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We invest in middle market businesses that are ready to go to the next level. We generally don't invest in turnaround situations, but will consider those where inappropriate capital structures have created financial difficulties for otherwise sound companies.
In evaluating an investment candidate, we seek an in-depth understanding of the industry environment in which the company operates and its own development track record.
Middle market and later-stage businesses typically have narrower product lines and smaller market share than large businesses. They tend to be more vulnerable to competitors' actions and market conditions as well as general economic downturns. In addition, these companies may face intense competition, including threats from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities, and a larger number of qualified managerial and technical personnel.
Investments: Target (cont'd)
These businesses may also experience wide variations in operating results. Typically, the success of a middle market business depends on the management talents and efforts of key individuals or teams. In addition, middle market businesses often need additional capital to expand or compete which can be difficult or expensive to acquire in today's marketplace. At certain points, the risks to the Founders and their shareholders begin to outweigh the rewards from full ownership.
We believe that pairing great management teams from successful middle market companies with world-class corporations produces the environment conducive to accelerated, sustainable growth. In this setting, companies that are market leaders and possess sound business fundamentals can secure the elements necessary for continued success.
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