Middle Market Focus

Type of TransactionPrivate company buyouts or recapitalizations
Division spinoffs of a public company
Consolidation of a fragmented industry
Providing liquidity to founders / family owners
Investment CriteriaSecular (versus cyclical) growth in attractive niche markets
Recession resistant demand profile
High market share and above-average profitability
Capital-efficient business model
High recurring revenue from diversified customer base
Proprietary products or services protected by intellectual property
Revenue$25 - $250 million
ProfitabilityEBITDA of $10 - $50 million
Equity Investments$25 - $125 million
ControlMajority positions only
IndustriesDefense & Aerospace
Healthcare Services
Specialty Manufacturing & Distribution