Investment Criteria

We have spend the last two decades focused on lower middle market healthcare and business services in North America.

Company Attributes

  • Track record of strong financial performance
  • Sustainable competitive advantages
  • Attractive growth opportunities
  • Experienced management team


  • Enterprise Value: $50 to $300 million
  • Equity Investments: $25 to $150 million
  • EBITDA: $5 to $30 million
  • No minimum for add-ons

Our Sector Focus and Expertise

These are some of the sub-verticals where we spend most of our time here at Northlane. The themes discussed below are representative – the work we have done in each of these markets gives us insight into adjacencies to each sub-vertical.


We are motivated by the following trends in healthcare:

  • Aging of the population
  • Increased use of medical care
  • Cost containment and efficient management of healthcare equipment and supplies
  • Results-oriented medicine
  • Pharmaceutical research and development

  • Behavioral Health

    We invest in businesses that offer and support effective care delivery models to patient populations.

  • Dental Services

    We invest in dental providers, including service organizations, laboratories, distributors and suppliers.

  • Employer Health Benefits

    We invest in administrators of healthcare benefits and cost containment services.

  • Healthcare IT

    We invest in healthcare IT providers with a focus on tech-enabled services.

  • Life Sciences Tools and Consumables

    We invest in businesses that provide consumables, equipment, and services into lab settings.

  • Medical Device Outsourcing

    We invest in outsourced medical device manufacturers that provide support across the value chain (research and development, design and engineering, final assembly, and training).

  • Pharmaceutical Services

    We invest in businesses that provide outsourced services to pharmaceutical companies in support of drug development.

  • Regulatory and Compliance

    We invest in companies focused on providing outsourced regulatory and compliance functions for various healthcare subsectors.

Business Services

We are attracted to companies benefiting from the following factors:

  • Increased reliance on technology (software and automation) to augment service offerings
  • Digital transformation
  • Use of data analytics to automate business decision making
  • Cost containment focus driving outsourcing across all verticals

  • Automation

    We invest in companies that provide engineering, design, services, and support for automation applications.

  • Education, Training, and Certification

    We invest in platforms that provide professional training and certification across a broad range of end-markets.

  • HR Outsourcing

    We invest in companies that provide businesses with solutions that help manage healthcare and other employee costs.

  • Insurance Services

    We invest in insurance brokerages and independent agencies to build out a nationwide footprint in a rapidly consolidating industry.

  • Logistics and Transportation

    We invest in asset-light transportation and logistics companies.

  • Marketing Services

    We invest in companies that manage the rapid changes in digital and other marketing channels.

  • Software and IT Services

    We invest in outsourced providers of software and technology-enabled services.

  • Testing, Inspection, Certification, and Compliance

    We invest in companies that help their customers maintain compliance with various regulatory frameworks (e.g., environmental, food safety, transportation safety, information security and privacy, etc.).

  • Transaction-Based Financial Services

    We invest in companies that provide technologies and services that reduce the frictional costs of financial transactions.

Explore our Portfolio

Most of our portfolio companies are looking to grow through acquisition; we welcome ideas and introductions.