Business Services
Specialized services companies with repeat customers, measurable delivery quality, and room to professionalize go-to-market or field operations.
Investment criteria
We look for businesses with staying power and obvious ways to get better.
The best fit is a company with durable demand, strong customer relationships, and a management team that wants a partner for the next stage of growth.
EBITDA
$3M-$20M
Equity check
$10M-$75M
Geography
North America
Ownership
Majority or significant minority
Hold period
Flexible and long-term oriented
Situation
Recapitalizations, founder liquidity, growth capital, and carve-outs
Ideal characteristics
What makes a company a fit.
First-time institutional capital or a lightly institutionalized ownership base
Management continuity or a clear path to recruiting the next layer of leadership
Gross margin stability and understandable unit economics
Customer relationships based on service quality, technical know-how, or workflow importance
Opportunities to grow through add-on acquisitions without making M&A the only thesis
A culture where better systems can improve execution without disrupting what customers value
Sector focus
Focused where operational work can create durable value.
Specialty Industrials
Niche manufacturers, engineered products, and industrial services businesses with durable demand and meaningful process know-how.
Vertical Software
Software and data businesses serving specific workflows, regulated markets, or operationally complex customer segments.
Healthcare Operations
Services and infrastructure companies that support providers, patients, or administrative workflows with clear compliance discipline.
Financial Services Infrastructure
B2B platforms and service providers supporting reporting, compliance, payments, workflow, or back-office execution.
Distribution and Logistics
Asset-light or specialized distribution models with defensible customer relationships and opportunities to improve data and planning.
Areas avoided
We are selective by design.
Venture-style or pre-profit companies
Distressed turnarounds requiring balance sheet rescue
Commodity exposure without clear differentiation
Real estate development or passive asset strategies