Berkshire Hathaway references are cliché. But that’s our (highly) aspirational model. While our founding lineage includes Apollo’s private equity team and Viking’s hedge fund team, we hope to build something away from Wall Street.
We’re really solving for durability and longevity over growth. We look for any indications of stability such as mission criticality (e.g. high retention / low-churn), consistent and diversified customer (and supplier) base, niche focus, strong brand, etc.
$2-$10m of normalized operating cash flows (~EBIT), with at least a 3-year track record of cash flows in this ballpark. (Bigger also works).
Typically less than 30% topline organic growth. However, if the growth is from inorganic / high ROI reinvestments, then perfect for us.
More than 6 years old. We can make exceptions for digital, internet or vertical market software assets with best-in-class retention.
More than 10% normalized operating cash flow (~EBIT) margins. We can make exceptions for subscale software and franchisor assets.
US or Canada (unless franchisors, digital, internet, or software assets). Again, we can make exceptions for exceptional revenue quality.
$2-$10m of normalized operating cash flows (~EBIT), with at least a 3-year track record of cash flows in this ballpark. (Bigger also works).
Typically less than 30% topline organic growth. However, if the growth is from inorganic / high ROI reinvestments, then perfect for us.
More than 6 years old. We can make exceptions for digital, internet or vertical market software assets with best-in-class retention.
More than 10% normalized operating cash flow (~EBIT) margins. We can make exceptions for subscale software and franchisor assets.
US or Canada (unless franchisors, digital, internet, or software assets). Again, we can make exceptions for exceptional revenue quality.
$2-$10m of normalized operating cash flows (~EBIT), with at least a 3-year track record of cash flows in this ballpark.
Less than 30% topline organic growth. However, if the growth is from inorganic / high ROI reinvestments, then perfect for us.
More than 6 years old. We can make exceptions for digital, internet or software assets with best-in-class retention.
More than 10% normalized operating cash flow (~EBIT) margins. We can make exceptions for subscale software and franchisor assets.
US or Canada (unless franchisors, digital, internet, or software assets). Again, we can make exceptions for exceptional revenue quality.
We get it. Not every day does a goat farm morph into an investment holding company. Hopefully the below helps a bit.