Durable businesses.
Built to compound.
We're disciplined about the businesses we partner with. The pattern that works for us is straightforward — and recognizing it early lets us move quickly when we see it.
What a fit looks like.
Five attributes describe nearly every business we've owned, scaled, and exited. They're not all equally weighted — but the strongest opportunities have most of them, and the truly exceptional have all five.
Recurring Revenue
Contracted, subscription, or otherwise predictable revenue that customers renew because they have to — not because we ask them to. We strongly favor businesses where revenue compounds without restarting the sales cycle every year.
Consistent Profitability
Double-digit EBITDA margins, sustained across cycles. We're not looking for businesses we have to fix — we're looking for businesses that already work, with room to compound when the right operating discipline is applied on top.
Defensible Moat
Workflow embedded software, regulatory positioning, network effects, switching costs, deep customer integration, proprietary data, or a brand customers actively prefer. Something real that keeps competitors from showing up tomorrow.
High Client Retention
Logo retention in the mid to high 90s, low involuntary churn, and net revenue retention above 100%. Retention is the single best leading indicator of compounding enterprise value.
EBITDA Profile
The range where operator involvement, management equity, and real operating discipline combine to create the most meaningful outcomes. Enough scale to build a real team and operating cadence — enough room to grow that our work actually moves the needle.
Normalized and sustainable — adjusted for owner compensation and one-time items, not the headline number on the teaser.
Where we go deep.
Two adjacent categories where our operating playbook compounds most directly — and where we've already done the work.
Vertical Software
Mission-critical software embedded in the workflow of a specific industry — where switching is hard, retention is high, and the path to multi-product expansion is real. Our roots are here.
- Workflow software with multi-year contracts
- Modernization opportunity (on-prem → SaaS)
- Fragmented competitive landscape inviting roll-up
Business Services
Service businesses with recurring or contracted revenue, professional management, and the kind of operating leverage that comes from process discipline, technology adoption, and disciplined M&A.
- Contracted or repeat-customer revenue
- Tech-enabled or productized services
- Roll-up potential within a region or vertical
Founder situations we serve well.
Not every founder is selling for the same reason — and the right structure depends on the right reason. Here are the situations where we're at our most useful.
Succession & Stewardship
You've built something worth preserving and you want a partner who'll treat it that way. We can buy 100%, bring in leadership, and protect the legacy you've built — without forcing a fund-clock exit five years from now.
Liquidity with Continued Upside
You want to take meaningful chips off the table now but stay in for the next chapter. We acquire a controlling stake and give you real cash today plus meaningful equity in a bigger outcome down the road.
Consolidating a Fragmented Market
You're in a fragmented market and can see the consolidation opportunity — but executing it is a full-time job that's bigger than the one you signed up for. We'll fund and execute it alongside you.
Being honest about what we're not for.
We're not a fit for early-stage venture, turnaround situations requiring rescue capital, or businesses where the value lives entirely in a single founder's relationships. We look for businesses with their own legs — where our operating experience and patient capital can turn a good company into a great one.