Investment Criteria
What We Look For
We acquire established, profitable businesses in the lower middle market. Our criteria are straightforward — and when a business fits, we move with conviction.
Financial Profile
The Numbers That Matter
EBITDA
$2M – $20M
Our primary filter. We focus on businesses generating between $2M and $20M in annual EBITDA, where our capital and operational support create the most meaningful impact.
Annual Revenue
$10M – $100M
We target businesses with revenues in this range, reflecting the scale and maturity we look for in a lower middle market acquisition.
Deal Size
$10M – $75M
Enterprise values in this range allow us to deploy meaningful capital while maintaining the close partnership that defines our ownership model.
Business Characteristics
What Makes a Strong Fit
Proven Track Record
Businesses with at least 5 years of operating history and consistent financial performance. We are not turnaround investors — we acquire businesses that are already working well.
Defensible Market Position
A clear competitive advantage — whether through customer relationships, proprietary processes, brand recognition, or switching costs — that supports durable margins.
Recurring or Repeat Revenue
A meaningful portion of revenue that is predictable, whether through contracts, subscriptions, or deeply embedded customer relationships.
Strong Management Team
We prefer businesses with capable operators in place. We are not looking to replace leadership — we are looking to support it.
Clean Financial History
Audited or reviewed financials preferred. We conduct thorough diligence and value transparency throughout the process.
Geographic Flexibility
We consider businesses across the United States. We do not limit ourselves to a single region or market.
Target Industries
Sectors We Know Well
We are generalists with depth in several sectors. We focus on industries with stable demand, fragmented competitive landscapes, and durable unit economics.
Deal Structure
How We Transact
01
Control Acquisitions
We acquire majority or full ownership positions. We are not a minority investor — we are a long-term owner who takes responsibility for the business.
02
Seller Rollover Welcome
We welcome sellers who want to retain a meaningful equity stake and participate in the next chapter of growth. Rollover equity aligns incentives and reflects our partnership approach.
03
Management Buyouts
We partner with management teams seeking to acquire the businesses they operate. We provide the capital and structure to make it happen.
04
Succession & Retirement Sales
Many of our best acquisitions come from founders ready for their next chapter. We are experienced in navigating the emotional and financial complexity of these transitions.
Our Process
From First Call to Close
Initial Conversation
A confidential call to understand the business, the owner's goals, and whether there is a mutual fit. No NDA required at this stage.
Preliminary Review
We review a brief summary or CIM and provide a preliminary indication of interest within 5–7 business days.
Letter of Intent
If the fit is strong, we issue a detailed LOI with clear terms. We do not use LOIs as negotiating tools — our offers reflect our intent.
Diligence & Close
We conduct focused, efficient diligence. Our goal is to close within 60–90 days of a signed LOI, with minimal disruption to the business.
Have a Business That Fits?
We welcome direct conversations with business owners and work regularly with M&A advisors and investment bankers. Reach out to start a confidential discussion.