Investment Criteria

Consistent with the BPV investment strategy, we seek to invest in companies (within our Industries of Interest) with the following characteristics:

Outstanding Management Teams -- Given our belief that great entrepreneurs build great businesses, we target investments in companies led by experienced, focused management teams with deep domain and management expertise, a burning drive to succeed, and a high level of integrity. We are well-suited to help an outstanding entrepreneur build his or her team, but we are highly unlikely to invest in a business where a new leader for the business must be identified and recruited.

Large and Growing National Markets -- We look for companies operating in market sectors where the total market size is at least $100 million today and is projected to grow at an attractive rate over a five to ten year period. Markets with these characteristics afford well-managed companies the opportunity to grow at rapid rates and substantially increase revenues and profits over the life of our investment. We are hesitant to invest in businesses that are targeting "potential" markets that look promising but have yet to develop.

Revenues and a Proven Economic Model -- We seek out companies that are already generating meaningful revenue and have proven economic models that allow for an attractive return on invested capital. We prefer to focus our efforts on assessing competitive and execution risk rather than product or business model risk, and we want to see tangible evidence of the unique value offered by a company's product or service.

Domiciled in the Southeast and Texas -- We like the business environment in Florida, the Southeast and Texas, and we have spent our careers building valuable relationships in the region. Our partner companies may well have operations outside these areas, but we prefer to invest in companies that are headquartered or have substantial operations in the region.