Overview
Landon Capital Partners ("Landon Capital”, “LCP", the “Adviser” or the “Firm”) is registered
as an investment adviser with the Securities and Exchange Commission (the “SEC”) under the
Investment Adviser Act of 1940 (the “Adviser Act”).
LCP is the direct private equity investment group of the Landon family and other co-
investment partners. Landon Capital invests directly in middle market private equity
opportunities primarily in the United States. The Adviser began operations in 2015 and has
offices in Boston and London.
The Firm’s mission is to source, acquire and manage lower middle market private equity
buyouts, targeting opportunities for control equity positions in companies with $5 to $20
million of EBITDA. Preferred investment targets display a high percentage of recurring
revenue and strong free cash flow conversion and seek to leverage LCP's flexible approach to
partnership and long-term growth orientation. LCP utilizes a "buy and build" approach towards
investment management and will not focus on "lever and de-lever" opportunities.
LCP's geographical focus is primarily the United States, and opportunistically in Europe,
in sectors with an abundance of successful lower middle market companies including
healthcare services, business services, niche manufacturing, and food and beverage. Yet
regardless of a company's sector, the Firm will seek investments which possess key
characteristics such as:
□ An opportunity to remove or resolve an existing impediment to value creation
□ An opportunity to partner with strong management and/or operating partners
□ Strong free cash flow conversion ratios
□ High level of recurring revenue as a percentage of total revenue
□ Predictable earnings
□ Defensible operating margins based on barriers to entry or competitive positioning
Preferences:
□ Growth oriented
companies with $5 to $20 million of EBITDA
□ Healthcare services, business services, niche manufacturing, and food and
beverage
□ Control equity position
□ Companies in the United States
Once an investment opportunity is identified, LCP will form a Special Purpose Vehicle
(“SPV”), usually in the form of a Limited Liability Company, (“LLC”), that will be used to
purchase, through negotiated transactions, an operating entity. These entities are generally
referred to herein as “Portfolio Companies” (and individually as a “Portfolio Company”).
LCP then offers other co-investors an opportunity to invest a percentage of their assets in
the acquired Portfolio Company, via subscription to the SPV.
Once acquired, a Portfolio Company engages Landon to provide management consulting
and financial advisory services to the Company. The services may include, but are not
limited to, advice and support in strategy development, performance management,
financial analysis, organizational development, and acquisition strategy execution. A portion
of the management fees paid to Landon may be shared with co-investors in the Special Purpose
Vehicles managed by Landon for its clients.
All discussions of the SPVs, including but not limited to their investments, the strategies
used in managing the SPVs, the fees and other costs associated with an investment in the
SPVs and other terms, are qualified in their entirety by reference to each SPV’s respective
LLC agreement (if any) (each, an “Agreement”) and limited partnership or similar
agreement or other governing document (each, a “Securities Purchase” or “Subscription
Agreement”).
Investment advice is not provided individually to the co-investors in the SPVs. As of
December 31, 2023 LCP, had regulatory assets under management of
$300,380,746, all managed on a discretionary basis.