Our focus is on middle market growth companies. We seek companies with leadership positions in emerging market niches and sustainable competitive advantages enabling these companies to defend and extend their leadership positions.

Specific criteria utilized in evaluating opportunities include:

• Management team
  • Existing management teams preferred
  • Significant management equity participation
• Critical mass
  • Revenues: $20-$200 million
  • Operating Profit/EBITDA: $5-$20 million
  • Transaction Size: $25-$150 million
• Strong industry dynamics
  • Manageable competitive environment
  • Fragmented industries with opportunities to emerge as the market leader through organic growth or acquisitions
  • Acceptable recession exposure
  • Prefer mid-to-high single digit growth or better
  • Favored sectors include business and healthcare services, specialty manufacturing, technology, consumer products and services, and selectively retail
• Company characteristics
  • Multiple avenues for continued growth
  • Sustainable competitive advantages
  • History of predictable and growing EBITDA
    • Target 10% or greater EBITDA margins
    • Prefer scalable business with margin expansion potential
• Transaction types
  • Privately held businesses and divisions of larger companies
  • Particular expertise working with founding entrepreneurs to realize growth initiatives
  • Outright purchases, recapitalizations and/or growth capital