Investment Criteria
Typical Investments
Investment Size
$20-100m
(sweet spot: $30-70m)
Enterprise Value
$40-200m
EBITDA
$5-20m PF EBITDA
Sector Focus
Business Services, Tech-enabled Services, and Software
Company Size
$5-20m PF Adj. EBITDA
Geography
US-based or >65%
revenue in the US
Role
Control preferred
Company Characteristics
Strong leading products, recurring or re-occurring revenue, cash flow positive or clear path to it, strong and defensible market position/competitive advantage, attractive end-market
Setting
Seller needs liquidity, wants to step back, and/or partner to scale the business
Style
Value / Growth at a reasonable price
Time Horizon
Flexible: 4-7 years initial value creation period with option to maintain ownership after initial value creation period