Tucker’s Farm Corporation is a value-oriented holding vehicle modeled after Berkshire Hathaway. Founded in 1994 as a small goat dairy, the farm has grown into a family of companies across industries and geographies. Capitalized with a long-term equity base, the farm aims to deploy ~$60 million of equity capital every year as it seeks to find and compound cash flows through highly active M&A strategies in the lower-middle market (and still boasts a strong herd of ~20 Nubian half-pygmy goats).

cheese.
goats.

deals

ABOUT US

We average

one acquisition

every

quarter.

We’re not just in the goat business. We specialize in private equity and aim to deploy $50-100 million of long-term equity capital every year. But we kept our farming roots because we think goat farming sounds cooler than private equity (and generally, we’re more interested in the nonlinear outcomes of the compounded / MOIC models (e.g. KII, DHR) relative to the AUM / IRR models (e.g. BX, KKR)). We currently have 10+ platforms seeking deals across consumer, business services, home services, healthcare services, and beyond. We're your guys if you have a durable business with a few million of annual cash flow. The funkier the better.

TYPICAL STEPS

Day 1: Intro Call

We have a 30-minute introductory call to learn about your story and values and see if we can help.

Day 2: Mutual NDA

We sign a mutual NDA so that the details of your business (and ours) are legally protected.

Day 3: Simple Info Share

We provide a basic list of information we’d like (depends on the industry but typically revenue detail + high level financials etc.) and you send over what you can when you can. We pride ourselves on keeping things simple and not sweating the small stuff. We’re very clear on what we care about and can be super efficient with your time.

Day 5: Letter Of Intent

Based on the information, we’ll provide you with a simple term sheet that includes the valuation and structure of a potential partnership with us. If you want to move forward, then we would both sign a Letter of Intent (LOI). The LOI is a(mostly) non binding contract that formalizes our agreement and gets both sides aligned on the smaller points before diligence.

Day 5-55: Due Diligence Period

We begin and complete due diligence over the next 30 - 60 days, depending on the complexity of your business. While 60 days may seem long, we move very quickly to confirm the (typically) 1-3 key things we care about. Usually in the first 2-3 weeks. The rest of diligence is largely confirmatory.

Day 60: Sign And Close The Transaction

We sign the purchase agreement and wire you the funds!

OUR STORY

Goat farm to investment vehicle. A common transition.

In 1994, James founded Tucker’s Farm Goat Cheese on Hungry Bay, Bermuda with three Nubian milkers. Over the next ~25 years, the herd grew (rapidly) to eighteen milkers and two Billy goats. Eventually, James’s youngest son Kyle left his finance career (most recently as a hedge fund analyst at Viking Global and previously as a private equity associate at Apollo Global), joined his dad on the farm, and launched a long-duration private equity business. With no founding balance sheet capital, the farm built a strong institutional group of likeminded partners, and has grown into a family of companies across industries and geographies. Today, the farm’s target deployment is roughly $60 million of equity a year with the sole focus of finding and compounding cash flows with a long-term equity base, primarily through highly active M&A strategies in the lower-middle market.

1994

Founding

Herd count:
3

Core business:
Goats

Details:
Tucker’s Farm Goat Cheese is founded on Hungry Bay, Bermuda.

1994
-
2020

Growth

Herd count:
Fluctuated from 0 to 20

Core business:
Goats

Details:
James leads the farm through a period of rapid growth from 3 goats to ~20 goats (and at times back to 0 goats). Today, the farm’s herd stands at eighteen milkers and two billies. One milker kidded in the first quarter of this year, representing an outstanding organic growth rate (pro-forma embedded run-rate) of 1.28% year-over-year.

2020

Transition

Herd count:
20

Core business:
Goats

Details:
James' youngest son Kyle leaves institutional finance and begins wildcatting for deals with a partner, completely unrelated to the farm.

2022

Launch

Herd count:
22

Core business:
Goats and private equity

Details:
Tucker's Farm's private equity arm is launched. In the spirit of the Midwest compounders, the farm maintains its legacy goat farming brand as the public-facing entity.

Tucker’s Farm corporation

cheese.
goats.

deals

ABOUT US

We average

one acquisition

every

quarter.

Our

Process

OUR STORY