Investment Focus

Fletcher Capital targets companies in the lower middle-market requiring a financial restructuring, a strategic repositioning, and/or an operational turnaround. The ideal target company will have a fundamentally sound business model that has hit upon hard times but can return not only to profitability but also to healthy growth. Fletcher Capital seeks companies with most of the following characteristics:

Size: Enterprise Value under $25 million

Industries:

• Business Services
• Consumer Products and Retail
• Environmental Services
• Healthcare Services
• Industrial and Manufacturing
• Publishing
• Transportation, Logistics, and Distribution
• Not interested in healthcare, real estate, start-ups, or franchise opportunities

Geography: Headquartered in Pacific or Mountain time zones

Profitability: Both positive and negative EBITDA situations

Transaction Structure: Fletcher Capital will consider investment opportunities across the capital structure, with the intention of owning a controlling equity share of any post-transaction company. Such a position might be achieved by a purchase of equity directly from the owners of a distressed firm, by the purchase of a fulcrum debt security, or via a 363 sale transaction inside of a Chapter 11 bankruptcy proceeding.