Investment Criteria

Sectors of interest:

• Primarily focused on the e-commerce, food, agriculture, industrial and distribution sectors

• Special interest in companies that improve supply chains, utilize unique customer acquisition and engagement strategies, and/or address consumer preferences for food safety, clean label, healthy living, and sustainability

Company characteristics:

• $5-100 MM revenue and $1-10 MM EBITDA ($2-5 MM sweet spot)

• Growing industry, and/or disruptor within a mature or fragmented industry

• Market leader in its category, with clear differentiation

• Strong gross margins (at least 30%, ideally much higher)

• Not subject to fad or tech risk

• Preference for Midwest U.S., but will selectively pursue companies in other geographies

Transaction characteristics:

• Growth equity or buyout, majority or minority (preferred equity with governance rights)

• Potential investment scenarios include: family succession transaction, buyout of an inactive partner, fund a new facility or working capital, recapitalization to pay down debt, complete an add-on acquisition, carve-out a division from a larger company, or other such similar uses

• Preference for healthy and growing companies, but willing to consider special situations where our capital and involvement can improve balance sheet or enable future growth