Investment Criteria

• Revenue: $10-100+ million

• EBITDA: $2-20 million

• US-based

  • Proximity to Texas a plus on sub-$5 MM EBITDA deals

• Strong margins

• Strong free cash flow / modest CapEx

• Diverse customer and vendor base

• Non-cyclical

• Defensive niche / high barriers to entry

• Highly fractured industry with consolidation potential

Appian Way is generally industry agnostic and will consider opportunities across a broad spectrum of the economy. Certain industries of interest include:

• Complex manufacturing

• Value-add distribution

• Industrial products and services

  • Automation

  • Barriers

  • Environmental remediation

  • Fire suppression / restoration

  • Road / pavement maintenance

  • Waste

• Food & beverage

  • Co-packing

  • Food safety

• Aerospace & defense

  • MRO

  • Precision part manufacturing

• Family-, founder-, or management-influenced transaction decision

• Defined growth plan through organic initiatives and strategic acquisitions

• Value active, senior-level attention to help execute their vision for the company

• Appreciate patient capital with a longer-term focus

• Preference for an alternative to selling to a traditional private equity fund or a competitor

• Typically $10-$50 MM initial investment size

  • Can go significantly higher

  • Significant capital available for add-on acquisitions or growth initiatives

• Majority or meaningful minority stake