Investment Criteria

• Revenue:  $10-100+ million

• EBITDA:  $2-10+ million 

  • $4-8 million "sweet spot"

• US based 

  • Preference for business friendly climates

• Strong margins

• Strong free cash flow / modest CapEx 

• Clear value proposition to customers / market

  • Doesn't compete on price alone

• Not overly reliant on one customer/vendor/project/platform

Appian Way generally focuses on three sectors:

Aerospace & Defense

• • Precision manufacturing

  • Exotic materials

  • Complex assembly / sub-assembly

  • Product supplier to 2nd and 3rd tier A&D companies

  • Government & commercial manufacturing

  • AS9100/ISO certified

Manufacturing

• • Precision manufacturing

  • Precision sheet metal fabrication

  • Complex mechanical assembly

  • Electrical-mechanical assembly

Distribution

• • Value-add distribution

  • Complex supply chain / logistics

  • Tech-enabled

  • Technical expertise

  • Kitting and assembly

  • Reverse logistics

  • Circular technology

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

• Seller / management values a strategic partner with industry experience and network to help execute their vision for the company

• Strong foundation but needs financial and operational support to take the company to the next level

• Appreciate hands-on partner with a longer-term focus

• 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