Value Creation
Not Value Extraction
Similar to traditional private equity, we have a rigorous pipeline for identifying and selecting high-quality companies to invest in.
What sets us apart is the critical second phase of our process, post-acquisition. Once a company joins our portfolio we do real, hands-on work in the companies to unlock meaningful and sustainable value.
Once a company joins our portfolio we do real, hands-on work in the companies to unlock meaningful and sustainable value.
To obtain good deal flow you must not only turn over a lot of rocks, but also turn them over properly. For this we believe in the power of personal interaction. While we do use digital communication, we remain committed to:
Maximizing exposure to high quality people
Ensuring every connection is meaningful by adding value
Partner with outstanding people
The most successful outcomes are achieved when a team is united by a shared vision. This is why we evaluate potential deals not only from a business standpoint but also through the lens of the people involved. We believe that for a deal to move forward, it must align with both strategic objectives and the strengths of the team behind it.
We engage directly with our portfolio companies, working in them rather than simply on them. It's essential that our partners are not only highly skilled but also that we are genuinely excited about collaborating together.
In turn this attracts high quality talent. The best operators recognize the value of a quality investors and understand that selective investors will bring more to the table. We also prioritize the broader capital table and believe that our most successful investments are those made alongside exceptional co-investors.
Buy the base case
We seek businesses with a raison d'être—enterprises rooted in niche industries, characterized by decades of steady growth and meaningful market presence. Our investment thesis rejects the Silicon Valley narrative of chasing ephemeral unicorns. Instead, we prioritize sustainable, purposeful organizations with demonstrated resilience and genuine competitive advantages.
To neutralize emotional bias, we apply a disciplined and consistent assessment methodology. Every potential investment undergoes evaluation under conservative baseline scenarios: revenue tracking with inflation, current market debt pricing, and consistent margin performance. The few investments that demonstrate compelling fundamentals under these stringent conditions—and where we can materially enhance value—represent our ideal opportunities.
Partner with outstanding people
Our background in trading taught us the immense value of getting into the weeds. Digging deep discovers value that others lacked the perseverance to find. We work on all axis of the business, identifying opportunities to unlock value through the implementation of technology. This process thrives when we work closely with employees at all levels of the organization, not just the C-suite.
Following leveraged buyout (LBO) acquisitions, cash flow can often be constrained. To avoid placing additional strain on our portfolio companies, we do not charge them for our services. This approach not only helps preserve cash flow, but also fosters organic alignment between shareholders, minimizing any potential principal-agent conflicts.
You can find examples of our work in both the tools and research we share.