Investment Criteria

• Companies headquartered throughout the U.S. and Canada.
• Revenues in excess of $15 million, with EBITDA in excess of $2 million.
• Investment size between $3 and $15 million.
• Strong management with a significant financial commitment linked tangibly to the success of the business.
• Demonstrated ability to generate free cash flow margins in excess of industry norms.
• Defensible market niche which does not require significant amounts of capital expenditures to maintain.
• Historical cash flow sufficient to service proforma debt.
• Sufficient level of liquidity available through bank lines or otherwise.
• We do not invest in start-ups, early stage turnarounds, restaurants or companies in the real estate or high-tech markets.