Investment Criteria
Intermediaries
Business Owners/Management
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| Enterprise Value |
- $10 - $100 million (any size for add-on businesses)
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| Revenue |
- $15 million + (any size for add-on businesses)
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| EBITDA |
- $3 million + (any size for add-on businesses)
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| Location |
- United States, Canada (global for add-on businesses)
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| Industries |
- Energy Efficiency
(e.g., lighting, HVAC, demand response, sensors, meters, controls)
- Environmental Equipment and Services
(e.g., recycling, water filtration, test and treatment, air pollution control, pumps, valves)
- Green Products and Services
(e.g., building materials, construction and system automation; consumer products)
- Food and Beverage
(e.g., natural and organic, ethnic, functional, ingredients, spirits, niche distribution)
- Business Services
(e.g., outsourced services, healthcare services, environmental and facility services, testing services)
- Infrastructure Products and Services
(e.g., water, wastewater, flow control, repair and maintenance, safety, inspection)
- Security Products and Services
(e.g., access control, network video and analytics, systems integration, perimeter sensors)
- Specialty Transportation and Logistics
(e.g., frozen distribution, expedited freight, hazmat transportation, intermodal, rail)
- Components utilized in energy efficient lighting, retail signage and display, trade show and theatrical rigging
(e.g., add-ons for our Griplock Systems platform)
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| Situations |
- Owner(s)-founder(s) needing liquidity, fixed or variable situations
- Family-owned businesses without a clear succession plan
- Divisions of companies without a fully separate P&L and or infrastructure
- Sound business needing a stronger team or strategic next step
- Balance sheet problems due to leverage or incompatible capital structure
- Management remaining in place or key owner/managers retiring
- Lack of historical operating profitability
- Ownership with disparate goals
- Timeliness of closing
- Confidentiality with minimal disruption to ongoing business
- Audited or unaudited financial statements
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| Transaction Structures |
- Leveraged Buyout
- Recapitalization
- Divestiture
- Growth Equity
- Turnaround
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| Ownership |
- Majority ownership with control of the board
- Minority investments with ability to obtain control in a situation of adverse performance
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