INVESTMENT CRITERIA
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Platform Investment: $25MM+ Valuation
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Minimum $3.0 MM in TTM EBITDA
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Bolt-On Investments: $5.0MM+ Valuation
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No Minimum TTM EBITDA For Bolt-Ons
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Fragmented Industries Preferred
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Maximum SPV Total Leverage < 3:1
FOCUSED OPPORTUNITIES
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Low Growth Generational Transfers
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Retiring Owner Without Succession Plan
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Owner Unwilling to Lever Balance Sheet
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Retiring Owners Looking to Cash Out
Investment Criteria and Opportunities
We invest in defensible platform companies with a minimum of $25MM in Total Enterprise Value (debt plus equity) and a minimum of $3.0MM in EBITDA. Bolt-on acquisitions usually have Total Enterprise Values of at least $5.0MM, but have no minimum EBITDA figure. All require additional growth capital and professional management to achieve optimal value.
Types of Value Investments
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Over leveraged companies with mismanaged balance sheets
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Underperforming non-core asset spin-outs
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Generational transfers with no management succession
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Recapitalization of a cash flowing company
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Retiring owners looking to cash out in a tax efficient manner
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Rapidly growing company without management and capital infrastructure to reach optimum commercial potential
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Platforms capable of successfully integrating bolt-on acquisitions expanding product lines or geography