Winterfell Investments in two buckets via syndicated equity vehicles:
Lower Middle Market companies in stable, repeating cash flow businesses and Search Funds.
LEARN MOREWinterfell Partners or invests with family-owned and operated businesses with the intent of applying modern marketing and standardization processes with an eye toward growth. Winterfell Invests in companies as small as $1M in EBITDA to $20M in EBITDA.
Winterfell also invests in search funds with dynamic entrepreneurs with a vision and operational focus.
Founders and entrepreneurs can often build great businesses with incredible attention to systems and processes, excellent teams, and a fantastic product. Yet some are unaware of how a company is sold or the acquisition process. From a Buyer’s perspective, the entire process is laid out sequentially as follows:
Read MoreOne of the year’s most significant mergers and acquisitions was ICE’s purchase of Black Knight Financial. The $11.9 billion deal closed in September of 2023, making Black Knight a part of ICE. ICE is an Atlanta-based electronic exchange that trades in futures, swaps, OTC markets, stocks, FOREX, and more, as well as having a mortgage origination system and software lending tools. Black Knight, on the other hand, provides integrated technology, services, data, and analytics to the mortgage lending, servicing, and real estate industries and capital and secondary markets. The FTC initially blocked the deal in March, citing concerns about the merged company’s market share in the mortgage technology market. However, the FTC withdrew its objections after Black Knight divested two business units, and the deal was allowed to proceed.
In the world of mergers and acquisitions (M&A), add-backs are a crucial factor in determining the true financial state of a target company. These adjustments to a company’s financial statements allow buyers to evaluate the real earnings or cash flow potential of the business they’re looking to acquire. However, the distinction between acceptable and unacceptable add-backs can be a contentious issue during negotiations. It’s important to understand the difference to ensure a fair and transparent transaction.
