Create and Sustain
Competitive Advantage.

We invest in situations where there are opportunities to further build on the
competences and capabilities of a business.

We invest in situations where there are opportunities to further build on the competences and capabilities of a business.

TARGET INVESTMENT THEMES

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:

  • Recurring or mandated demand
  • Fragmented vendor bases
  • Strong cash flow characteristics and low cyclicality
  • Clear regulatory anchors and workflow complexity

Current sector priorities include:

  • Healthcare Compliance & Safety
  • Pharma Cold Chain & Validation Services
  • Critical Power Infrastructure Compliance
  • Business Services with Embedded Regulatory Workflows
  • Software-Enabled Compliance Tools
  • Industrial and Environmental Monitoring & Waste Compliance

INVESTMENT CRITERIA

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.

TRANSACTION TYPES

  • Owner-manager or business model transitions
  • 100% buyouts or control acquisitions
  • Add-on transactions
  • Majority recapitalization
  • Strategic partnerships