Industry Criteria

• Serves primarily business customers (preferred)
• Niche product or fragmented industry
• Limited cyclicality
• Low risk of technological obsolescence
• Service business (preferred)

Management Criteria

• Owner seeking liquidity or exit with no succession plan
• Strong middle management
• Positive employee relations

Financial Criteria

• Revenue: $5 to $50 million
• Cash flow: $1 to $5 million
• History of profitability and stable or growing revenue
• High proportion of recurring revenue
• Low capital expenditure requirements

Company Criteria

• Strong position in industry or geography
• Indentifiable opportunities for immediate growth
• Headquartered in the US

Industries of Interest

• Business Services
• Energy Services
• Healthcare Services
• Infrastructure Services
• Transportation and Logistics Services
• Enterprise Software as a Service (SaaS)
• Consumer Services (non-retail)
• Distribution
• Niche Manufacturing
• Industrial Products and Technology