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)
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)
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)
Consumer Healthcare
(add-ons for our Carex Health Brands platform)
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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