Middle Market Focus
| Type of Transaction | Private company buyouts or recapitalizations Division spinoffs of a public company Consolidation of a fragmented industry Providing liquidity to founders / family owners |
| Investment Criteria | Secular (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 | $50 - $200 million |
| Profitability | EBITDA of $10- $40 million |
| Equity Investments | $25 - $100 million |
| Control | Majority positions only |
| Industries | Defense & Aerospace Healthcare Specialty Industrials |