We know what we're looking for.
Lower middle-market businesses with durable economics, good teams, and owners ready for what comes next.
Recurring revenue
Customers come back without being chased.
Businesses built on contracts, subscriptions, or strong repeat purchase patterns. Revenue that doesn't start from zero each year.
A simple business model
You can explain it in one sentence.
We're not looking for complexity. The best businesses we've seen are clear about what they do, who they serve, and how they get paid.
Real profitability
$1M–$5M in EBITDA with clean financials.
We target businesses generating $1M–$5M in EBITDA. Clean books, no surprises. Financial clarity is the foundation of a good deal.
Healthy margins
Strong unit economics that hold up over time.
Core economics that are sound — not dependent on volume to mask thin margins, and not relying on a single customer to stay afloat.
Recession resilient demand
Needed in good times and bad.
Businesses that serve essential needs. When budgets tighten, your customers still need what you provide.
A team worth keeping
Operators who care and want to keep building.
A strong second tier of management signals a well-run business — and is what makes a smooth transition possible. We invest in teams, not just assets.
Industries We Focus On
- Home & Field Services
- Business Services
- Light Manufacturing
- Specialty Contracting
- Distribution
- Healthcare & Wellness
We're not rigidly sector-specific. If the fundamentals are right, we're open to the conversation.
What's Not a Fit
- —Pre-revenue or early-stage companies
- —Real estate or asset-heavy deals
- —Technology or software businesses
- —Turnarounds or distressed situations
- —Businesses with no management team beyond the owner
- —Deals requiring significant capital investment upfront
These criteria aren't just a checklist. They reflect the kind of business we're built to own and operate for the long term.
We're not a fund with a five-year exit mandate. We're not looking for a turnaround project. We're looking for a business that's already working — one where better ownership and a more focused operator can make something good into something great.
When we find a business that meets these criteria, we move quickly and transparently. No committee layers. No deal fatigue. Just a direct conversation about whether we're the right fit for each other.
If your business doesn't check every box, reach out anyway. The right fundamentals matter more than a perfect profile.