Investment Criteria

Investment Size

  • $5-$75 million for unitranche or jointly packaged first lien / second lien debt (structured as a single commitment in conjunction with a senior lending partner), often with equity co-investment
  • $5-$25 million for second lien / junior debt, often with equity co-investment (includes potential third party co-investment capital on larger transactions)

Company Size

  • Approximately $20-$200 million revenue / $4-$20 million EBITDA

Investment Type

  • Unitranche debt
  • Jointly packaged first lien / second lien
  • Preferred equity
  • Common equity

Transaction Type

  • Leveraged Buyout
  • Management Buyout
  • Recapitalization or Refinancing
  • Growth Capital
  • Expansion through M&A
  • Corporate Transition/Succession

Industry Focus

Industry-agnostic, albeit with a particular focus on companies within the following sectors:

  • Technology, Media & Telecom
  • Health Care
  • Consumer / Franchises
  • Industrial & Manufacturing
  • Business Services
  • Real Estate Operating Companies

Company Criteria

  • Long-term competitive advantages & barriers to entry
  • Recurring, diversified defined cash flow streams
  • Typically non-discretionary products or services
  • Strong operating margins
  • Strong management team
  • Long-term asset creation

Company Ownership

  • Private equity sponsor
  • Family/generational ownership
  • Employee/operator ownership
  • Parent corporate ownership