$5 – $40M
Three durability traits. Four sectors of focus. Sector matters less than the model, but here is how we sort the reading list.
1Or come up with your own preferred approach and we'll value it. We want a deal that works for you, not one that needs to follow traditional structures.
We have evaluated businesses across very different sectors. The pattern in the ones we get excited about is the same.
You compete on what you do, not what you charge. It usually shows up as healthy gross margins and the ability to raise price modestly without losing customers.
The same customers, year after year. Renewal rates that are quietly excellent. Word-of-mouth doing most of the marketing for you.
Long average tenures. People who came in junior and grew into the company. A team you would want to inherit, because we will inherit it.
We do not specialize by sector, but focus instead on the key traits above. However, in the below four sectors, we believe we have the most direct credibility:
Multi-decade customer relationships, recurring revenue, tightening regulation. A long tail of regional family-owned operators makes this one of the most under-institutionalized sectors at our size.
Our founder grew up inside the sector. His family's company, Van Dyk Recycling Solutions, designs and maintains the equipment that powers many of North America's largest recycling facilities.
Essential, recession-resistant, and held by founders facing succession. Modern tooling and disciplined add-on M&A are turning good local operators into regional platforms.
Our board has built and operated in field services. Rick Gustafson was CFO of ServiceMax (acquired by GE Digital); Kent Weaver, via Granite Point, backed Fieldedge. Our founder grew up adjacent to the work through his family's field-maintenance business serving recycling facilities.
Decades of structural demand growth, regulatory complexity, and fragmented vendor markets. We back the businesses that serve healthcare — payor, regulatory, technology, and operational support — not the providers themselves, where economics and risk look very different.
Our founder led healthcare-services investments at TPG, including Medical Solutions (nurse staffing) and Implantable Provider Group (payor services for medical devices). Two of our board members are currently running healthcare-services businesses.
Recurring revenue, customer-embedded, asymmetric benefit from regulatory complexity. Customers do not casually switch compliance vendors, which makes the well-run businesses in this category unusually durable.
We currently partner with Alternative Regulatory Solutions, a compliance platform serving financial-services firms. Our team brings sector experience from prior consulting work with large financial institutions.
Telling you what we will not pursue saves both of us time. We do not invest in:
If your business is none of those, we'd like to read about it. The size band is a guide, not a fence. Write anyway.
Write a note about what the company does, how it makes money, and what you are thinking about for what comes next. We reply to every message we receive. If there is fit, we will tell you. If there is not, we will tell you that too, and tell you why.
Send the teaser, the CIM, or a one-pager. We will respond inside 48 hours with a yes, a no, or a question. We do not collect deals we cannot act on. We pay broker fees in line with market on closed deals. If the company is in the box above, we are in.
Whether you are an owner thinking about what comes next, or an advisor representing one, we want to hear from you. We answer every note we receive.