Investment Criteria
We focus on essential businesses in industries that matter — companies providing mission-critical services that keep infrastructure running and communities functioning. We're looking for good businesses with room to get better — run by people who care about what happens after they sell.
Our Focus
Essential Industries
Infrastructure, utilities, environmental services, transportation, and industrial services. Businesses doing work that keeps society running.
Founder-Owned Businesses
Companies built by people who care about what they've created. Founders thinking about succession, transition, or partnership who want the right steward for what comes next.
Technology Opportunity
Businesses where thoughtful technology integration can drive meaningful improvement — practical applications that improve operations, customer experience, and margins.
Fragmented Markets
Industries with consolidation opportunity where we can build platforms through disciplined acquisition. Sectors where operational excellence and scale create real competitive advantage.
Defensible Positions
Companies with something real — customer relationships, technical expertise, regulatory positioning, geographic advantage. Businesses that aren't easily replicated or disrupted.
Target Parameters
Structure
Control Acquisitions
EBITDA
$2M+
Margins
10%+ EBITDA
Geography
United States
Flexible on EBITDA minimums for strategic add-ons or compelling buy-and-build opportunities
What We're Not Looking For
Transparency saves everyone time. Here's what doesn't fit:
- Turnarounds and distressed situations — we're operators focused on growth, not restructuring.
- Businesses dependent on a single customer or contract
- Industries outside our operational expertise where we can't add genuine value.
- Sellers primarily optimizing for maximum price with no concern for what comes after
- Situations requiring significant capital expenditure before the business can operate normally