Act 3 · Portfolio Companies
Portfolio Overview
7 platform investments · 16 bolt-on acquisitions
Investment Thesis
Operational Value Creation at Scale
Active portfolio management drives EBITDA expansion through procurement leverage, management professionalization, and strategic bolt-on acquisitions. Average EBITDA margin improvement of 340bps across platform investments within 24 months of acquisition.
Implication 1
Exit-ready companies represent $1.2B in potential realizations — timing aligned with favorable M&A and sponsor-to-sponsor market conditions.
Implication 2
Bolt-on strategy accounts for 35% of total value creation — identified pipeline of 8 additional targets across 3 platforms.
Total NAV
$1838M
Current portfolio value
Invested
$1110M
Total equity deployed
Blended MOIC
1.66x+0.14x
Gross multiple
Companies
7
Platform investments
Bolt-Ons
16
Add-on acquisitions
Portfolio Company Summary
NorthStar Physician PartnersExit Ready
Healthcare Services · Acquired 2022-06 · CEO: Dr. Rachel Torres · Board: Victoria Chen
1.98x
MOIC
Entry EV
$380M
Current EV
$812M
EBITDA
$58M
Revenue
$480M
Gross IRR
28%
Bolt-Ons
5
Employees
2,800
EBITDA growth:
+81%
Sentinel Security TechnologiesExit Ready
Industrial Tech · Acquired 2022-09 · CEO: David Park · Board: Marcus Webb
2.00x
MOIC
Entry EV
$245M
Current EV
$494M
EBITDA
$38M
Revenue
$285M
Gross IRR
30%
Bolt-Ons
3
Employees
1,200
EBITDA growth:
+73%
Heritage Benefits GroupPerforming
Financial Services · Acquired 2023-02 · CEO: Michael Foster · Board: James Hartwell
1.81x
MOIC
Entry EV
$310M
Current EV
$546M
EBITDA
$42M
Revenue
$270M
Gross IRR
26%
Bolt-Ons
4
Employees
850
EBITDA growth:
+50%
Atlas Manufacturing SolutionsWatch
Industrials · Acquired 2023-08 · CEO: Greg Lawson · Board: Marcus Webb
1.35x
MOIC
Entry EV
$195M
Current EV
$270M
EBITDA
$30M
Revenue
$395M
Gross IRR
14%
Bolt-Ons
1
Employees
1,600
EBITDA growth:
+25%
Cascade Data SystemsPerforming
Technology · Acquired 2024-01 · CEO: Amanda Liu · Board: Sarah Kim
1.77x
MOIC
Entry EV
$210M
Current EV
$374M
EBITDA
$22M
Revenue
$112M
Gross IRR
42%
Bolt-Ons
2
Employees
420
EBITDA growth:
+57%
Pacific Coast LogisticsPerforming
Industrials · Acquired 2024-06 · CEO: Thomas Brennan · Board: Victoria Chen
1.19x
MOIC
Entry EV
$155M
Current EV
$189M
EBITDA
$21M
Revenue
$415M
Gross IRR
12%
Bolt-Ons
0
Employees
2,100
EBITDA growth:
+17%
Summit Behavioral HealthPerforming
Healthcare Services · Acquired 2024-11 · CEO: Dr. Karen Mitchell · Board: James Hartwell
1.18x
MOIC
Entry EV
$280M
Current EV
$336M
EBITDA
$28M
Revenue
$220M
Gross IRR
38%
Bolt-Ons
1
Employees
1,450
EBITDA growth:
+12%