INVESTMENT PHILOSOPHY

INVESTMENT PHILOSOPHY

INVESTMENT PHILOSOPHY

How We Think About Value

We believe real value starts with understanding why a business exists, who depends on it, and what would happen if it disappeared tomorrow. The companies we partner with aren’t optional — they’re essential to their customers’ operations. That kind of dependency, when supported with the right capital, capabilities, and execution discipline, creates durability that no amount of financial engineering can replicate.

You’ve spent decades building this. You’ll only hand it off once. We’ve been through enough of these transitions to understand that weight — and to treat it with the same care you do.

You’ve spent decades building this. You’ll only hand it off once. We’ve been through enough of these transitions to understand that weight — and to treat it with the same care you do.

You’ve spent decades building this. You’ll only hand it off once. We’ve been through enough of these transitions to understand that weight — and to treat it with the same care you do.

Industry Focus

We invest in owner-led, lower-middle-market businesses across the industrial economy — companies that provide mission-critical products and services, generate recurring revenue through consumables, spare parts, and service, and hold defensible positions built on long-standing customer relationships.


We look for platforms with real operational upside and the opportunity to consolidate thoughtfully. Our sectors may evolve, but the pattern doesn’t.

Industrial Services & Infrastructure

Installation, maintenance, and specialty contracting for industrial facilities.

Industrial Services & Infrastructure

Installation, maintenance, and specialty contracting for industrial facilities.

Industrial Services & Infrastructure

Installation, maintenance, and specialty contracting for industrial facilities.

Engineered Manufacturing

Mission-critical components and assemblies with technical specifications.

Engineered Manufacturing

Mission-critical components and assemblies with technical specifications.

Engineered Manufacturing

Mission-critical components and assemblies with technical specifications.

Environmental & Municipal Services

Essential services for infrastructure and regulatory compliance.

Environmental & Municipal Services

Essential services for infrastructure and regulatory compliance.

Environmental & Municipal Services

Essential services for infrastructure and regulatory compliance.

Value-Added Distribution

Technical distribution with service, assembly, or engineering capabilities.

Value-Added Distribution

Technical distribution with service, assembly, or engineering capabilities.

Value-Added Distribution

Technical distribution with service, assembly, or engineering capabilities.

Recurring Industrial Platforms

Equipment and service providers with consumable-driven revenue.

Recurring Industrial Platforms

Equipment and service providers with consumable-driven revenue.

Recurring Industrial Platforms

Equipment and service providers with consumable-driven revenue.

Advanced Materials and Specialty Chemicals

Specialty materials and chemical formulations for technical applications.

Advanced Materials and Specialty Chemicals

Specialty materials and chemical formulations for technical applications.

Advanced Materials and Specialty Chemicals

Specialty materials and chemical formulations for technical applications.

what we look for

what we look for

what we look for

Investment Criteria

Investment Criteria

We partner with owner-led businesses generating $5–100 million in revenue and $2–15 million of EBITDA. These are companies large enough to matter, but small enough for hands-on improvement and thoughtful expansion.

We partner with owner-led businesses generating $5–100 million in revenue and $2–15 million of EBITDA. These are companies large enough to matter, but small enough for hands-on improvement and thoughtful expansion.

We focus on family-owned and founder-led businesses — second- and third-generation companies and long-tenured management teams. These are businesses where ownership runs deep and the next chapter matters.

We focus on family-owned and founder-led businesses — second- and third-generation companies and long-tenured management teams. These are businesses where ownership runs deep and the next chapter matters.

We focus on family-owned and founder-led businesses — second- and third-generation companies and long-tenured management teams. These are businesses where ownership runs deep and the next chapter matters.

