Investment Criteria.

Financials

Revenues between $1 million and $30 million in 2020, with EBITDA ranging from negative up to $10 million. We seek out companies that have proven economic models that allow for an attractive return on invested capital. We prefer to focus our efforts on assessing competitive and execution risk rather than product or business model risk.

Industries

We invest in companies in resilient industries, with growing trends.  We are open to other industries, but focus on high-tech, media, software, business services, distribution, and manufacturing. We prefer non-cyclical industries, and avoid cyclical ones, like consumer durables and apparel, retail and transportation.

Transactions

We invest in ongoing companies with liquidity issues triggered by the current crisis. We are open to corporate carve-outs, non-core divestitures underperforming, special situations, and 363 asset sales.

Intrinsic Value

We prefer companies with a leadership position in a niche market, feasible exit options, a proprietary product or service, an established brand name, and a proven management team