Mill Road Capital Management LLC

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Mill Road Capital Management LLC
CRD #157095
SEC #801-73642
CIK #0001512275
AUM 753.8 M (2026-03-31)
Employees 12 (50% Investors, 0% Brokers)
Fees
Minimum
Phone203-987-3500
Address334 Pemberwick Road
Greenwich, CT 06831-4240
Source [IAPD] [EDGAR] [Website] [LinkedIn]
Total AUM ($M)
110088066044022002010201520212027
Fees and Compensation — Form ADV Part 2A (3/31/2026) [Brochure]
Item 5 Fees and Compensation

       For services provided to each Fund, Mill Road charges a management fee, which is generally
       computed at a rate of 2.0% per annum of the investors’ aggregate commitments until the end of
       the Investment Period (as described in the Fund’s operating documents), and, thereafter, 2.0%
       per annum of the cost basis of all investments then held by the Fund which were funded by limited
       partner capital contributions, provided that the cost basis would be reduced by investments
       written off or permanently written down, as applicable, by such Fund. Fees are payable by the
       Fund quarterly, in advance. If Mill Road ceases to provide services to the Fund, the unearned
       portion of the management fee (computed on the basis of the number of days elapsed) will be
       refunded to the Fund.

       The management fees paid by each Fund, and any capital contributions called to pay such
       expenses, are allocated to the limited partners in each Fund in proportion to their respective
       capital contributions. Mill Road has and could in the future agree with any investor in a Fund to
       waive or reduce these management fees at its discretion, and the allocation of the management
       fee expense of the Fund reflects any such reductions or waivers.

       The management fee for each Fund is reduced and offset by the full amount of any advisory,
       monitoring, commitment, director’s, financial consulting, transaction, break-up or similar fees
       Mill Road or its affiliates receive from existing or prospective portfolio companies, to the extent
       apportionable to the activities of such Fund. In Fund II and Fund III, the management fee was also
       reduced by any placement agent fees paid by the Fund.

       Mill Road does not charge a management fee to the AIVs.

Fund III was responsible for paying the expenses of organizing Fund III, including Fund III GP, the
aggregate amount of these expenses in excess of $1.5 million was to reduce/offset Fund III’s
management fee. Fund III’s expenses were not in excess of the $1.5 million amount. Fund I and
Fund II were responsible for paying or reimbursing the first $1 million in aggregate expenses of
organizing Fund I and Fund II, respectively, including Fund I GP and Fund II GP, and the remainder
of these expenses were borne by the Firm.

As permitted by their respective Limited Partnership Agreements, the Clients bear their respective
operating costs and expenses, including the following: (i) expenses for legal services, (ii) expenses
for third party services in connection with custody, administration, bookkeeping and
recordkeeping, and in the case of Fund III any portion of compensation of the Firm that is
attributable to services that would otherwise be provided by a third-party fund administrator, (iii)
expenses for auditing, accounting, tax and other services of independent registered public
accountants, (iv) expenses for consulting (including the use of expert networks and research
consultants) and all other professional services (including in Fund III services for licensing,
implementing or maintaining of any internet portal), (v) brokerage fees, commissions, discounts
and all other expenses incurred in connection with the purchase, holding or sale of securities by
the Clients and in the case of Fund II and Fund III for Investments (whether or not consummated),
as defined in the limited partnership agreements, (vi) travel, lodging and other expenses incurred
directly in connection with a transaction or proposed transaction (whether or not consummated)
by the Clients that are payable by the Clients or Mill Road to unaffiliated third parties, (vii) filing
fees, (viii) taxes, fees, assessments and all other governmental charges levied or assessed against
the Clients including all expenses relating to the compliance-related matters and regulatory filings
of the Clients including all filings required by Sections 13(d), (f) or (g), and Section 16 of the United
States Securities Exchange Act of 1934 and expenses incurred in connection with the registration
or exemption from registration of the Securities held by any Clients under the United States
Securities Act of 1933 (the “Securities Act”), (ix) expenses of any lenders, investment banks and
other financing sources incurred by the Clients, (x) expenses of providing reports and other
information to the Clients’ limited partners and expenses of holding meetings of the Clients’
limited partners, (xi) expenses and fees incurred by the tax matters partner of the Clients (the
general partner of each Client currently is the tax matters partner of the Client), (xii) expenses and
fees incurred by the advisory committees and their members, (xiii) the cost of insurance coverage
associated with the operation of the Clients including the reasonable premiums of liability
insurance, and (xiv) other than those to be borne by a Client’s general partner or Mill Road, all
other liabilities and expenses (including judgments, fines, penalties, amounts paid in settlement,
attorneys’ fees, and costs of investigation) incurred by or on behalf of the Clients in connection
with the conduct of the activities of the Clients or the defense or disposition of any claim, action,
suit or proceeding, whether civil, criminal, administrative or investigative, arising in connection
with the conduct of the activities of the Clients.

