
Geography
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
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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
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