Mezzanine

Mezzanine

We are patient, long-term investors committed to working with financial sponsors and middle-market companies to provide junior capital in a capital structure that maximizes value and flexibility.

Investment Criteria

We invest unitranche or subordinated debt and equity co-investment capital in lower middle market private equity sponsored buyouts or management led recapitalizations. We invest in conjunction with other financial sponsors and on a non-sponsored basis with middle-market companies. We target cash-flow oriented businesses with EBITDA of $3 million or greater and with opportunities for growth both organically and through acquisition. We typically invest $5-25 million in subordinated debt and equity and can arrange larger loans through relationships with our limited partners or other mezzanine lenders.

Investment Criteria

Investment Amount

  • $5-25 million (larger amounts with co-investors)

Investment Types

  • Buyouts, recapitalizations, acquisitions

Investment Structures

  • Unitranche, subordinated debt and second lien
  • Equity co-investments

Financial Metrics

  • Revenue greater than $10 million
  • EBITDA greater than $3 million

Target Company Characteristics

  • Proven value proposition
  • Identified organic growth opportunities
  • High free cash flow from operations
  • Experienced management team

Geography

  • United States

Industry Focus

  • Distribution/Logistics
  • Healthcare
  • Industrial/Commercial Services
  • Marketing Services
  • Niche Manufacturing
  • Tech-enabled Services
  • Training/Education

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