Investment Criteria

Sector Focus

  • Education & Training
  • Marketing Services & Sales Enablement
  • Services to Healthcare Payors & Providers
  • Human Capital Management

Target Investment Size

  • Businesses with $3 to 15 million of EBITDA
  • Add-ons of any size

Company Characteristics

  • Strong Customer Value Proposition
  • Differentiated Service or Product Offering
  • High Customer Retention Rates & Recurring Revenue Elements
  • Growing End Markets
  • Recession Resistant Demand
  • Attractive Profit and Cash Flow Margins
  • Opportunity to Apply Operational Expertise

Transaction Types

  • Control Buyouts
  • Majority Recapitalizations
  • Corporate Divestures
  • Partial Shareholder Liquidity Events
  • Significant Minority Investments / Growth Equity


  • North American headquartered


  • We do not invest in real estate, oil & gas, or restaurants.
  • Historically, Millpond has and, as appropriate, will pay referral or buy-side fees.

“When I was the Chief Executive Officer of Eemax, the Millpond Principals brought a thoughtful and empathetic approach to value creation in the business, which, based on my considerable experience working for private equity sponsors, is something of a rarity. Their prior experience partnering with and running companies enabled them to effectively support me as a thoughtful and credible sounding board for key issues in the business.”