Investment Criteria
Post-Acquisition Strategy
Underwriting Philosophy
We focus on established service and trade businesses that meet the following characteristics:
- $500K – $5M annual revenue
- $100K+ normalized EBITDA
- Residential or light commercial focus
- Stable crews or subcontractor base
- 3+ years operating history
- Clear owner transition path
Preferred Characteristics
- Seller financing participation
- Replaceable owner functions
- Identifiable pricing or throughput constraint
- Defendable local market position
- Strong reputation and repeat base
Underwriting Philosophy
Post-Acquisition Strategy
Underwriting Philosophy
We do not acquire based on narrative. We acquire based on validated performance.
Every opportunity is evaluated through:
- Acquisition Readiness Diagnostic (ARD)
- Financial normalization & add-back review
- Margin durability testing
- Debt coverage viability
- Operational independence assessment
- 12–24 month EBITDA lift projection
Only businesses that meet both financial and operational viability thresholds proceed to LOI.
Post-Acquisition Strategy
Post-Acquisition Strategy
Post-Acquisition Strategy
We remove operational bottlenecks tied to founder dependence.
Prici
Our value creation framework focuses on structural improvements, not cosmetic growth.
Owner Liberationng & Margin Discipline
We implement formal pricing architecture and margin guardrails.
Capacity & Throughput Optimization
Crew scheduling, job sequencing, and workflow stabilization.
Professionalization
Financial reporting discipline, KPI tracking, and capital governance.
The objective is durable EBITDA expansion and multiple expansion through professionalization.
Capital Structure
Brokers & Referral Partners
Post-Acquisition Strategy
Transactions are structured using combinations of:
- Private equity partners
- SBA financing
- Seller financing
- Performance-based equity alignment
Through long-standing private equity partnerships, Fjordwake has access to institutional capital exceeding $100M for qualified lower-middle-market transactions.
Each deal is structured individually with disciplined underwriting, conservative leverage, and preferred seller participation to ensure alignment and continuity through transition.
For Sellers
Brokers & Referral Partners
Brokers & Referral Partners
We offer:
- Confidential evaluation
- Clear Buy / Fix / Pass decision
- Respectful transition planning
- Structured capital clarity
- Operational continuity for employees
We are long-term operators, not financial engineers seeking quick flips.
Brokers & Referral Partners
Brokers & Referral Partners
Brokers & Referral Partners
We value broker relationships and operate with professionalism:
- Timely NDA execution
- Clear underwriting timelines
- Transparent communication
- Capital readiness
- Clean closing processes