Investment Criteria

We generally look to partner with companies that exhibit the following characteristics:

Financial Criteria

  • Revenue: $5.0mm - $30.0mm

  • EBITDA: $1.5mm - $8.0mm

  • History of revenue stability

  • Recurring / re-occurring revenue streams

  • Stable, predictable cash flow margins 

  • Track record of capital efficiency

  • Asset light with minimal CapEx and NWC requirements

Business Criteria

  • Regionally dominate leader with niche, differentiated service / product offerings

  • Address large and growing end-markets

  • Operate in fragmented industries with minimal exogenous risk

  • Diversified customer base (top customer <20% of total revenue)

  • Organic and in-organic growth opportunities

Management Profile

  • A business owner(s) / operator seeking a sale or other liquidity​ event

  • Owner(s) / operator seeking a non-institutional buyer with legacy preservation mindset

  • Founder-owned / closely-held ownership

  • Experienced middle-management (i.e., non-owners) seeking to remain on board

Industries of Interest

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Light Manufacturing

Non-heavy machinery production of engineered, designed or specified products intended for niche industrial use

Target sub-sectors include aftermarket manufacturing, contract manufacturing, consumable / MRO products among others

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Value-Added Distribution

Raw materials processing, sub-assembly, semi-finished and finished goods processing, packaging and distribution 

Target sub-sectors include automotive, building products, chemical, electrical and diversified utility among others

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B2B Services

Commercial services involving the installation, service, repair and replacement of critical infrastructure or capabilities 

Target sub-sectors include environmental services, facility management, healthcare services, testing and inspection among others