Beartooth Group

Partnering with ranch owners to achieve their unique goals by providing expertise and flexible capital solutions.

Our Mission

To improve the long-term health of communities, plants, and wildlife in the American West.

We believe that this can be accomplished in a manner that creates environmental and  financial value, while preserving the agricultural heritage of the American West. We partner with ranch owners to offer them customized solutions to: (1) generate liquidity, (2) create value, and (3) engage in strategic transactions.

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What We Do

River meandering through valley
Liquidity Generation

We provide ranch owners a source of liquidity to (1) cash out part or all of their ranch ownership, (2) buy out members of a ranch partnership, (3) transfer ownership to a future generation that does not yet have the wealth to buy the family ranch, and more. We are happy to, but do not need to acquire 100% ownership of a ranch, offering instead a one-of-a-kind solution for ranch owners to generate liquidity without selling the entirety of their ownership.

Flyfisherman in creek at sunset
Value Creation

We share expertise and invest capital to enable ranch owners to (1) restore degraded portions of properties resulting from resource extraction, misuse of hazardous materials, dilapidated or dangerous structures, prolonged intensive agricultural operations and more; (2) rehabilitate environmental assets (rivers, creeks, ponds & wetlands, etc.) through restoration; (3) convert to sustainable and/or organic operations; and (4) solve clouds on title.

Horses in meadow with mountain range
Strategic Transactions

The value and function of many ranches is hampered by their configuration and could be improved by incorporating neighboring acres, creating contiguity, eliminating inholdings, buying or selling water or mineral rights, and more. We provide investment capital and expertise to help ranch owners (1) acquire or dispose of strategic properties including adjacent parcels, inholdings, and others; (2) acquire legal or physical access where it is currently lacking; and (3) acquire or sever water, mineral or other rights.

Beartooth's Value Add

Beartooth Group works closely with its partners to achieve their goals, offering the following advantages:

For over 20 combined years we have been partnering with ranch owners to buy, sell, invest in, manage, restore and otherwise improve ranch properties.

Flexible Capital

We have the resources to create flexible, tailored solutions for ranch owners’ specific needs including the ability to generate liquidity without relinquishing 100% of their ranch ownership.

Speed & Patience

We can move quickly to put cash in the hands of a ranch owner, while having the patience to allow the optimal solution to play out.


We recognize and respect the importance of discretion and confidentiality.

Simplicity & Transparency

No hidden costs, unknown time horizons, or other unclear terms. We are dedicated to a straightforward, open, and honest process.

"My parents were reaching retirement and made the decision to sell the family ranch. My brother and I wanted to buy the place, but we just didn’t have the funds to do it yet. We sat down with Robert and worked together to create a transaction in which Beartooth would buy my parents out, giving them the money they needed to retire with peace of mind, and give my brother and me an option to buy Beartooth out – to own the family place someday. Throughout the process, Robert was open and honest and he worked hard to find the best solution for my family and me."

Investment Criteria

We find that the most successful partnerships share many of the following attributes:
Property Characteristics
  • Potential: A promising opportunity exists to create meaningful value on the property
  • Proximity: Under one hour from commercial air service, groceries, restaurants, etc.
  • Recreation: On-site amenities include high-quality fishing, hunting, hiking, etc.
  • Break-even: Currently turning an operating profit or capable of it
  • Privacy: Large (over 300-acre) property with a feeling as if no neighbors exist
  • Water: Includes a river, creek, spring, wetland, pond or other water resource
  • Expansive: Adjacency to little used public lands creating a feeling of a big back yard
Owner/Partner Characteristics
  • Creative: Willing to engage in creative thought in order to get a transaction done
  • Realistic: Understand the value of their property in it's current condition
  • Financially-Pressured: Confronted with pressure to generate cash
  • Time-Constrained: Under a time crunch and need to find a solution in the short term
  • Debt-Averse: Prefer not to saddle their property with debt, looking instead for other sources of capital

Based on these criteria, if you have or know of a property in which we might be interested in exploring a partnership, please contact us.

Who We Are

We left corporate careers on the coasts to return to our roots in the West and pursue our shared passion for ranch properties. As a result, we bring a unique and diverse range of experiences ranging from Wall Street to Main Street to our partnerships with ranch owners. We believe that this experience in – and outside of – ranching allows us to create better outcomes in our partnerships.
Robert Keith

Managing Principal & Founder

Some of Robert’s earliest and fondest memories are on his family’s ranch near Cody, Wyoming. Today, Robert, along with his wife and children, live in Bozeman, Montana where he enjoys fishing, hiking, riding, rafting, hunting, camping, climbing, birding and virtually anything else outdoors.

Robert co-founded Beartooth Capital Partners (the firm’s investment business) in 2004 before assuming sole leadership and ownership in 2014. From there, he expanded the firm’s operations to encompass those shown here and renamed the firm, “Beartooth Group” to better describe the firm’s activities. Robert previously worked at a conservation-oriented agriculture investment firm, Greenbridges LLC, in California; a Silicon Valley venture capital and private equity firm, Trident Capital; and a Wall Street investment bank, Morgan Stanley. Robert earned a BA in Economics from Yale University and an MBA from the Graduate School of Business at Stanford University.

Sten Anderson


Sten grew up in Bozeman, Montana and continues to reside there after a number of years spent on the West Coast. Sten is an outdoorsman who enjoys distance running, hunting, snowboarding, climbing, mountaineering, fishing and most all other outdoor pursuits.

Sten joined the firm in 2012. Prior to that, Sten worked at Freestone Capital Management, a wealth management firm in Seattle, and at KPMG, a “Big Four” audit and accounting firm, in Seattle. Sten earned his Master’s in Professional Accountancy from Montana State University and his BA in Business Administration from The Master’s College. He is also a Certified Public Accountant and Chartered Global Management Accountant.

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