Operating Model

■ Scalable infrastructure

■ Defensible competitive advantages

■ Generally asset-light and/or technology-enabled

■ Transformative inflection point

■ Headquartered within Southeastern, Central or Eastern U.S.

■ Ability to service/sell throughout the U.S. or globally

Target Industries

■ Business services

■ Healthcare services

■ Logistics

■ Niche manufacturing

■ Software

Excluded Opportunities

■ Real estate, restaurants, natural resources/energy

■ Start-up companies

■ Asset-intensive business models

■ Highly-cyclical end markets

Financial Attributes

■ Revenue of $10 million - $100 million

■ EBITDA of $2 million - $10 million

■ Existing/potential for 10%+ EBITDA margins

■ Existing/near-term double-digit company growth

■ Prevailing industry growth; sustainable growth drivers

Transaction Characteristics

■ Equity investments up to $30 million, more with co-investment

■ Recapitalization, buyout, acquisition/capital investment

■ Flexible equity and, selectively, debt investment structures

■ Typically control investments but will selectively consider non-control investments

■ Moderate leverage, allowing for reinvestment of cash flows into growth initiatives

■ Favor owner/operator partnerships

■ Growth-driven investment returns