Investment Profile

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

  1. Few, disciplined competitors
  2. Long-term market tailwinds
  3. Accretive bolt-on acquisition opportunities

Barriers to Entry

  1. Favorable brand reputation
  2. Technological advantage
  3. Difficult to replicate employee base
  4. Leading market share

High Quality Revenue

  1. Multi-year contracts
  2. Long-term customer relationships
  3. Protected payer funding source

Pricing Power

  1. High, measurable ROI to clients
  2. Small component of client cost
  3. High switching costs

Cost Structure

  1. Operating leverage
  2. Asset-light
  3. Strong cash generation

Experienced Management Team

  1. Proven ability to deliver
  2. Long-term ownership mindset

Features We Avoid

  1. A "bigger is better" focus
  2. Complexity
  3. Short-term focused management teams without an ownership mindset
  4. Bad cultures
  5. A focus on revenues instead of profitability
  6. The promise of unrealistic synergies
  7. Excess industry capacity