PortfolioCompanies
Manufacturing · Acquired 2019
Millbrook Fasteners, Inc.
70-year-old precision fastener manufacturer with strong regional OEM relationships, healthy margins, and an ERP system that predated the iPhone. The founder's retirement was somewhat optional at time of close. It is no longer.
Commercial Services · Acquired 2020
Summit Printing Solutions
Regional commercial print network acquired at 5.2x adjusted EBITDA. Strong recurring contracts with municipal and healthcare clients. Their former branding was, in retrospect, somewhat ironic.
Field Services · Acquired 2020
Cascade Lawn & Landscape
40-location lawn care and landscape maintenance franchise system. Recurring residential and HOA contracts, strong seasonal cash conversion, and franchisees who were genuinely delighted to have institutional support. Most still are.
Consumer / Food · Acquired 2021
Heritage Bakery Brands
Three regional bakery chains unified under a single holding structure. The signature croissant recipe remains unchanged and always will. The commissary labor model is another matter entirely.
Professional Services · Acquired 2021
ProVantage Staffing Group
Managed workforce provider serving light industrial and logistics clients. High volume, consistent spread, and a churn model that — when viewed through the correct lens — is actually a feature of the business rather than a concern.
Industrial Services · Acquired 2022
Lakeshore Environmental Services
Environmental waste handling and remediation services under long-term municipal contracts. Steady, recession-resistant cash flows — because regardless of the economic cycle, municipalities continue to produce waste.
Manufacturing · Acquired 2022
Tri-State Packaging Corp.
Corrugated packaging manufacturer with regional distribution to consumer goods and e-commerce clients. The world will continue to need boxes. We own some of the people who make them.
Consumer Services · Acquired 2022
Vanguard Home Security
Residential security monitoring with 98,000 contracted subscribers. Cancellation fees are structurally robust. Churn is within acceptable parameters. The monitoring infrastructure is fully owned. Everything is fine.
Healthcare Services · Acquired 2023
Midwest Dental Partners
Dental services organization with 22 locations across three states. Strong per-chair economics, resilient patient volumes, and waiting room reading material we are actively in the process of modernizing.
Automotive Services · Acquired 2023
Clearfield Auto Holdings
18-location auto body and collision repair platform. Insurance direct-repair relationships provide consistent volume. Customer relationships tend to be involuntary in nature, which is consistent with the underlying demand driver.
Home Services · Acquired 2023
Northbrook HVAC Collective
Commercial and residential HVAC services across 6 markets. Summer and winter are both peak revenue seasons. Spring and fall are reserved for planning the next acquisition in the vertical.
Distribution · Acquired 2024
Irongate Distribution
B2B distribution of industrial and maintenance supplies across the Mid-Atlantic. The trucks are leased. The customer contracts are not. Favorable working capital dynamics and a sales force that finally has institutional backing.
No projects in this category yet.