What We Look For
GrowthPhases targets established, cash-flow-positive businesses with defensible market positions — in sectors where our operating team can create measurable value from day one.
Our investment criteria reflect a simple conviction: we only pursue transactions where GrowthPhases can make the business materially better. That means we look for companies with real earnings, established market positions, and a clear operating improvement or growth thesis — not just a financial engineering thesis.
We pass on many deals that meet the financial thresholds because they do not offer a meaningful role for an operating partner. Conversely, we will stretch on valuation for businesses where we have high conviction in our ability to drive growth post-close.
If you are a business owner, intermediary, or PE sponsor with a potential opportunity, we encourage you to submit a brief overview — our criteria are guidelines, not rigid screens.
The following table summarizes our typical acquisition parameters. These represent guidelines informed by our PE partnerships — individual transactions may vary.
| Metric | Minimum | Preferred |
|---|---|---|
| Annual Adj. EBITDA | $5M / €5M | $15M–$20M |
| EBITDA Margin | >10% | >15% |
| Revenue Trend | Positive trajectory | 3–5yr CAGR >5% |
| Recurring Revenue | Not required | 30%+ preferred |
| Customer Concentration | <50% in top customer | Diversified base |
| Working Capital | Adequate for operations | Minimal seasonal swings |
| Attribute | Details |
|---|---|
| Sector Fit | Energy, clean tech, automation, AI applications, smart infrastructure, data centers |
| Geography | North America (primary), Europe (secondary) |
| Business Maturity | Established operations — typically 5+ years in business |
| Management Team | Strong team in place, or willingness to work with GrowthPhases operating executive |
| Transaction Type | Control acquisitions; will consider significant minority with path to control |
| Seller Motivation | Retirement, PE exit, corporate carve-out, or growth partnership |
| Strategic Factor | Why It Matters to GrowthPhases | Signal |
|---|---|---|
| Platform Potential | Ability to serve as an anchor for add-on acquisitions in the same sector or geography | High Priority |
| Technology Differentiation | Proprietary product, software, or process that is difficult for competitors to replicate | High Priority |
| AI / Digitization Opportunity | Products or services where GrowthPhases can accelerate digital transformation post-close | High Priority |
| Recurring Revenue Model | Service contracts, SaaS subscriptions, or maintenance agreements that provide revenue visibility | Strong Preference |
| Management Transition | Founder ready to exit or transition, creating an opportunity for GrowthPhases operating leadership | Strong Preference |
| ESG / Decarbonization Angle | Products or services that align with corporate sustainability mandates and regulatory requirements | Positive Signal |
| International Expansion Potential | Domestic market leader with untapped opportunity in Europe or other growth markets | Positive Signal |
This is what differentiates a GrowthPhases acquisition from a traditional PE buyout — for sellers, management teams, and capital partners alike.
Terry O'Neal and the GrowthPhases team participate in the deal not as advisors — as the operating management team. On day one after close, there is an experienced executive in the business accountable for the value creation plan.
GrowthPhases works with established private equity firms and family offices as capital partners. Sellers benefit from deal certainty, experienced governance, and access to capital for growth and add-on acquisitions post-close.
We enter every transaction with a detailed 100-day operating plan and a 3-year growth roadmap — developed using our GrowthSpaces® Strategy Development System. The thesis is defined before close, not discovered afterward.
Our sector relationships — with industry associations, intermediaries, and operating executives — give us access to proprietary deal flow that generalist buyers do not see. We are often the first call when a company in our sectors is considering a transaction.
Through our partnership with Saenger Associates, GrowthPhases has access to a deep network of executive talent for interim management, key hires, and board recruitment — a critical capability for managing transitions and building high-performance teams.
GrowthPhases is equipped to execute and operate across North America and Europe. Our PE partnerships provide both domestic and international capital, and our operating experience includes running companies with multi-country operations.
We run a straightforward, transparent process. We move quickly on well-prepared opportunities and maintain strict confidentiality throughout.
Submit a brief company overview through our contact page. We review every inquiry personally and respond within 5 business days. All conversations are strictly confidential.
Submit an Opportunity