Investment Criteria

Company Criteria

  • Texas-based
  • $2 to $10 million in EBITDA
  • Proven business model and steady historical cash flow
  • Experienced and cohesive leadership team or open to attracting new leadership
  • No oil & gas, real estate, turnarounds, start-ups, ramp-ups or early stage technology

Transaction Criteria

  • Management buyout, recapitalization or growth financing
  • Control or non-control
  • Prefer founder-owned companies, but open to other ownership
  • First source of institutional capital
  • $3 to $15 million in equity investment
  • Common or preferred equity
  • Incentives aligned with management

Industry Focus

  • Food processing
  • Healthcare
  • Infrastructure products
  • Niche manufacturing including chemicals, plastics, packaging and other
  • Specialty business services
  • Transportation and logistics
  • Generalists considering many industries not requiring specialized knowledge
  • Add-on niches
    • Precast concrete utility structure
    • Polymer concrete/FRP utility enclosures
    • Fresh cut fruit and vegetable processing

We have partnered with founders and management teams across a diverse range of industries including infrastructure products, food processing, environmental services and medical transportation. We look for lower middle market businesses with competitive advantages in niche markets. We believe business value and return are generated over time and have the flexibility for longer hold periods.