Investment Criteria
Businesses we can understand, support, and own well.
We are intentionally flexible, but the opportunities that interest us tend to share a common set of characteristics.
01
Established
Proven operating history and durable customer demand.
02
Profitable
Consistent positive cash flow and attractive unit economics.
03
Defensible
Strong customer relationships, market position, or specialized capabilities.
04
Understandable
Businesses where fundamentals matter more than financial engineering.
05
Transition-ready
Founder succession, family transitions, recapitalizations, or management-led opportunities.
06
Growth potential
A credible path to build on what already works.
Company profile
What the business looks like.
- Established operating history.
- Positive cash flow.
- Durable customer demand.
- Strong reputation.
- Capable employees or management.
- Identifiable opportunities for continued growth.
Transaction situations
Where we are most useful.
- Founder succession.
- Retirement.
- Family ownership transitions.
- Majority recapitalizations.
- Management buyouts.
- Corporate divestitures.
- Businesses needing an active ownership partner.
Size
Scale of the opportunity.
Typically $1 million to $5 million of EBITDA, with flexibility for compelling opportunities outside that range.
Geography
Where we invest.
United States, with particular interest in the South and Southeast.
Industries
Sectors of particular interest.
Turkey Hill Partners is industry-flexible. We have particular interest in:
- Business services.
- Niche and specialty distribution.
- Specialty manufacturing.
- Healthcare products and services.
- Recurring or mission-critical service businesses.
We generally avoid highly speculative businesses.
What Matters Most
We would rather evaluate a strong business that falls slightly outside a stated criterion than miss a compelling opportunity because it does not fit neatly into a box.