In the heart of Los Angeles, where the skyline is a testament to generations of builders, the Saliba family has etched its legacy into the city’s fabric. For four generations, they have shaped the urban landscape, starting with Naseeb Michael Saliba, a Lebanese immigrant who laid the foundation of their construction legacy. Today, that legacy is being redefined by Trevor Saliba, who is steering NMS Capital Group—a private equity firm that is as much about preserving the past as it is about shaping the future.
NMS Capital, a firm managing over $5.7 billion in assets, is carving out its niche in the competitive landscape of private equity. Ranked No. 14 in the Los Angeles Business Journal’s top 30 private equity firms by assets under management (AUM), NMS Capital is a formidable player in the lower middle market, focusing on companies with target sizes under $500 million. This positioning is strategic, aligning with Los Angeles’ identity as a middle-market economy.
Trevor Saliba, the grandson of Naseeb Michael, has taken the family’s construction roots and expanded them into the world of private equity. “We tend to focus on financial services, specifically insurance or reinsurance,” Saliba said in a recent interview. “We also have a focus on energy and infrastructure, and we’ve just pivoted recently into construction and engineering, and we do some real estate.” This diversification reflects a broader trend in the industry, where firms are increasingly looking beyond traditional sectors to drive growth and innovation.
NMS Capital’s recent activities underscore this strategic pivot. The firm led a $50 million investment in a newly launched specialty collateral reinsurance firm and deployed about $650 million toward digital infrastructure projects nationwide. Most recently, NMS acquired Get Cover Technologies, a Beverly Hills-based warranty and service tech firm. These moves highlight the firm’s ability to identify and capitalize on emerging opportunities, particularly in the construction and technology sectors.
Beyond Los Angeles, NMS Capital’s reach extends globally. The firm holds a significant investment in a Swiss holding company operating in insurance, energy, and financial services, with a recent $300 million investment bringing that company’s value to $2.5 billion. Additionally, NMS invests in a specialized metals joint venture valued at $150 million with a Turkish industrial conglomerate. These international ventures underscore the firm’s global perspective and its ability to navigate complex, cross-border deals.
Saliba’s journey into private equity was not a direct path. Growing up in a construction family, he was initially drawn to investment banking. However, his career took an unexpected turn when he found himself managing construction projects and eventually spinning off Saliba Group Inc. with up to $10 million in startup cash from NMS Capital. This move allowed him to focus on construction management while continuing to grow NMS Capital’s investment portfolio.
The firm’s dealmaking prowess was recognized at the Los Angeles Business Journal’s inaugural Mergers & Acquisitions Awards in September, where Saliba won “Private Equity Professional of the Year.” This accolade is a testament to the firm’s strategic vision and execution. “On the global macro level, we’re a small firm compared to your major players,” Saliba said, “but I would say that we would define ourselves as what I would refer to as the ‘lower middle market,’ which is really companies and target sizes sub-$500 million.”
Looking ahead, Saliba is optimistic about the market’s potential. “I think we’re in a very interesting time in the sense that there’s a lot of capital on the sidelines ready to be deployed into whatever the respective firms target sectors are,” he said. “I don’t think we’ve ever seen a time like this, where there’s been so much available capital ready to go, so to speak.” This abundance of capital presents both opportunities and challenges, requiring firms to exercise discipline and precision in their investments.
The construction industry, in particular, is ripe for transformation. As the sector grapples with labor shortages, technological advancements, and sustainability imperatives, firms like NMS Capital are poised to play a pivotal role. By investing in innovative technologies and sustainable practices, NMS Capital is not only driving growth but also shaping the future of construction.
The Saliba family’s legacy is a testament to the power of adaptation and innovation. From the construction sites of Los Angeles to the boardrooms of Beverly Hills, Trevor Saliba is building on his grandfather’s foundation, creating a new legacy that blends tradition with forward-thinking vision. In doing so, he is redefining what it means to be a builder in the 21st century.