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
Size
- Enterprise Value: $50 to $300 million
- Equity Investments: $25 to $150 million
- EBITDA: $5 to $30 million
- No minimum for add-ons
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.
Healthcare
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
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Behavioral Health
We invest in businesses that offer and support effective care delivery models to patient populations.
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Dental Services
We invest in dental providers, including service organizations, laboratories, distributors and suppliers.
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Employer Health Benefits
We invest in administrators of healthcare benefits and cost containment services.
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Healthcare IT
We invest in healthcare IT providers with a focus on tech-enabled services.
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Life Sciences Tools and Consumables
We invest in businesses that provide consumables, equipment, and services into lab settings.
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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).
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Pharmaceutical Services
We invest in businesses that provide outsourced services to pharmaceutical companies in support of drug development.
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Regulatory and Compliance
We invest in companies focused on providing outsourced regulatory and compliance functions for various healthcare subsectors.
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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
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Automation
We invest in companies that provide engineering, design, services, and support for automation applications.
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Education, Training, and Certification
We invest in platforms that provide professional training and certification across a broad range of end-markets.
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HR Outsourcing
We invest in companies that provide businesses with solutions that help manage healthcare and other employee costs.
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Insurance Services
We invest in insurance brokerages and independent agencies to build out a nationwide footprint in a rapidly consolidating industry.
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Legal Services
We invest in outsourced service providers supporting attorneys throughout the lifecycle of legal matters.
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Logistics and Transportation
We invest in asset-light transportation and logistics companies.
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Software and IT Services
We invest in outsourced providers of software and technology-enabled services.
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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.).
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Transaction-Based Financial Services
We invest in companies that provide technologies and services that reduce the frictional costs of financial transactions.
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Explore our Portfolio
Most of our portfolio companies are looking to grow through acquisition; we welcome ideas and introductions.