Where we bid
Our bid at the supported price is delivered with exit underwriting where you ask for it and the company fits the criteria below.
Note: the criteria govern the bid only. A company outside them is still eligible for the portfolio watch, the first read, exit underwriting and the operating-partner seat.
- $25–250MRevenue, the majority recurring or contracted.
- US and CanadaHeadquartered.
- 85–100%Net revenue retention, typically.
The company
When we bid
We bid on credits that have run out of road: a covenant tripped, a third amendment, a maturity inside 24 months, a fund past its end of life or gated, a valuation agent asking questions, or a sale process that did not close. The company underneath is usually sound. What has failed is the balance sheet and the story.
The bid arrives with the underwriting, before a process rather than after one fails. Where the underwriting says the company should not be bought at any price, we say so and do not bid.
How we buy
We make control acquisitions as an independent sponsor, alongside committed capital partners, deal by deal.
The price is the supported price from exit underwriting, four to eight weeks from access. The bid is an option you can test in the market; declining it costs you nothing but the decision. Fees paid on earlier stages are credited against the purchase price if we become the buyer.
What we do not buy
Consulting or staffing businesses, or any company where the asset leaves the building at night and enterprise value is a thin multiple of EBITDA. There is no recurring-revenue confidence to protect, so there is nothing for our underwriting to work on.
Products facing displacement by AI with no credible path around it, or companies whose net revenue retention has sat persistently below about 80 percent.
A company where we hold the operating-partner seat or any fiduciary operating role, or where the underwriting concludes the company should not be bought at any price.
Companies headquartered outside the United States and Canada.
One seat, elected in writing
You choose which seat we take on a company, in writing, as part of the engagement: a bid from us where the company fits these criteria, or an operating partner with no bid. On a bidder name, the analysis in your file is prepared by the bidder, at a fixed fee that does not change with what it concludes, and the bid is testable in the market. Where you want the question off the table entirely, we sign a no-acquisition covenant.
One underwriting. You elect the seat in writing before it begins.
Our bid at the supported price arrives with the report. The analysis is prepared by the bidder, at a fixed fee that does not change with what it concludes, and the bid is testable in the market.
No bid on that company. The analysis in your file comes from a firm with no bid on the table, and we are paid on the recovery you define.
Outside the criteria
Most of the credits we work on will not be ones we buy. A company outside these criteria, or one you would rather we did not bid on, is a candidate for the same underwriting under the operating-partner seat: the first read in two to three weeks from your reporting package, exit underwriting, and the fix list worked on a clock you set.
Send us the name
Your existing reporting package is enough for a first read, and the first read tells you whether the company fits before any further commitment.