Although investment considerations will be made on a case-by-case basis, the following criteria reflect the experience of our team members and act as a guide to identify investments that complement our philosophy.

Transaction Types

• Recapitalizations
• Management-led buyouts
• Leveraged buyouts
• Divestitures
• Privatizations
• Growth capital

While we typically take a position of voting control in our investments, we will consider holding significant minority equity positions.

Industry Classes
Alerion seeks investments in successful companies that provide a variety of engineered and proprietary products and business services in commercial and industrial markets. Although not limited to specific SIC Codes, we have selected industries reflecting the primary operating and acquisition backgrounds of the Alerion team:

Financial Characteristics

• Annual revenues ranging from $10 to $75 million
• Minimum potential EBITDA of $3.0 million

Attractive Operating Characteristics

• Experienced management team
• Strong market position
• Significant potential for long-term growth
• Well-defined market niche
• Proprietary products and/or services
• Franchise insulation and top-tier market share

Geography
Although not limited by geography, Alerion will look first to companies headquartered in the Rocky Mountains and Southwest then to the remaining Western States.