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Capital allocators on what they buy, how they buy, and why.
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Banks Won’t Touch a $5M EBITDA Company. He Will.
Michael Sarner / Capital Southwest
Banks will not lend against $5 million of EBITDA. Capital Southwest will. Michael Sarner on how a lower middle market lender underwrites the debt side of a buyout, what earns an automatic no, and what happens when a deal starts to break.
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Inside the Texas Buyout Firm Betting on Metals and Missiles
Arthur Hollingsworth / Lone Star Investment Advisors
Private equity has gotten so large that Arthur Hollingsworth says he is not even in the shallow end of the pool. He is in the kiddie pool: companies doing 5 to 10 million dollars of EBITDA, bought at 4 to 7 times, in Texas and nowhere else.
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$25M Isn’t “Big-League” Money: The Private Deals You Can’t Access
Rob Anderson / Carlton Lane Capital
You sold your company, paid your taxes, and put $25 million in the bank. You are not broke, but you are not in the big leagues either. Rob Anderson on how the $5M to $50M middle ground reaches deals normally reserved for institutions and family offices.
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