Companies

• Scalable Small-Cap Business: Companies with $1-10M in EBITDA that can be scaled and professionalized by augmenting the team and implementing best practices

• Differentiated Offering: Strong customer retention or high Net Promoter Scores (NPS) indicating a compelling product or service

• Value Creation Potential: Opportunities to enhance value through investments in people, technology, product, or sales & marketing

• M&A Growth: Potential to grow or add complementary offerings through acquisitions

• Tech & AI Integration: Opportunities to automate processes, increase efficiency, and accelerate growth with AI and tech solutions

Transactions

• Control Investments: We prefer majority stakes, ideally with founder or seller rollover to align incentives and enable participation in future upside

• Conservative Leverage: Minimal use of debt, if any, to maintain financial flexibility

• Growth Capital: Committed follow-on capital to support growth initiatives

• Flexible Holding Periods: Adaptable holding periods to maximize value

Industries

Sample healthcare subsectors of interest include:

• Provider: Revenue Cycle Management or Medical Billing, Group Purchasing Organizations, Med-Legal Services, Specialty Pet Care Services

• Pharma: Contract Research Organizations (CROs), Patient Recruitment, eClinical, Real-World Evidence, Hub Services, Medical Communications (Medical Affairs, Patient/Provider Marketing, Market Access)

• Payor: Payment Integrity, Third Party Administrators, Specialty Benefit Managers

Images: "Colossus" by Tom Page at The National Museum of Computing and "Colossus Switchboard" by Alan Levine are licensed under CC BY-SA 2.0. "The Colossus Computer on display at Bletchley Park" by Farai Gandiya, released under CC0 1.0.