Approach and Philosophy

Our Buy & Build approach builds leading middle market companies. Together with management partners, we drive multiple levers for organic growth, complemented by strategic acquisitions, to accelerate scale and lead markets.

A Culture of Collaboration

Our culture is predicated on relationships of mutual respect. We align ourselves with committed management partners and actively collaborate to provide access to our extensive network and internal resources. Together, we make data-driven, consensus-oriented decisions and deliver the resources necessary to support execution in a responsive, thoughtful, and transparent manner.

Our employees are our most valuable asset. We invest in their enrichment through training, mentorship, and career development. We are proud to have people that have, in most cases, grown with us throughout their career. We believe in giving back to our communities, through team-based philanthropic activities and our own dedication of time and resources outside of the office. And, as shown by our commitment of more than $875M to our latest fund, our team is proud to support our own strategy and vision, personally investing alongside our management partners to build great companies.

Buy & Build

Our Buy & Build approach focuses on investing in and transforming companies through accelerated organic growth and strategic add-on acquisitions. We back market leading companies and aim to triple or even quadruple their size over our investment period. We employ multiple levers to enhance competitive differentiation through higher growth and improved margins, with a compounding benefit to equity value creation. We collaborate with our management partners to develop winning teams and invest in technology, capabilities, and infrastructure – building businesses built for the future, with clear market leadership, strategic focus, and a demonstrated track record of execution.

We and our management partners work closely together to execute our Buy & Build approach, drawing on operating resources and expertise from our in-house portfolio support team. We welcome the challenges that come with success, with deep experience in the development and implementation of people, systems, metrics, and management processes designed to smoothly navigate and manage transformational growth.

We work with our partner management teams to develop, refine and enhance each company’s long-term strategic plan. It takes strategic vision to compete and thrive in today’s global, digital economy – and we are focused on building companies uniquely prepared to lead well into the future.

We have dedicated resources ready to partner with and support our management partners in building successful, winning teams.

Our team has sourced, executed, and integrated over 800 add-on investments since 2002 and has completed approximately 100 add-on acquisitions in each of the last three years. We have the resources and experience necessary to execute an acquisition-driven strategy and partner with management teams to deliver transformative value.

Our significant resources and experience support initiatives such as pricing, sales force optimization, and new product and service offering development that help management teams drive revenue growth.

Purchasing and supply chain management. Lean manufacturing. Route optimization. We have deep experience across categories and verticals, utilizing these and many other operational improvement levers to eliminate inefficiencies and drive margin improvement.

Transforming companies also means making the investments required to scale internal systems and processes. We have the deep experience required to build, develop and enhance systems, metrics, and management processes to meet the needs of fast-growing organizations.

Investment Criteria

We partner with management teams of middle market companies looking to accelerate growth. We target investments in five core industries: business services, consumer, healthcare, industrial technologies, and software and technology. Within these industries, we aim to invest in companies with market leading positions and sustainable competitive advantages, where we see potential for our Buy & Build approach to drive transformational growth.

Annual EBITDA
$10M–$50M
Total Enterprise Values
$100M–$500M
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We partner with business services and value-added distribution companies across a wide range of end markets and business models. We target investments where increased scale allows businesses to better serve their customers through expanded offerings, enhanced quality of service and deployment of technology.

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We look for consumer businesses with a proven and sustainable market position, operating in stable and fragmented markets, for both discretionary and non-discretionary products. We partner with management teams that are looking to scale their businesses to build market leadership and increase diversification of products or customers.

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We look for healthcare service, device and technology companies that seek to improve quality of care and reduce costs. We have extensive experience investing across a wide spectrum of healthcare business models, with a track record of building market leaders with our management partners.

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We partner with providers of differentiated industrial technology solutions, often operating in niche markets. Our industrial technology investments accelerate earnings growth and increase scale through diversification of products, channels and end markets.

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We focus on software and technology investments that are deeply embedded with their customer base. We look for mature markets where growth can be accelerated through expanded solutions and enhanced resources.

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ESG

Environmental, Social, and Governance (ESG) considerations are a significant factor in our investment processes and the operations of our portfolio companies. Alongside our ESG consultants, we evaluate ESG risks and seek opportunities to create value through sustainability initiatives. Our diligence-driven investments include a multitude of environmental, social, and governance considerations. We believe that ESG practices lead to better investment outcomes and aim to continuously strengthen governance and transparency, ensuring that the interests of our investors, portfolio companies, and investment professionals are aligned.