Investment Strategy

Control-oriented acquisitions of established businesses.

MIH intends to pursue control-oriented acquisitions of established lower-middle-market businesses. These are preliminary preferences, not absolute underwriting requirements — strong businesses outside them are still worth a conversation.

Target Investment Profile

Lower-middle-market businesses.

Annual Revenue

$3M–$10M core focus; larger opportunities considered based on business quality, management depth, strategic fit, and financing feasibility

Financial Performance

Positive adjusted EBITDA and durable cash flow, with strong cash conversion and manageable working capital requirements. No fixed earnings ceiling.

Profitability

EBITDA margins near or above 25% preferred; open to compelling businesses with credible improvement opportunities

Customer Relationships

Established, recurring, or repeat customer demand

Management

Experienced operational leadership and transferable institutional knowledge

Growth Opportunities

Enterprise sales development, strategic account expansion, operational improvements, and complementary acquisitions

Earnings Measure

Adjusted EBITDA after appropriate management compensation for managed businesses; SDE only for smaller owner-operated opportunities

Industry Interests

Where we start.

Initial industry focus — not a rigid boundary. Every opportunity is evaluated on its individual merits. While an employment conflict boundary remains in effect, MIH's public mandate does not include direct electrical services, power-system services, or data-center electrical operations.

Business & Outsourced Services

Specialized business-to-business and outsourced services with established customer relationships and repeat demand.

Industrial & Field Services

Maintenance, field, and specialty services for industrial and infrastructure assets.

Government Services & Mission Support

Government services and related support businesses serving federal, state, and municipal agencies.

Other Established Companies

Businesses with defensible operations and attractive growth potential, evaluated on their individual merits.

Underwriting Principles

How we evaluate a business.

Sustainable Earnings

Underwrite to durable cash flow and realistic assumptions — not projected turnarounds.

Management Quality

Assess the depth, capability, and continuity of the leadership team that runs the business today.

Customer Durability

Evaluate relationship longevity, revenue recurrence, and concentration risk.

Operational Resilience

Understand the systems, technical capabilities, and institutional knowledge the business depends on.

Value Creation

Strong operations. Room to grow.

Growth objectives are assessed against the business’s delivery capacity and economics — not assumed as guaranteed outcomes.

Commercial Growth

Strengthen enterprise sales, expand strategic accounts, improve pricing discipline, and build sustainable revenue.

Operational Support

Preserve qualified management, establish accountability, and support consistent operational execution.

Complementary Acquisitions

Evaluate add-on acquisitions when they are strategically appropriate and supportable.

Transaction Types

Situations we pursue.

01Control-oriented acquisitions
02Owner succession and retirement
03Management transitions
04Majority recapitalizations
Geography: nationwide, with particular interest in the Pacific Northwest and Sun Belt.

Transaction-Specific Financing

A structure suited to the business.

We evaluate each opportunity individually and pursue a financing structure suited to the business, its cash flow, and the ownership transition.

Our intended transaction-specific financing approach may combine sponsor equity, third-party equity, acquisition debt, seller financing, and seller rollover equity where appropriate. Capital is not committed; lender approval and financing relationships have not been established. Any financing remains subject to diligence, partner agreement, and applicable approvals.

MIH favors control-oriented acquisitions and majority recapitalizations for succession, retirement, ownership transitions, or growth. We intend to retain capable existing leadership where appropriate. Experienced operating executives would run daily operations; CJ would focus on governance, strategy, and commercial growth. Leadership and transition responsibilities are agreed for each prospective acquisition.

Have a Fit?

Share an opportunity.

Owners and intermediaries can submit an opportunity confidentially. We respond personally.

Submit an Opportunity Email CJ Directly