Investment Criteria
Target Transaction Profile
• EBITDA: $2M – $10M
• Ownership: Control acquisitions (typically 100%)
• Geography: United States (select international opportunities considered)
• Ownership Transition: Flexible — full transition or continued involvement
Target Industries
• Utility and utility services (especially water and wastewater)
• Infrastructure and site development services
• Transportation and logistics
• Industrial and specialty manufacturing
• Environmental and industrial services
• Niche, asset-intensive business services
Business Characteristics
• Diversified and established customer base
• Stable or recurring revenue (contracted or repeat demand)
• Strong cash flow generation and consistent margins
• Tangible asset base supporting operations and financing
• Defensible market position within local or regional markets
• Clear path to growth, including add-on acquisition opportunities
Transaction Approach
• Flexible structuring tailored to each situation
• Combination of equity and senior lending (bank or asset-based)
• Seller participation considered where aligned (e.g., financing or earnouts)
• Designed to support long-term ownership and future expansion