Our Lens
Durable Advantages,
Not Single Programs
We favor companies serving multiple customers, programs, and platforms, where specialized expertise, quality systems, customer relationships, and manufacturing knowledge create durable competitive advantages.
We are also very comfortable operating in highly regulated, qualification-driven environments. We view rigorous quality, security, and certification requirements as barriers to entry that protect strong businesses, not obstacles to avoid.
The Parameters
Investment Criteria
- Sector
- Aerospace & Defense
- Manufacturing, value-added distribution, and related technical services.
- EBITDA
- $3M – $12M
- A sweet spot of approximately $5 million to $10 million, with flexibility for larger opportunities.
- Revenue
- $15M – $100M
- Typically $20 million to $80 million, with flexibility for the right opportunity.
- Initial Investment
- $10M – $50M
- Follow-on capital available for acquisitions and organic growth.
- Ownership
- Majority or Meaningful Minority
- Positions with appropriate governance and strong alignment.
- Transaction Types
- Successions & Carve-Outs
- Founder and family successions, management-led transactions, recapitalizations, corporate carve-outs, and add-on acquisitions.
- Geography
- United States
- A preference for markets and locations that support long-term operating growth.
What Strong Looks Like
Business Characteristics
- Mission-critical products or services
- Strong margins and free cash flow conversion
- Modest capital expenditure requirements
- Non-discretionary or compliance-driven demand
- High switching costs, qualified sources, or long customer approval cycles
- Recurring parts, calibration, service, or replacement revenue
- A clear value proposition that does not compete on price alone
- Diversification across customers, programs, vendors, and platforms
- Capabilities applicable across multiple programs and end platforms, reducing dependence on any single product or weapons system
- A strong foundation with opportunities to scale through operating improvement, investment, or acquisitions
Where We Focus First
Priority Areas
Manufacturing
- Precision manufacturing
- Exotic and specialized materials
- Complex assemblies and subassemblies
- Government and commercial aerospace manufacturing
Supply Chain
- Second- and third-tier aerospace and defense suppliers
- Value-added technical distribution
Technical Services
- Engineering, testing, calibration, and certification
- Special processes and select aftermarket services
Qualification-Driven Environments
We look for experience operating in highly regulated, qualification-driven environments, including the following quality systems and material controls.
- AS9100
- Nadcap
- ITAR
- CMMC
- NAVSEA
- SUBSAFE Level I
- Customer-Specific Systems
Beyond Platform Investments
Add-On Acquisitions
We actively pursue add-on acquisitions for our existing portfolio companies, expanding their capabilities, capacity, geographic reach, and access to new customers and programs.
Because an add-on joins an established platform, we can consider businesses smaller than we would as a standalone investment.
- Minimum Revenue
- $5M
- Minimum EBITDA
- $1M
Start the Conversation
Think You Fit?
Let's Talk.
Confidential conversations with owners, management teams, and intermediaries, always with a principal and never a gatekeeper.