Why Thesis Is Your Ideal Partner

Our founders have individually completed $10B + in transaction value, and have personally acquired, run, grown, and successfully exited and recapitalized multiple companies in the lower middle market.

About Thesis Capital

We bring patient capital and highly relevant industry expertise to acquisition opportunities of US-based, capital-light businesses in the arena of Business to Business (B2B), Business to Government (B2G), Healthcare, Software, Manufacturing, and Services verticals.‍
Thesis Capital Overview

600

+

Employees Across All Our Portfolio Companies

$

1

B+

The average capital base of the partners from whom we draw financial support, including family offices and funds

7

Platform Transactions Since Inception

headquartered in Houston, Texas

Partnership with you won't be our first rodeo

We only make investments that:

  • Are simple to understand where we have expertise
  • Have a durable competitive advantage and a stable diverse client base
  • Are led by a healthy layer of non-owner management with integrity & capability
  • Occur at attractive prices and a margin of safety

Criteria for Private Companies
  • Large
  • Growing
  • Low operational complexity
  • Historically profitable, not in decline, and attractive to lenders
  • A large number of firms in the industry provide both acquisition targets and opportunities to exit
  • Fragmented – lack of dominant competitors or customers in the industry provide both acquisition targets and opportunities to exit
Company
  • Attractive valuation
  • Stable contractual relationships
  • Motivated seller for non-business reasons
  • Strong middle management willing to remain
  • Product and service differentiation exists or can be created
  • Growth potential via organic sales growth, geographic expansion, product and service extension, and follow-on acquisitions
  • Long product or service life cycles, not subject to rapid technological change or obsolesce or requiring substantial additional R&D
Financials
  • Strong and sustainable net profit margins ( ideally 15%+ net margins )
  • Realistic recapitalization or liquidity options in 3-6 years
  • Balance of revenue is predictable, stable, and recurring
  • History of profitability, generating at least $3 million of owner earnings
  • Not a business in decline
  • Low to moderate capital intensity, creating the ability to generate high returns on tangible capital
  • Cash flow and assets sufficient to attract and service acquisition capital structure
  • $5+ million in revenues

Our Companies
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The Ridge Ohio
‍- 2025 Investment
- Located in Cincinnati, Ohio
- The Ridge is a premieur behavioral health provider offering a full continuum of care through both inpatient and outpatient services. Designed for high-income professionals seeking privacy and personalized treatment, the facility combines upscale accommodations with the ability to stay close to family and maintain daily routines
‍


Cadillac Services
‍- 2024 Investment
- Located in Puerto Rico
- Cadillac is a leading provider of uniform rental and repair, laundry, and dust control services. The Company serves a diverse range of industries, including healthcare, pharmaceutical, industrial, food & beverage, and retail throughout the US tropics
‍


NEMA Enclosures
- 2024 Investment
- Headquartered in Houston, Texas
- NEMA Enclosures manufactures made-to-order electrical enclosures in a variety of metal materials and finishes. The company serves customers throughout the United States in multiple end markets, such as manufacturing, oil and gas, petrochemical, power generation, transmission, telecom, transportation, and water and waste water treatment
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Healthcare Opportunity
- Investment 2023 & disposition in 2024
- Headquartered in Texas
- One of the largest providers of in-home personal skilled nursing in Texas. The businesses team of 200+ PT, RN, LVN, PTA members serve more than 10,000 square miles of the the great state of Texas
‍


Akrarise Business Solutions
- 2021 Investment
- Headquartered in US & India
- The company is a major distributor to F500 in the us and enterprise firms internationally, providing everything from cleaning supplies to durable goods required daily operations
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Capella
- Investment in Jun 2021 & dispostion in 2022
- Headquartered in North America & Jordan
- Capella's proprietary low-code SDK helps data-driven organizations build game-changing solutions in record time, the solution is deployable in a variety of environments from field services to organizations that need help cleaning and maintaining billions of rows of data
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Zibtek, LLC
- Investment in September 2017 and majority realized investment Dec 2020
- Thesis remains in a board capacity and continues to advise the firm
- Headquartered in North America & India
- The firm is a leading engineering services firm that provides software maintenance services for firms in the US
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OnCourse Software Suite
- Investment 2019
- North America
- The company offers b2b customers a unique set of tools aimed at collapsing the marketing and operations suite for small businesses including document storage, document signing, contact relationship management, onboarding, drip sequences, and automated calling
- The software is a super app that bundles the cost of essential sales software into a single package
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Investments That Pre-Date The Present Thesis Platform


[ Confidential ] Video Software as a Service Company
- November 2016
- Located in North America.
- Company provides a unique b2c and b2b model for editing video in the cloud.