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Investment Criteria

Intermediaries

Business Owners/Management
Investment Focus


Investment Criteria

Enterprise Value
  • $10 - $100 million (any size for add-on businesses)

Revenue
  • $15 million + (any size for add-on businesses)

EBITDA
  • $3 million + (any size for add-on businesses)

Location
  • United States, Canada (global for add-on businesses)

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)

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

Transaction Structures
  • Leveraged Buyout
  • Recapitalization
  • Divestiture
  • Growth Equity
  • Turnaround

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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