We look for established businesses with most of the following characteristics
Location
Headquartered in Australia
Earnings
Operating earnings of $1 million to $5 million
Margins
Operating margin above 10%
Track record
Operating for 10+ years
Customers
At least half of revenue from recurring or repeat customers
Concentration
No customer above 10% of revenue
Revenue growth
Revenue has consistently grown at CPI or above
Ownership
Owner/operators approaching retirement, looking for a succession-based exit
We do not pursue turnarounds or businesses built on one-off project revenue.