INVESTMENT CRITERIA

We seek opportunities with the following business, industry, financial, and management characteristics.

Business

• Stable customer relationships with recurring revenue
• Operates in niche markets and provides a clear customer value proposition
• Strong potential for organic growth and/or industry consolidation

Industry

• Sizable and growing market
• Fragmented competitive dynamics
• High customer switching costs

Financial

• EBITDA between $3 and $30 million
• History of consistent cash flow generation
• Low to modest annual capital expenditures
• $5 to $30 million equity investment per transaction

Management

• Experienced and capable management teams
• Common vision and operating principles