The general outline for our investment thesis in the form of foundational metrics is as follows:

Established Revenues

Revenues of $10MM or more preferred with recurring revenue features for the majority of current or forward-looking sales results.

Deal Price Point

Total purchase prices are generally between $2MM and $50MM.


Current, legacy or projected EBITDA of $2MM to $10MM.

Investment Scale

We make control-equity investments generally between $2MM and $15MM, though we can make larger investments on a case by case basis. Significant minority-equity investments are available.

Investment criteria – qualitative considerations

We seek to invest primarily in privately held companies and corporate divestitures, as well as restructurings, public-to-private transactions and bankruptcy situations. Our investment thesis also considers whether an opportunity is one in which the firm can apply five core principles in order to optimize outcomes.

The five optimization principles are:

1. Optimal Value Capture Transformation Opportunity – The transformative opportunity is quantifiable and known play books can be deployed to unlock pent up value in the targeted business.

2. Optimal Subsector Bets – Scale of opportunity within its resident sector and the long term sustainability of demand drivers is key.

3. Optimal Company Platform – The service or product is well positioned in its market and the company is ideal as the foundational investment to drive both organic and acquisitive growth.

4. Optimal Leadership – The resident or accessible leadership is verifiably Best-in-Class.

5. Optimal Fit with Altair and Larx – All constituents and objectives are aligned and able to be fully leveraged and integrated; collaboration is unquestionable among all key stakeholders.