Investment Focus
Our Strategy:
We pursue investments in leading businesses where we have relevant industry experience and can help management teams successfully navigate their next stage of growth.
We seek differentiated, growing, market-leading platforms in the industrials, business services, and consumer sectors.
Our Investment Criteria
Company Size
- $5–$50 million in EBITDA
- $75–$500 million of enterprise value
- Add-on acquisitions of any size
Investment Size
- $50–$150+ million equity investment
Investment Type
- Primarily control investments with the ability to pursue minority investments on a selective basis
- Founder-, employee- or sponsor-owned businesses, corporate carve-outs, and public-to-privates
- Platforms with organic and / or buy and build growth opportunities
Geographic Focus
- North American-headquartered
Phipps Conservatory, Pittsburgh, Pennslyvannia
We seek to partner with companies that possess the following attributes:
Proven, differentiated business models with attractive margins and cash flow profiles
- Highly-engineered, mission critical, or “spec’d-in” products and services
- Low product / service cost relative to value or cost of failure
- High return on invested capital and / or cash flow conversion
- Compelling unit economics with potential to scale efficiently
Strong, defensible market position in stable or growing end markets
- Secular tailwinds
- Demonstrated ability to gain market share
Stable and recurring demand drivers
- Non-discretionary products, high switching costs and retention rates, and / or long term contracts
- Recurring revenue streams, including parts, consumables, and services
Identifiable levers for growth and/or enhanced profitability
- Positive, long-term organic growth
- Platform for accretive acquisitions
- Margin improvement opportunities
Strong management teams with a clear vision for future value creation
- Experienced teams with a demonstrated track record of execution
Our Sectors
- Facility and support services
- Testing, inspection, and certification
- Business process outsourcing / Contract manufacturing
- Insurance distribution and services
- Residential services
- Animal health / pet products and services
- Food and beverage: equipment, distribution, ingredients
Franchisors, franchisees, and restaurants - Beauty and personal care products, services, and ingredients
- Process and Flow Control
- Value-added Distribution
- Industrial technology
- Packaging
- Industrial services
- Utility and Infrastructure Services
- Aerospace and defense
