Lower Middle Market Investment Criteria

• Mature Businesses with at least 5 years of Operating History
• $2 to $25M in EBITDA with at least a 3-year history of earnings within this range
• Sales of more than $10 Million with demonstrated or a clear path to double-digit operating margins
• Primarily Family-Owned Businesses, but will consider carveouts from a corporation or take-privates
• Track record of positive annual organic growth (2% or more over last 3 years)
• North American Headquarters
• Mature Industries excluding commodities, natural resources, or overly cyclical businesses (construction, real estate, etc.)
• Stable and Diversified Client Mix
• Sufficient Layer of Competent, Non-owner Management
• Established Niche Expertise, Strong Brand Name, or Strong Reputation
• Closely Held Ownership Looking to Retire