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• Position: TRIAD REGION - Adam Duggins, BB&T Capital Partners, Salem Investment Partners

When Adam Duggins mulled the idea of a private-equity firm, he envisioned places like Raleigh, Charlotte or Richmond, Va. But as he weighed the options, he concluded the logical spot was closer to home. A Greensboro native, Duggins played basketball at Walter Hines Page High School, followed by three years at the College of William & Mary in Williamsburg, Va. He earned an MBA in 2008 from the University of Virginia, then spent five years advising private-equity clients at Boston-based Bain & Co. In August 2013, he and UVA classmate Rick Ramsey opened New Page Capital, which announced its first investment in February, acquiring Sophia-based fabricator Engineered Steel Products for an undisclosed amount. Ramsey, whose background includes working for Washington, D.C.-based Danaher Corp., is Engineered Steel's president.

While it's not known as a private-equity hub, the Triad is home to BB&T Capital Partners and Salem Investment Partners, which has made more than a dozen investments since 2012. Both are based in Winston-Salem. But Duggins sees a niche in backing successful companies with revenues of $5 million to $35 million; turnarounds aren't part of their plan. The Triad is promising because many aging business owners are grappling with succession planning, Duggins...