Our Typical Investments:

1. Majority ownership: You’re looking to exit the biz and have someone else operate

   1. 50% Ownership: Founder Liquidity, Recapping, Full exit (smaller deals).

      • We’re open to deal structures and Founder involvement post deal.
2. Growth Round: to throw fuel on the fire and take some chips off the table.
   1. < 50% Ownership: Growth rounds to help you scale up.

Criteria for All Deals:

• Geo: North America. (Sorry APAC & EMEA) would love to expand their some day.
• Strong Managers & Frontline team. We’ll parachute in, but we’re looking to promote Operators from within.
  • Ideally a replacement to run the biz is waiting in the wings.
  • I’d love to get my hands dirty operating again, but the 10 year vision isn’t for me to run the biz.
• Stand out or Unique Value Proposition.
  • Why are you the market leader or could become one?
• Large & Growing TAM (Total Addressable Market)
• Operating for 7-10 years (Min 3 years).
• We like distressed assets, carve outs, you name it. If you’re dumping we’re looking.
• IP preferred.

eCom Brands:

• Target Size $1m - $10m EBITDA eCom brands. (Typically $10m - $100m in Topline)
• Prefer odd verticals or not your typical biz.
  • (Ex. Not excited about Apparel)
  • If it sells online we’re open to it
  • Exclusions: Alphabet Soup bizs (Anything overseen by DEA, ATF, FDA etc).