SITUATION CRITERIA

We firmly believe that each business and each entrepreneur is unique, and, as such, each situation is personal and requires individualized approach. We would consider a number of different investment opportunities:   

  • Founder(s) seeking a partner to scale the business to the next level

  • Founder(s) seeking liquidity

  • Founder(s) looking for retirement

  • Management buyout

  • Take-private

  • Recapitalization of existing investors

  • Search-fund directed company acquisition

  • Minority investment (in select cases, typically in very high growth technology or tech-enabled service businesses)

COMPANY CRITERIA

While we have evaluated transactions of all sizes, ranging from companies that have $250,000 in revenues to companies that have north of $1 billion in revenues, our core focus for acquisitions is on businesses that have the following characteristics:

  • $5M+ in revenues

  • $1M+ in operating profit/cash flow

  • 10%+ annual growth (as demonstrated by consistent 5+ year history)

  • Recurring revenues and/or largely repeat client purchases

  • Minimal capital requirements with high return on assets

  • Unique IP, processes, or other differentiating attributes vs. competition

INDUSTRY / GEOGRAPHY CRITERIA

We have evaluated over 1,000 businesses across a wide range of sectors of the U.S. economy - from healthcare to financial services to software/technology to industrial services/niche manufacturing to education to business services.  

However, we also believe that the best opportunities are those where we can bring our prior industry expertise to help build market leading businesses - where we have the deepest experience is in healthcare and software/tech-enabled services.  In particular, we are proactively looking to partner with entrepreneurs and executives of the following sub-sectors, and for these opportunities we would look to invest nationally:

  • Vertical software: healthcare, insurance, HR/benefits, education/non-for-profit, government, telematics/transportation 

  • Compliance software and/or services

  • Revenue cycle management

  • Pharma services and life science tools

  • Pharmacy and specialty distribution

  • Cost containment/benefit management (payer, workers comp, employer TPAs, PEOs, etc.)

  • Niche contract management, packaging, and/or distribution

  • Dental and pet products/services