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Target Profile
Westward is focused on making private
equity investments in established, small to mid-sized businesses meeting
a majority of the following criteria. In connection with each investment,
we look for highly talented and entrepreneurial management teams.
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INDUSTRY
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Media, marketing services, information, and communications
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STAGE
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Established products or services being used in the marketplace
Profitable on a steady-state basis, or clear path to profitability
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SIZE
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Revenue - Typically $5 million or more
EBITDA - Typically $1 million or more
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GROWTH
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Opportunity for significant organic growth in both revenue and profits
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OTHER DESIRED
CHARACTERISTICS
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Sustainable competitive advantage
Diversified, recurring revenue sources
Operating leverage
Low technology risk
Minimal outside capital raised to-date
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GEOGRAPHY
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US and Canada
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Transaction Profile
Westward aims to be highly flexible with respect to transaction structuring,
giving consideration to any structure that meets the objectives of all parties involved.
While we typically seek to lead such transactions, we will also participate as a
co-investor in certain situations. In the event a transaction is too large for
Westward to consummate on its own, we will participate as a minority partner alongside
a larger co-investor.
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INITIAL EQUITY INVESTMENT
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$5-10 million (though both smaller and larger transactions will be
considered)
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INVESTMENT TYPES
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Majority or minority positions
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USES OF CAPITAL
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Buyouts: Management buyouts, divestitures, spin-off's, asset
sales, etc.
Growth Capital: Allows business to take advantage
of organic growth opportunities requiring capital in excess of internally
generated cash
Acquisition Financing: Allows company to expand through strategic
acquisitions
Shareholder Liquidity: Allows management and/or other shareholders
to diversify their assets while retaining an ownership stake in the business
Recapitalizations: Provides liquidity for existing owners and
an opportunity for the company to succeed under a new capital structure
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LEVERAGE
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Used where appropriate in order to enhance equity returns
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