traditional private equity firm — its pitch is to owners who want liquidity and a trusted successor rather than to venture-stage startups.

Ewald brings roughly two decades of experience as an operator and investor in small and family-owned businesses. His early career was in management consulting in the mid-1990s, helping clients adapt to internet-driven disruption, including a stint (per his firm bio) with Microsoft's corporate development group as it repositioned around cloud platforms. Aggregated professional records place his early roles at PwC (Associate, 1996–1999) and Microsoft (Manager, ~1999–2001). In the 2000s he moved into investing alongside lower-middle-market business owners, including as an Associate Director at UBS (2003–2006), Principal at defense/security-focused private equity firm Torch Hill (2006–2011), and Vice President at Apta Capital (2012–2013).

From 2013 to 2017 he was Vice President of Corporate Development on the leadership team of the global HR-services and background-screening firm Sterling Infosystems (SterlingBackcheck), where by his own account he led a growth strategy that culminated in a successful sale of the company to Goldman Sachs. He then founded Boardwalk. Since June 2020 he has served as CEO of Quality Sanitation Service LLC, an operating company based in the San Diego area — consistent with Boardwalk's stated model of buying and running one business.

Ewald holds an MBA from The Wharton School (University of Pennsylvania) and bachelor's degrees from Northwestern University (his firm bio cites degrees in Economics and Engineering).

• "Acquire and operate one high-quality business over the long term." Boardwalk is a permanent-capital, single-business holding model — not a fund making a portfolio of small bets, and explicitly "not… like a private equity firm."
• Targets profitable, durable small businesses, not startups: high recurring sales, a track record of profitable growth, profit margins over 10% (minimum ~$1.5M of profit), and limited client concentration.
• Sector lens: B2B services, technology-enabled services across end markets, and niche industries with attractive growth and modest capital needs.
• Buys from transitioning owners: the ideal seller is an owner near retirement seeking a trusted successor and liquidity, a non-management shareholder wanting an exit, or a corporate parent divesting a non-core unit.
• Sells on legacy and certainty, not just price: the firm markets flexibility on deal structure/timing/post-deal role, confidentiality, certainty of close (backed by committed capital), transparency, respect for employees and customers, and an efficient diligence process.