Target Characteristics

---

Company Size: EBITDA: $500K - $3MM

Company Characteristics:

- Generational transfer; management succession

- Market segment leadership or niche with defensible market position

- Sustainable cash flows

- Clearly understood value drivers and a sustainable competitive advantage

- Growth opportunities—internal or via acquisition

Geography: Midwest (esp. Chicago metro  and SE Wisconsin)

Industry focus: Manufacturing - particularly niche industries

Further considerations include:

• Industry health, potential, and long-term prospects
• Ability to leverage capital and experience

Opportunity to build over the long-term