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Investment Criteria
For us, the quality of the management team is the cornerstone for any successful investment, and while we prefer to back existing management teams, we can supply strong managers in industries in which we have investment experience or executive affiliates with a relevant background.
Our flexibility has enabled us to solve some difficult deal and operating issues over the years—we are often able to understand the big picture of a special situation or “story deal,” and don’t get bogged down in details. While we are a generalist firm and encourage submission of investment opportunities, we are most competitive in situations with the following characteristics:
| Company Size |
- Revenues of $15 million to $100 million
- EBITDA of at least $2 million
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| Location |
- Headquartered in the US and Canada
- Europe for add-on acquisitions
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| Preferred Industries |
- Industrial processes and engineered products
- Energy and utility equipment and services
- Business and commercial services
- Specialty publishing
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What We
Look For |
- Strong managers with a commitment to partnering
- Market leadership
- A realistic plan for growth
- Differentiating factors
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What We
Avoid |
- Commodity businesses
- Customer or supplier concentration
- Investments based on real estate or natural resources
- True turnarounds (vs. “story deals”)
- Early stage investments
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| Types of Investments |
- Control and minority investments
- Management buyouts
- Corporate divestitures and joint venturing
- Recapitalizations
- Growth Capital
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| Role |
- We lead most deals, but also co-invest with our limited partners and a select group of like-minded investors.
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