Company Criteria:

We principally target companies that are:

  • small (approximately $3 – $12 million in EBITDA)
  • private
  • proven
  • “nichey” and, ideally, niche-dominating
  • competitively advantaged
  • growing
  • entrepreneur or family-owned and
  • located in Texas, Arkansas, Colorado, Louisiana, New Mexico or Oklahoma

We principally target companies that have:

  • attractive financial characteristics
  • the potential to dominate their niche
  • excellent management (or the capacity to attract excellent management)
  • a need for capital and
  • an interest in working with a helpful, collegial partner

Desire/Need for a Partner-+

Ideally, company and management recognize:
  • a need for an experienced, collegial, value-added partner...
  • ...who can help the company reach a higher level of profitability and growth
Typically, our target companies have not previously raised outside institutional capital


Company either has (or we can attract) managers:
  • whom we like, trust and admire, and
  • whose interests can be aligned with ours

Company Need for Capital-+

We are open to funding a wide variety of company needs, including:
  • internal growth
  • external growth (i.e. acquisitions)
  • liquidity and/or diversification for shareholders (all or just a few)
  • de-levering

Ownership Type-+

We are open to most ownership types (but prefer in this order):
  • entrepreneurs and/or families
  • large-companies with orphan subsidiaries
  • private-equity funds
  • small public company shareholders

Buy & Build Potential-+

Very desirable but not essential

Financial Performance-+

Relative to its peers, excellent (or potentially excellent):
  • growth
  • margins
  • cash-flow generation
  • returns on capital

Competitive Position-+

Long-term defensible competitive advantages resulting from a combination of:
  • mild existing competition and/or
  • high barriers to entry and/or
  • modest substitutes and/or
  • strong franchise relationship with a growing customer base and/or
  • strong supplier relationships


We are open to most industries We are especially attracted to companies that:
  • dominate a "niche" and/or
  • participate in various industries in which we have material competence
We are not a good candidate for:
  • companies materially vulnerable to technological obsolescence
  • real estate, bank or project finance investments


The Six-State Region (i.e. Texas, Arkansas, Colorado, Louisiana, New Mexico and Oklahoma) We may invest outside the Six-State Region in special circumstances:
  • add-on acquisitions
  • companies where we have close relationships with owners, managers and/or co-investors
  • companies where we have significant industry expertise


Approximately $3 - $12 million EBITDA


  • Proven history of profitability and growth
  • GDP+ growth prospects
  • We are not a good candidate for:
    • seed, start-up or early-stage companies
    • most turnarounds