Timothy Devries
Managing Partner
Get their honest, personalized take on your startup.
Sign in to pitch Timothy →At a glance
- Full Name
- Timothy (Tim) DeVries
- Title
- Managing Partner & CEO
- Firm
- Norwest Equity Partners (NEP) / Norwest Capital
- Firm Type
- Private Equity (middle-market buyout & growth equity) — *not an angel/seed investor, contrary to the stub data*
- Investment Stage
- Control buyouts, recapitalizations, and growth financings of established, profitable middle-market companies
- Check Size
- Roughly $75M–$175M of equity per investment (targets companies with ~$10M+ EBITDA and enterprise values of ~$50M–$500M)
- Target Company Profile
- Profitable, growing middle-market businesses, often taking NEP's first institutional capital
- Sector Focus
- Business services, consumer products & services, and industrials (historically also distribution, healthcare, and agriculture)
- Geographic Focus
- United States and Canada, invested nationally
- Location
- Minneapolis, Minnesota (firm also has a West Palm Beach, Florida office)
Background
Tim DeVries is the Managing Partner and CEO of Norwest Equity Partners (NEP), one of the oldest and largest private equity firms in the Midwest. NEP traces its roots to 1961 and has raised more than $7 billion of capital across its history, investing in profitable, growing middle-market companies through management buyouts, recapitalizations, and growth financings. DeVries actively leads new investments as well as portfolio-company strategy and governance, sits on the firm's investment committee, and directs overall firm operations from offices in Minneapolis and West Palm Beach.
Before joining NEP, DeVries was at Churchill Companies, where he led the firm's real estate, industrial, and financial-services investment strategies. He earned a B.A. from Bethel University (Bethel College) in Minnesota and an M.B.A. from Cornell University.
In September 2023, DeVries oversaw a significant structural transition: NEP and its affiliate Norwest Mezzanine Partners (NMP) combined to operate under the Norwest Capital brand as an independent, SEC-registered investment adviser after Wells Fargo — the firms' longtime limited partner — divested its stake to a consortium of institutional investors including Adams Street Partners, AlpInvest, Hamilton Lane, Lexington Partners, and Pantheon. DeVries authored the public letter announcing the change, framing it as continuity of strategy under new independent ownership.
Investment Thesis & Focus
- Invests in established, profitable middle-market companies — buyouts, recapitalizations, and growth financings — rather than early-stage or seed deals.
- Concentrates on business services, consumer, and industrial companies, "often as their first institutional investor," partnering with management to build durable growth.
- Writes large equity checks — reportedly ~$75M–$175M per investment — in companies with roughly $10M+ of EBITDA and enterprise values of ~$50M–$500M.
- Focuses geographically on the U.S. and Canada, investing nationally from Minneapolis and West Palm Beach.
- In his own words on the firm's strategy: *"We are energized by the expanding horizon of opportunities we see ahead. But our focus will remain steadfast on executing the NEP and NMP investment strategies that have made Norwest Capital the firm it is today."*
Notable Investments
- Coretelligent — Westwood, MA managed IT, cybersecurity, and cloud services provider; acquired from VSS Capital Partners to scale organically and via add-on acquisitions.
- East Range Group (ERG) — strategic growth partnership announced June 2026, providing long-term capital and support.
- NORA (Nationwide Organ Recovery Transport Alliance) — organ-recovery transport company; recent NEP investment.
- Marco — technology services / managed IT and business-technology provider.
- The Edge Fitness Clubs and MOVATI Athletic — consumer fitness/health-club platforms.
- Clover Environmental Solutions — environmental/industrial services company.
- eyebobs and Bix Produce — prior portfolio companies that NEP has exited.
Unlock the full research
Get how to approach them, recent activity, sources, contact links — plus pitch their AI twin for a candid read on your raise.
One-time. Stays unlocked for you.