Investment Criteria

OPERATING COMPANIES

• Size: ~$1-10 Million in annual FCF, Revenues ~$5-$50 million annually.
• Location: U.S. Based, geographic preference towards the Western and Southern U.S.
• Industries: Markets we understand. Industrial/Infrastructure Services, Niche Manufacturing, Energy Services, Business Services, Natural Resources.
• Maturity Level: Generally seeking established businesses with sustainable free cash flow (Target 10% annual FCF Yield). Will consider turnaround investments or early stage investments on a one off basis.
• Structure/Financing: Simple Structures preferred, capital structure agnostic, not debt adverse.
• Investment Types: Control, Minority Investment, Growth Equity, Debt.

REAL ESTATE

• Size: ~Asset Size $5-30 Million.
• Location: U.S. Based, Geographic preference towards the Western and Southern U.S.
• Asset Class: Office, Industrial, Mixed Use Development, Multi Family, Raw Land, Farm Land.
• Maturity Level: New Development, Mature Cash Flow Positive and Turnaround.
• Structure/Financing: Simple Structures preferred, 50-75% LTV.
• Investment Types: Majority (sole owner), and Minority Investment.