We seek situations where we can get to know the management teams and where we know a significant amount about the industry. We are not in a hurry to make an investment. We are creative and strategic in our approach. We are looking for control equity, but are open to structured equity.
$10 to $200 million in revenue.
$2 to $25 million in EBITDA.
Typically first institutional capital.
Control equity, but we are open to select minority situations.
History of profitability and cash flow.
Defensible and differentiated competitive advantage.
Fragmented industries that we can help consolidate.
Prefer low capital intensity, but are ok if capital leads to a competitive advantage and has a good ROI.
Key macro business characteristics:
Field services, niche logistics, and specialty rental services. Downside protection by nature but also growth-oriented.
Things we do NOT do:
Businesses with customer concentration, significant regulation, or unknown technology risks.
Startups or turnarounds.
Family succession planning