Investment Criteria
Below are some of the general investment criteria:
Public Companies: Sector: All Exchange: All Key Criteria: Stock liquidity (permits larger investments) Market Cap: €30mm - €1 B usually best Size: Generally €5 to €100 million per transaction Stock price usually depends on many factors unrelated to the company, such as energy prices, sovereign default, etc., so predicting prices is inherently difficult. We look for a good growth opportunity good management, then take a chance. Private Companies (minority) Key criteria: Same as Public Company, USD $5mm+ EBIT preferred Or Exceptional Growth Opportunity Private Companies (buy out) Sector: Manufacturing and service preferred, occasional technology, media, and telecommunication Country: Emerging markets, generally not frontier markets Key Criteria: EBITDA Multiple (4 or less), growth prospects Market Cap: €50 - €500 million usually best Size: €10 million equity investment minimum per transaction, no maximum We look for existing operating income, strong management teams, favorable sector and country macro economics, and a valuation that justifies the equity risk. |