Deal Criteria
Waterbear Group Acquisition Criteria
We buy one business at a time, so we're selective. Our primary focus is established B2B businesses with repeat customers and demand that doesn't hinge on a single relationship or trend. The business doesn't need to be polished. A sound business with room for better systems suits us well, and we step in and work alongside the team already in place.
Adjusted EBITDA
Up to $2M
Revenue
Typically $3M – $10M
Geography
Great Lakes and Midwest, generally within a four-hour drive or nonstop flight of Chicago. We'll look further for a strong fit.
Sectors
Food Manufacturing & Contract Production
Bakeries, confectionery, co-packing, private label, specialty ingredients.
Specialty Manufacturing & Printing
Labels, regulated print, packaging converters, signage, uniforms, promotional products for institutional buyers.
B2B Distribution (Technical or Regulated)
Industrial chemicals, medical/dental/vet supply, lab/scientific, specialty components, industrial automation.
B2B Service Businesses
Environmental/engineering consulting, non-SaaS managed IT, security services.
Hospitality & Restaurant
We also selectively consider hospitality and restaurant assets with a strong historical operating record and a management team in place.
We Pass On
- Labor-scaled models without a central operating platform
- Retail stores
- Turnaround businesses
- Commodity or broadline food service distribution
- Heavy commodity input exposure without pass-through pricing (oil/gas, steel)
- ITAR/CMMC, clinical healthcare licensing, and security clearances
Submit a Deal
A teaser or one-page summary is enough to start. Include the business's location, what it makes or does, customer mix, approximate revenue and adjusted EBITDA, and the owner's goals. If available, add three years of financials and any circumstances we should understand. You'll receive an initial view of fit within two business days.
Submit A Deal