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The Funds' preferred equity investment range is from $5 to $200 million. However, they have the capability to invest significantly greater amounts of capital by drawing on their limited partners' co-investment. The Funds generally target a five-to-seven year investment period with an exit via sale, recapitalization, or public offering. The Funds orchestrate the financing for their investments by arranging senior and mezzanine facilities and negotiating all documentation with participating financial institutions on their own and through the affiliation with Veronis Suhler Stevenson. The Funds maintain excellent relationships with many of the financial institutions that are active in the media, communications and information industries.
Scale
A preferred enterprise value range between $100 to $500 million for platform companies and $5 to $50 million for add-on acquisitions.
Performance
Company should demonstrate consistent positive progression in revenue and profitability over a three-to-five year period. Turnaround opportunities are considered, where remedial steps are identifiable and tangible.
Management
Participating management should have a record of success with the company and/or in the industry.
Market Position
Company should be the market leader, occupy a defensible niche position, enjoy a distinct competitive advantage, or have the potential to be the market leader.
Location
Investment focus comprises North America, Europe and Latin America.
Defined Exit Scenario
Company should have the potential for a well-focused strategic or financial buyer and an efficient tax structuring to maximize cash proceeds to investors as much as possible. Initial Public Offerings are also considered.
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