Investment Strategy

Growth Businesses
We invest in growth-oriented businesses with strong free cash flow characteristics, driven more by secular growth trends than overall GDP growth. We seek to grow our portfolio companies both organically and through acquisitions. Organically, we invest in resources to expand into new products, new markets, new geographies and new channels of distribution. We also look for platforms in fragmented industries where we can accelerate growth through acquisitions. We typically invest in companies with enterprise values between $250 million and $2.5 billion.

Industry Expertise
We focus on companies in three core sectors with attractive secular growth: Business & Financial Services, Consumer & Healthcare, and Media, Information Services & Technology. Approximately 85% of the capital invested during the firm's 40-year history has been deployed in these three sectors. Through decades of experience, we have developed deep industry expertise, knowledge and relationships, which we believe make us better investors and better partners for management.

Operationally-Intensive Approach
Our teams of investment and operating professionals partner with portfolio company management to identify and implement organizational, operational and strategic improvements and to accelerate sustainable revenue and profit growth. We bring expertise in critical areas such as pricing and sales force optimization, business process reengineering, IT system and management, supply chain management and procurement and healthcare plan design. We strive to build great companies of lasting value and to generate superior investment returns.

North America

We invest in companies headquartered primarily in North America, where we can leverage the strength of our network of relationships in the region. The businesses are are generally global in scope, with operations and resources around the world to capitalize on international growth opportunities. International expansion is frequently an important component of our value creation plan. We believe expanding geographically from a North American base can provide access to global growth with lower risk than investing directly in international markets.