We seek opportunities where we we know a significant amount about the industry and where we can get to know – and partner with – the management team. We are not in a rush to make an investment and will work with owners and intermediaries to be creative and strategic in our approach.

Sector Focus
  • Home Services: HVAC, electrical, plumbing, waste, pest control, remediation, security/fire, storage/moving, specialty rental
  • Specialty Business Services: Specialty distribution, niche logistics, waste, port equipment, commercial cleaning, specialty rental
Typical Business Characteristics
  • Route-based logistics
  • Local or regional operations
  • Key or differentiated asset
  • Rental or recurring revenue stream
  • Critical/essential service
  • Strong local brand
  • Fragmented industry
  • Identifiable growth prospects
Management Team
  • Like-minded in building a great company
  • Significant industry experience
  • History of delivering profitable growth, market share gains, and strong cash flows
  • Wishes to remain with the acquired business or has a transition plan in place
Company Size
  • $15 to $200 million in revenue and $3 to $25 million in EBITDA
  • For larger companies with significant differentiation, an embedded moat, and adequate scale, we target companies with $35 to $200 million in revenue
  • For a consolidation or roll-up opportunity, we typically start with a platform company that has $15 to $25 million in revenue. For add-ons, we target companies with at least $2 million in revenue.
Investment Structure
  • Control equity and structured equity
  • Flexible timing on ownership, structure, and exit
  • Typically, first institutional capital
Transaction Types
  • Management/Leveraged Buyouts
  • Recapitalizations
  • Family Succession Planning
  • Corporate Divestitures
Geography
  • United States