We look for companies that share our values, have competitive market positions, experienced leadership teams, and the potential to earn an attractive return on our investment capital.
Attractive Industry Structure
Few, disciplined competitors
Long-term market tailwinds
Accretive bolt-on acquisition opportunities
Barriers to Entry
Favorable brand reputation
Technological advantage
Difficult to replicate employee base
Leading market share
High Quality Revenue
Multi-year contracts
Long-term customer relationships
Protected payer funding source
Pricing Power
High, measurable ROI to clients
Small component of client cost
High switching costs
Cost Structure
Operating leverage
Asset-light
Strong cash generation
Experienced Management Team
Proven ability to deliver
Long-term ownership mindset
Features We Avoid
A "bigger is better" focus
Complexity
Short-term focused management teams without an ownership mindset