Our Approach
Boardwalk’s Vectors of Growth Approach
Boardwalk builds great companies in partnership with great people, and we believe everyone should win together.
Our Investment Approach
Partnering with Boardwalk comes with our reciprocal commitment to providing our partners with the tools necessary to succeed. Our investment is not just of capital, but one of time, effort, and contribution as well. We work hard, add demonstrable value, always deal in good faith, and relentlessly strive to create successful outcomes for all stakeholders.
We invest and operate based on established core values that have served our investors, partners, and team members well over our lengthy careers. We call these guiding principles that drive our decisions and successes Boardwalk’s Vectors of Growth.
Partnership & Alignment
We endeavor to be great partners. Great partnerships lead to great results. We pride ourselves on aligning interests to create shared success and positive experiences. This is why many of our partners choose to work and invest with us again and again.
Teamwork & Collaboration
Investing is a team sport. It takes many people committed to working together to overcome inevitable challenges and achieve extraordinary results. We value being a part of a team and our teammates. Playing to win means playing together, and our record speaks for itself.
Planning & Execution
Our investment strategy requires that we have a strong view on opportunities, create a thoughtful plan, and work together to achieve it. While situations change and learnings may dictate changes, we are committed to preparation, decisive decision making, and continuous tracking to ensure we have done what we set out to do. The best opportunities are ones where our team is working toward a clear and shared goal together.
Transparency & Communication
We believe in being open, honest, and upfront about our intentions and goals. Integrity is non-negotiable for us and our partners. The best way to achieve alignment and contribution from all involved is to clearly communicate goals and expectations, feedback, needs, and praise.
Respect & Accountability
We value all those who trust us enough to work with us, and we want them to feel that every day. We ask only for the same in return, and for everyone to be honest and accountable to each other.
Continuous Improvement
We have a dogged commitment to getting better every day. Period.
Flexibility & Creativity
While our approach is born of the recognition that common themes create replicable opportunities, no two situations are the same. As such, we feel being open-minded, flexible, and creative are keys to maintaining forward progress and solving problems that might trip up other investors.
Have Fun
Work is hard, but it doesn’t have to be a job. If you enjoy the people around you and the shared pursuit of something valuable, the joy of accomplishment is amplified by the satisfaction of having overcome challenges with people you are proud to call your partners.
Why we are Different
We work hard, add demonstrable value, always deal in good faith, and relentlessly strive to create successful outcomes for all stakeholders.
Our Investment Strategy
Boardwalk Capital targets control majority equity investments in leading lower middle market companies poised for growth in sectors where we have relevant experience to bring to bear.
We invest in opportunities with compelling value propositions that stand to benefit from our expertise and involvement to optimize and grow.
The Boardwalk Vectors of Growth approach is founded on partnership, as we believe strongly that superior value is created by successful teams who will share in that success together. While Boardwalk focuses on control, majority equity investments, we may structure our investments in a variety of ways to accommodate our partners’ needs while still ensuring this alignment. We are:
Focused on opportunities where the insight, skill sets, and networks of our long and diverse experience afford us a sourcing, diligence, or value creation advantage that differentiates us as partners or greatly enhances the probability of a successful outcome.
Committed to alignment of interests and creating “win-win” partnerships that provide value for all stakeholders.
Actively involved with our management teams in the strategic planning and execution of organic and inorganic growth initiatives, operational improvements, infrastructure and team building, M&A, and financing.
Attracted to talented companies and teams who believe in the value of the opportunity and are willing to put their money where their mouths are.
Disciplined about working only with those who value our partnership and share our values. We want partners that we want to have a beer with. Our partners must pass the Boardwalk Beer Test.
Relentlessly committed to delivering superior returns for our investors at all phases of the investment horizon, from sourcing through final monetization, but with an intent and deliberate focus on capital preservation and downside protection as we do so.
Our Investment Criteria
Boardwalk seeks to make investments with the following characteristics
Transaction Size
Initial equity investment $5 to $20 million.
EBITDA $2 to $10 million for initial investments; any size for add-ons.
Unlike most of our peers, we often start with smaller acquisitions and work to scale the companies with management with a combination of a roll up strategy and organic scale. Once optimized we seek out larger acquisitions with the benefit of direct experience, a lower cost basis, and more actionable synergy potential.
Geography
We are headquartered in and have a core focus on North America. That said, our team’s international experience yields opportunities for global exposure via unique local market relationships that can provide outsized returns for our investors.
We maintain active involvement with our portfolio companies, assisting in key functions as we build the businesses through organic growth and a deliberate rollup strategy. We place a premium on proximity, face-to-face interaction, and accessing expansion opportunities through partnership and collaboration with our global network.
Transaction Types
We are equity-oriented investors who value the ability to control and protect our investments.
With that said, we offer the flexibility to invest wherever and however we see the greatest risk-adjusted returns for our investors without sacrificing these requirements. Investments may take a variety of forms, including, but not limited to:
- Majority buyouts
- Minority equity investments with strong negative controls
- Growth capital
- Structured securities with equity-like features
- Corporate carve-outs
- Management team lift-outs
- Public take-privates
- Special situations
Investment Attributes
Successful investments generally share many of the following characteristics:
- Proven, aligned partners working together to achieve a clear strategic plan
- Strong market fundamentals with durable demand and GDP+ growth dynamics
- Accretive rollup potential
- Beneficial structure to minimize risk and provide strong embedded value on the buy
- Ability to proactively drive growth through organic and inorganic market share gains
- Margin enhancement potential
- Multiple expansion or valuation arbitrage on exit
Target Industry Sectors
We have successfully invested across a range of industries and plan to leverage our domain expertise and relationships to drive value in our investments. These sectors include:
- Media, Entertainment, and Gaming
- Manufacturing and Distribution
- Consumer Products and Multi-Unit Retail
- Business, Industrial, and Environmental Services
Want to work with Boardwalk Capital?
Leverage our learnings, resources, and networks of these experiences to help you drive your success. Contact Jordan and Rob today to find out more information on how to get started.
How we Make Decisions
Our Investment Process
Investment Process
Questions Answered
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