Acquisition
Criteria

General Criteria

Our partners pay more and close faster

We partner with leading private equity groups and strategic acquirers that pay more and close faster than their peers. Highlighted below are general investment guidelines that may change based on industry and the uniqueness of a business. If you meet the following metrics or anticipate reaching these numbers in the near future, we should talk.

  • Revenue of $1 million to $750 million
  • Year over year revenue growth of 10% or more
  • Operating profit of $250k to $100 million
  • Strong market niche or competitive advantages
  • Little to no institutional venture capital invested to date
  • Capital efficiency not requiring substantial follow-on financing
  • Businesses located in the US or Canada
  • Customer concentration less than 35%

Core investment sectors

Business Services

Dental

Distribution

engineering/ infrastructure

environmental services

Eye Care

HVAC + Plumbing

Healthcare

Insurance

Landscaping

Manufacturing

Mechanical Services

Paving

Pest Control

Restoration/ Waterproofing

Roofing

Software

Veterinarian

Investment Criteria for

Business SErvices

  • Facilities Maintenance, Commercial Cleaning, Janitorial, Parking Lot Cleaning, Revenue Cycle Management, PEO Services
  • Recurring Revenue >50%
  • $5M+ of EBITDA
  • US or Canada
Investment Criteria for

CPG

  • Food Products, Beauty Products, Cosmetics, Health & Wellness Products
  • $5M+ of Revenue
  • US or Canada
Investment Criteria for

Dental

  • General Dentistry, Oral Surgery, and Other Specialty Practice
  • 4+ operatories (no minimum for specialty clinics)
  • Producing owners need to stay on for 2+ years post-acquisition / partnership
  • $1M+ of Collections
  • Anywhere in the US
Investment Criteria for

Distribution

  • Distributors, Suppliers, or Wholesalers in any industry
  • Customer concentration less than 30%
  • $1-50M of EBITDA
  • Based in the US or Canada
Investment Criteria for

Engineering/ Infrastructure

  • Infrastructure-focused Engineering Design Services Including Transportation, Water/Wastewater, Power, Utilities, Electric Grid, and Environmental Engineering Services.
  • Customers include: Government or Quasi-Government Agencies, Telecom, and/or Utilities
  • $15M+ of Revenue
  • Anywhere in the US
Investment Criteria for

Environmental Services

  • Water Treatment, Remediation, Cultural Resource Management, Waste Hauling & Recycling
  • Customer concentration less than 30%
  • $5M+ of Revenue
  • Anywhere in the US
Investment Criteria for

Eye Care

  • Ophthalmology Clinics
  • Producing owners need to stay on for 2+ years post-acquisition or partnership
  • $3M+ of Revenue
  • Anywhere in the US
Investment Criteria for

HVAC/Plumbing

  • Commercial and/or Residential HVAC and Plumbing Services
  • Customer concentration and new construction Revenue less than 30%
  • $2M+ of Revenue
  • Anywhere in the US
  • Additional services of interest: alarms, cleaning, electrical, fire suppression, gutters, roofing
Investment Criteria for

Healthcare

  • Home Health, Home Care, Hospice, Urgent Care, Specialty Health Clinics
  • Multi-location preferred
  • Customer concentration less than 30%
  • $5M of Revenue
  • Based in the US or Canada
Investment Criteria for

Insurance

  • Insurance Brokerages
  • Primarily commercial lines
  • $1M+ of Commission Revenue
  • Anywhere in the US
Investment Criteria for

Landscaping

  • Commercial Landscaping Services
  • 50%+ maintenance
  • $7M+ of Revenue
  • Anywhere in the US
Investment Criteria for

Manufacturing

  • Specialty and Niche Manufacturing
  • Customer concentration less than 30%
  • $5M+ of Revenue
  • Based in the US or Canada
Investment Criteria for

Mechanical Services

  • Commercial/Industrial HVAC-R/Plumbing, Controls, Maintenance Services
  • Union and Non-union Businesses
  • New construction less than 30% of sales
  • $5M+ of Revenue
  • Based in the US or Canada
Investment Criteria for

MSP

  • Managed IT Services and MSSP’s
  • Recurring Revenue of at least 50%
  • Customer concentration less than 20%
  • Hardware sales comprising less than 20% of Revenue
  • $1M+ of ARR
  • $250K+ of EBITDA
  • Based in the US, Canada, UK, and Australia
  • Additional services of interest: cyber security, data center management
Investment Criteria for

Paving

  • Asphalt Paving, Concrete, Crack Sealing, Seal Coating, and Parking Lot Striping Services
  • $10M+ of Revenues
  • Anywhere in the US
Investment Criteria for

Pest control

  • Pest, Rodent, Termite Control Services
  • Residential and commercial services
  • $5M+ of Revenue
  • Anywhere in the US
Investment Criteria for

Restoration/ Waterproofing

  • Basement Waterproofing, Remediation Services, Foundation Repair, Concrete Lifting, Insulation, Crawl Space Repair
  • Residential and commercial services
  • $5M+ of Revenue
  • Anywhere in the US
Investment Criteria for

Roofing

  • Residential Roofing
  • No new construction
  • Subcontract the majority of labor
  • Focus on retail sales over insurance sales
  • $5M+ of Revenue
  • Anywhere in the US
  • Also interested in: Commercial Roofers with at least $10M of Revenue
Investment Criteria for

Software

  • Software, Saas
  • Broad customer base and strong recurring Revenue
  • $3M+ of Revenue
  • Profitability is not required
  • Based in the US or Canada
Investment Criteria for

Veterinarians

  • General, Specialty, ER, Pet Resorts
  • Producing owners need to stay on for 2+ years post-acquisition/partnership
  • $1M+ of Revenue
  • Anywhere in the US