We grew up in healthcare and have an exceptional understanding of the healthcare investment environment as well as an excellent network of contacts. Though our background leans into healthcare, we will consider non-healthcare opportunities under the right circumstances.
We invest in service businesses that enable compliance across regulated industries—where adherence to standards is not just a cost of doing business, but a recurring, high-stakes operational requirement. These companies often operate behind the scenes, yet provide critical infrastructure that allows healthcare, life sciences, environmental services, industrial operations, and other essential sectors to meet regulatory demands with consistency and confidence. We focus on niches with:
Current sector priorities include:
We define quality through a combination of industry and firm-level attributes.
Keen on industrial organization, we are focused on niche spaces with limited exposure to economic cycles, reasonably high barriers to entry and large, growing addressable markets supported by secular tailwinds.
At the firm level, we are interested in sizable U.S. / Canadian companies with a long operating history, asset-light profile, an established book of business, high cash flow conversion and demonstrated managerial competence.
10+
Years of operating history
Recurring or contractual
Revenue model
$2+ million / ≥15%
EBITDA / margin
>80%
Free cash flow conversion
We will consider a programmatic acquisition strategy (roll-up) in instances where we can manipulate the drivers of fragmentation to unlock economic profit and where other important factors align – compelling value proposition; high population of actionable M&A targets; opportunities to grow organically and through M&A.