Investment Criteria
WE INVEST IN LOWER MIDDLE MARKET COMPANIES THROUGHOUT VARIOUS STAGES OF THE COMPANY LIFECYCLE. WE PARTNER WITH MANAGEMENT TEAMS AND LIKEMINDED CO-INVESTORS TO IDENTIFY FINANCING SOLUTIONS THAT WILL MEET THE OBJECTIVES OF ALL STAKEHOLDERS AND POSITION OUR COMPANIES FOR GROWTH.
FINANCIAL CHARACTERISTICS
REVENUE: Greater Than $10M
EBITDA: Greater Than $1M
ENTERPRISE VALUE: $10M – $75M
Healthcare or B2B Services
United States Based
INVESTMENT STRUCTURE
$10M – $25M Investments
Mezzanine Debt
Preferred Equity
Common Equity
Control or Non-Control
TRANSACTION TYPES
Minority Growth Capital
Recapitalizations
Buyouts
Acquisition Financing
Platform Buy-and-Build
Independent Sponsor Transactions
HEALTHCARE
HEALTHCARE INVESTMENT THEMES
- SOLVING ACCESS CHALLENGES
- SITE OF CARE OPTIMIZATION
- CONSUMER DRIVEN HEALTHCARE & PATIENT EMPOWERMENT
- HIGH COST, HIGH COMPLEXITY PATIENT POPULATIONS
- INNOVATIVE CARE & PAYMENT MODELS
- APPLICATION OF EMERGING TECHNOLOGIES
HEALTHCARE AREAS OF INTEREST
MULTI-UNIT PROVIDER SERVICES
Behavioral and mental health, post-acute care, women’s health & fertility, specialty dental, ASC management.
NOVEL TREATMENT MODELS
Risk-based primary care, hospital at home and advanced home care, ESRD & CKD care models, PACE, PPEC.
PHARMA SERVICES
Infusion services, outsourced commercialization and clinical trial support services, patient access solutions, specialty pharma.
CONSUMER HEALTH & WELLNESS
Concierge health and membership models, functional health and alternative care modalities, longevity & preventive health clinics, nutrition as medicine.
HEALTHCARE IT & TECH ENABLED SERVICES
Tech enabled disease management and population health, revenue cycle management, enterprise asset management, payment solutions.
PAYOR & EMPLOYER SERVICES
Health plan and network services, transparent PBM models, cost containment and member engagement solutions, TPA platforms, benefits management solutions.
B2B SERVICES
B2B SERVICES INVESTMENT THEMES
- ASSET LIGHT
- RECURRING OR HIGHLY REOCCURING REVENUE
- STRONG INDUSTRY GROWTH
- DIFFERENTIATED OFFERING
- TECHNOLOGY ENABLEMENT
- FRAGMENTED INDUSTRIES WITH LACK OF OWNER SUCCESSION
B2B SERVICES AREAS OF INTEREST
OUTSOURCED PROFESSIONAL SERVICES
Outsourced HR & administrative, regulatory & compliance, sales & marketing, insurance and legal related outsourcing, and corporate training & certification.
FACILITY SERVICES
Commercial, industrial, and residential services such as HVAC, MEP, fire & life safety, back-up power, janitorial, property management, and landscaping.
FIELD SERVICES
Environmental services, test, inspection & certification, equipment, machinery & utility maintenance and repair.
IT SERVICES
Business intelligence, analysis & benchmarking, managed services & cybersecurity, IT systems integrators, and digital transformation.
INDUSTRIAL GROWTH
IoT and connected solutions providers, test & measurement, integrators of industrial controls, automation and robotic systems.
SPECIALTY MANUFACTURING & DISTRIBUTION
Asset light, high margin contract manufacturers serving high growth end markets and value-add commercial and industrial distributors.