Geography

• United States and Canada

Size

• Minimum revenue of $5 million
• Prefer EBITDA of at least $1 million

Business Characteristics

• Market niche leaders
• Defensible market position
• History of consistent or growing earnings
  
• Fragmented market
• Lack of customer concentration

Industries of Focus

• Manufacturing of food, consumer, and industrial products
• Business services
• Value-added distribution

Avoided Industries

• Banking, bio-tech, high-tech, insurance, real estate, retail, restaurants, software, and start-ups

Management

• Management continuity is preferred, but not required

Transaction Types

• Buyout of retiring owner or majority shareholder
• Management buyout
• Growth equity
• Recapitalization of existing ownership/management
• Corporate divestitures

Timelines

• Long-term, very flexible – no fund constraints on return of capital