Investment Criteria


We focus on companies in the lower middle market in the United States and Canada that meet the following criteria:


  • Revenue between $5 million - $100 million
  • EBITDA of $1 million - $10 million

Company Characteristics

  • Market niche leaders
  • Defensible market position with barriers to entry
  • Non-cyclical revenues
  • Consistent profit margin greater than 10%
  • Growth potential internally or through consolidation

Industry Focus

  • Services (business to business, business to consumer )
  • Niche Manufacturers (proprietary/engineered products)
  • Branded Consumer Products
  • Fitness, Wellness & Healthcare
  • Technology
  • Value-added Distribution
  • Specialty Retail/Catalog/Internet


  • Management continuity is preferred, but not required
  • Opportunity for broader equity participation for key employees

Transaction Types

  • Buyout of retiring owner(s)
  • Management buyout
  • Generational transfer in a family business
  • Recapitalization of existing ownership/management
  • Corporate divestitures
  • Growth capital

Management and the specific company characteristics are viewed as far more significant to the investment decision than the industry.