Industry Criteria

Fragmented and growing

Positive momentum with barriers to entry

Low external risk (business cycles, technology, regulations)

Minimal capex and working capital required

Company Criteria

Distinct competitive advantage, growing market share

3+ years of profitability

Compelling EBITDA margins

Stable management team

Transaction Structure

Change-of-Control Equity

Retain and incentivize senior management

Flexible capital structure

Long term hold