We seek to invest in businesses with the following characteristics:

Industries
Manufacturing
Business services
Value added distribution
Franchising

Transaction types
Management buyouts
Recapitalizations
Control or non-control
Acquisitions
Growth equity financings

Revenues
$15 to $100 million
EBITDA (Cash Flow)
$3 to $9 million

Investment Size
$4 to $10 million

Form of Investment
Equity - common and/or convertible preferred stock
Mezzanine - subordinated debt with warrants and participating
preferred stock

Geography
National, with a focus east of the Rockies

Non-starters
We do not invest in retail businesses, start-ups, turnarounds or
straight distribution businesses.