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.
At a glance
- Target EBITDA
- $1M–$5M
- Primary geography
- North America
- Operating history
- Established
- Transaction structures
- Flexible
In Detail
What we look for.
Financial
- Typically $1 million to $5 million of EBITDA, with flexibility for compelling opportunities outside that range.
- Profitable, with consistent positive cash flow.
- Established operating history.
- Attractive cash flow characteristics.
Business
- Durable customer relationships.
- Recurring or repeat demand.
- A defensible market position.
- Reasonable customer concentration.
- Attractive industry structure.
Opportunity
- Room for organic growth.
- Operational improvement.
- Technology enablement.
- Geographic expansion.
- Add-on acquisitions.
Management
- Strong existing management preferred.
- Founder transitions considered.
- Situations where management can be strengthened considered.
Geography
- Primarily the United States and North America, with particular interest in the South and Southeast.
Transaction types
- Founder succession.
- Family transitions.
- Corporate divestitures.
- Recapitalizations.
- Management partnerships.
- Growth through acquisition.
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.
What we generally avoid
Highly speculative businesses.
What Matters Most
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.