In addition, when agreed to with Mill Road, the portfolio companies of the Clients bear certain
costs and expenses related to the activities associated with a Client’s investment or potential
investment in that particular company, including travel and lodging, meals while traveling,
accounting, tax, consulting, due diligence, legal and research.

Please see “Item 12. Brokerage Practices” of this Brochure for more information about the Firm’s
brokerage arrangements for the Clients.
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2026) [Brochure]
Item 7 Types of Clients

       Mill Road provides advisory services to pooled investment vehicles which are exempt from
       registration under the Investment Company Act of 1940, as amended (the “Investment Company
       Act”). Mill Road currently has five Clients: Fund I, Fund II, Fund III and the two AIVs. The minimum
       single investment commitment by an investor in each Client is $250,000, subject to reduction at
       the discretion of the Client’s general partner. Investors in the Clients must meet certain prescribed
       criteria, including, as applicable, being an “accredited investor,” as defined in Rule 501(a) of
       Regulation D, promulgated pursuant to Section 4(a)(2) of the Securities Act and a “qualified
       purchaser,” as defined in Section 2(a)(51)(A) of the Investment Company Act. Such minimum
       investment amounts and investor criteria are set forth in the Governing Documents of each Client.
       In general, Mill Road requires that each investor in a Client be an “accredited investor”, in most
       cases, a “qualified purchaser” or “knowledgeable employee”, as defined by the Investment
       Company Act and the rules thereunder.

       Mill Road is entitled to give certain persons, including existing investors in the Clients and third
       parties, an opportunity to co-invest alongside a Client. The terms of any co-investment would be
       set by Mill Road at the time of such investment, and in accordance with Governing Documents.
Sector Form 13F Holdings Value ($M)
Mistras Group Inc 27.6
B Riley Principal Merger Corp 23.5
Grocery Outlet Holding Corp 16.7
Beazer Homes USA Inc 16.1
Noodles & Co 7.4
BlueLinx Holdings Inc 7.3
QuinStreet Inc 6.2
Lifetime Brands Inc 6.1
Bowman Consulting Group Ltd 6.0
Roth CH Acquisition II Co 5.5
View All
Holdings by Sector ($M)
3502802101407002011201620212027
Type Form D Funds Date Sold AUM
Other MRC III AIV LP 2022-03-31 65.9 M
Other MRC III Offshore AIV LP 2022-03-31 11.9 M
HF Mill Road Capital III LP [2019-03-29] 223.0 M 282.1 M
Offered $525,000,000 · Filed 2019-05-21 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining $302,000,000 · Duration One year or less · Commission $32,750 · Revenue Decline to Disclose
HF Mill Road Capital II LP [2013-04-01] 417.9 M 352.6 M
Offered $525,000,000 · Filed 2013-12-16 (D/A) · Exemption 506(b), 3(c), 3(c)(1), 3(c)(7) · Remaining $107,140,000 · Duration More than one year · Finder's Fee $948,750 · Revenue Decline to Disclose
HF Mill Road Capital LP 2012-02-14 41.2 M
AUM Breakdown Accounts AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 0 0.0
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 5 753.8
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 0 0.0
(n) Other 0 0.0
Total 5 753.8
By Discretionary
Discretionary 5 753.8
Non-Discretionary 0 0.0
Total 5 753.8
By Non-United States Persons
Non-United States Persons 282.1
United States Persons 471.7
Total 5 753.8
Form D Directors Role # Filings # Firms 2011 - 2026
Thomas Lynch Executive Officer 53 4
Charles Goldman Executive Officer 24 2
Justin Jacobs Executive Officer 14 2
Scott Scharfman Executive Officer 5 2
Eric Yanagi Executive Officer 3 2
Mill Road Capital II GP LLC Executive Officer 1 1
Mill Road Capital Management LLC Promoter 1 1
Mill Road Capital III GP LLC Executive Officer 1 1
EDGAR Form CIK 2011 - 2026
13F-HR [0001512275]
Firm Profile (Form ADV)
Discretionary AUM$0.8B
ServesInstitutional
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