Investment Criteria

Investment Size

  • $5-$75 million unitranche loans (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 / $3-$20 million EBITDA

Investment Type

  • Unitranche debt
  • Second lien debt
  • 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:

  • Business Services
  • Health Care
  • Multi-Unit / Franchise Operators
  • Technology, Media & Telecommunications
  • Industrial

Company Criteria

  • Defensible business model
  • Recurring / reoccurring business model
  • Low concentration
  • Scale
  • Strong sponsorship / management teams
  • Viable capital structure

Company Ownership

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