Both the easy and the difficult answer to the question is: transformational opportunities where we can partner with owner-managers to create extraordinary business performance and enjoy the resulting financial rewards. Given this high bar and our small team, we are very selective about the companies with which we get involved. We only make a handful of sizable investments each year.
There’s no single formula for the type of opportunity that gets us excited. But they often have the following ingredients:
In the past these opportunities have arisen in a wide range of circumstances:
We do not participate in club deals, where the investors often have conflicting interests and management cannot hear a coherent voice to help drive the business.
We work with our owner-managers to come up with the right capital structure to realize our joint vision and make sure we are fully aligned. We do not load up companies with a heavy debt burden to boost our returns and hope for the best. In fact, we often make investments that are 100% equity.
We have invested in companies across a wide range of industries including consumer products and services, food, specialty retail, software, biotech, medical devices and products and services to professionals. Although most of our investments have been in the US and Europe, we have invested in companies across the world leveraging our flexible structure and the international background of our team.
See the Case Studies section of the website for examples of what we’ve accomplished with our partners.