Situations

Succession transitions

Succession transitions

Succession transitions

Recapitalizations

Recapitalizations

Recapitalizations

Management buyouts

Management buyouts

Management buyouts

Growth capital needs

Growth capital needs

Growth capital needs

Corporate carve-outs

Corporate carve-outs

Corporate carve-outs

Characteristics

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Recurring or reoccurring revenue streams

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Recurring or reoccurring revenue streams

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Recurring or reoccurring revenue streams

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Mission-critical to customer operations

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Mission-critical to customer operations

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Mission-critical to customer operations

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Defensible market position

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Defensible market position

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Defensible market position

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Stable, experienced management

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Stable, experienced management

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Stable, experienced management

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Industrial or infrastructure focus

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Industrial or infrastructure focus

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Industrial or infrastructure focus

What We Don't Do

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Turnarounds requiring wholesale change

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Turnarounds requiring wholesale change

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Turnarounds requiring wholesale change

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Start-ups or venture-stage companies

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Start-ups or venture-stage companies

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Start-ups or venture-stage companies

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Lifestyle businesses without growth potential

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Lifestyle businesses without growth potential

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Lifestyle businesses without growth potential

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Pure real estate plays

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Pure real estate plays

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Pure real estate plays

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Consumer retail or restaurants

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Consumer retail or restaurants

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Consumer retail or restaurants

INVESTMENT CRITERIA

INVESTMENT CRITERIA

INVESTMENT CRITERIA

The Dependency Thesis

The Dependency Thesis

Our best investments share three characteristics:

Our best investments share three characteristics:

You may not describe your business this way — but if any of this feels familiar, it’s worth a conversation. We can help you see what these characteristics look like from an investor’s perspective, and what they could mean for your options.

You may not describe your business this way — but if any of this feels familiar, it’s worth a conversation. We can help you see what these characteristics look like from an investor’s perspective, and what they could mean for your options.

You may not describe your business this way — but if any of this feels familiar, it’s worth a conversation. We can help you see what these characteristics look like from an investor’s perspective, and what they could mean for your options.

Mission-Critical Relationships

When customers can’t operate without you, price becomes secondary to reliability. We look for businesses embedded in their customers’ operations — specified into products, written into maintenance schedules, and trusted to respond when something goes wrong.

Mission-Critical Relationships

When customers can’t operate without you, price becomes secondary to reliability. We look for businesses embedded in their customers’ operations — specified into products, written into maintenance schedules, and trusted to respond when something goes wrong.

Mission-Critical Relationships

When customers can’t operate without you, price becomes secondary to reliability. We look for businesses embedded in their customers’ operations — specified into products, written into maintenance schedules, and trusted to respond when something goes wrong.

Recurring Revenue Reality

Not SaaS subscriptions. Real recurring revenue: consumables that wear out, spare parts that fail, service contracts that renew, and regulatory requirements that repeat. The unglamorous drivers of predictable, durable cash flow.

Recurring Revenue Reality

Not SaaS subscriptions. Real recurring revenue: consumables that wear out, spare parts that fail, service contracts that renew, and regulatory requirements that repeat. The unglamorous drivers of predictable, durable cash flow.

Recurring Revenue Reality

Not SaaS subscriptions. Real recurring revenue: consumables that wear out, spare parts that fail, service contracts that renew, and regulatory requirements that repeat. The unglamorous drivers of predictable, durable cash flow.

Defensive Positioning

Durable moats aren’t built on technology or brand alone. They’re built on switching costs, technical certifications, regulatory requirements, and relationships that take years — sometimes decades — to develop. We invest in businesses where changing vendors costs far more than staying put.

Defensive Positioning

Durable moats aren’t built on technology or brand alone. They’re built on switching costs, technical certifications, regulatory requirements, and relationships that take years — sometimes decades — to develop. We invest in businesses where changing vendors costs far more than staying put.

Defensive Positioning

Durable moats aren’t built on technology or brand alone. They’re built on switching costs, technical certifications, regulatory requirements, and relationships that take years — sometimes decades — to develop. We invest in businesses where changing vendors costs far more than staying put.

A SIMPLE TEST

A SIMPLE TEST

A SIMPLE TEST

Ask yourself

If you're looking for the highest bidder or the fastest exit, we're probably not your firm. But if you want a partner who understands what you've built and why it matters, let's have a conversation.

Reach Out

Reach Out

Reach Out

Would your customers panic if you disappeared tomorrow?
Do you generate predictable revenue from repeat business?
Have you been profitable for the past three years?
Are you ready for a partner, not just a buyer?
Do you want to stay involved post-transaction?

If you answered yes to most of these, we should talk.