We focus exclusively on providing patient, first institutional capital to growing middle-market companies. We invest across three sectors where we have significant experience, leveraging our strategic, operational and financial capabilities to help talented owners and managers take their business to the next level.
Transaction criteria
EBITDA of $2–$8 million
Enterprise values of $20–$100 million
Minimum gross / EBITDA margin targets of ~30% / ~15%
Meaningful owner / management rollover
COMPANY CHARACTERISTICS
- Proven, experienced leadership
- History of profitable growth and identified future opportunities
- Recurring and/or reoccurring revenue and high, sustainable margins
- Sustainable competitive advantages and high barriers to entry
- Strong secular and demographic tailwinds
- Industry fragmentation with potential for accretive and strategic add-on acquisitions
TRANSACTION TYPES
- Owner-driven recapitalizations
- Management buyouts
- Add-on acquisitions
- Corporate carve-outs
Focus Industries
We have significant experience investing in businesses across a range of B2B services and products industries over more than two decades, with particular interest in the following sectors and key subsectors:
HEALTHCARE
- Revenue Cycle Management
- Pharma Services
- Provider Services
- Facility and Equipment Services
- Cost Containment
- Benefits Management
- Medical & Dental Products
COMMERCIAL & INDUSTRIAL SOLUTIONS
- Inspection, Maintenance & Repair
- Certification
- Testing & Measurement
- Commercial HVAC/Refrigeration
- Food Safety
- Specialty Distribution
- Infrastructure
- Niche Manufacturing
- Water & Utility
BUSINESS SERVICES
- Tech-Enabled Services
- Regulatory & Compliance Services
- Data & Analytics
- Route-Based Services
- Training & Education
- Government & Municipal Services
- Franchisors
