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Investment Approach

Operating Philosophy

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Operating Philosophy

Since our founding in 1993, we have operated KCA as a partnership between ourselves and our management teams in the operating companies. Unlike most private equity firms, we have chosen to forego building a staff of analysts and junior M&A personnel because we have felt that what we do cannot easily be delegated, and we limit ourselves to a small enough number of companies that allows us to do personally the things that would otherwise be delegated. We feel that this approach exposes us much more personally to the challenges and opportunities inherent in each company, and makes us better judges of business situations. The types of companies and transactions we set out to pursue - more challenged than typical auction deals - have tended to need more subtlety in judgment and analysis than that provided by large teams of MBA's.

Our philosophy is that there is a wealth of talent and experience resident in each company's management team, and our job is to tap into that resource to produce extraordinary results. This approach is successful because we personally diligence each situation carefully before committing ourselves to it, and once committed we stay involved as needed, in whatever roles and supporting tasks are called for, to bring about the potential of the company.
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