Investment Strategy

We focus on industrial and infrastructure services sub-sectors where our team possesses experience and exhibit the following three key themes:

Mission-critical services

Industries that we believe are characterized by services or solutions that need to be carried out at regular intervals, with an ability to perform through cycles

Sustainable Growth Trajectory

Established markets where the sector exhibits resilient, long-term growth trends

Innovation-Driven Expansion

Sectors in which the adoption of technology and innovation have the potential to drive meaningful growth

Select Sub-Sectors of Focus

Industrial & Infrastructure Services

Environmental and
Waste Service

Facility Services

Marine, Road, & Rail Services

Niche Manufacturing

Safety & Compliance Services

Testing, Inspection, & Certification

Transportation &
Logistics

Utility Services

Water & Wastewater Services

Investment Criteria

$10M+

Revenue

$3M to $15M+

of EBITDA for new platforms; add-on acquisitions of any size

EBITDA

$15M to $40M+

with the ability to obtain equity co-invest

Equity Investment

Gulf Coast and greater Southern U.S. focus; ability to invest throughout North America

Geography

Target Company Characteristics

First institutional capital provider to family/founder-owned or operated companies

High cash flow generation with strong margins

Defensible, competitive “moat”

Majority control or path-to-control structure

Multiple avenues for growth, including the ability to scale through acquisition

Relevant existing relationships with customers and service providers

Corporate carve-outs or orphaned divisions

Capital efficient
business models

Ability to deploy high relevant “day-one” resources (i.e. board members, executives)

Regional Network Drives Proprietary Deals

Proactive, thesis-driven approach to sourcing with emphasis on direct outreach to business owners

Thesis development based on team’s insight on macro trends and sub-sector experience

CHP strives to leverage long-standing personal and professional networks, particularly in the Gulf Coast region

How We Strive To Create Value

Three-pronged value creation approach to under-the-radar, solid businesses that CHP believes are well-positioned for expansion via organic growth, key hires and natural buy-and-build pipelines

Strategy & Bolt-on Acquisitions

Develop growth plan in collaboration with management
Update critical operating practices
Cultivate M&A pipeline
Target new commercial relationships

Human Capital & Governance

Appoint board directors with industry experience
Establish management incentive plans
Recruit strategic hires

Operations & Systems

Build and track KPIs
Invest in financial, IT, and operational infrastructure
Seek to provide ample liquidity for growth and organic investment

Our Results

Portfolio Companies

Investment Date

Nov '23

Apr '23

May '22

Jun '20

Jan '19

Acquisitions

Revenue Growth

37%

63%

190%

36%

Revamped Systems

recruited strategic hires

Note: Results are as of September 30, 2024. Past performance is not a guarantee of future results. Each portfolio company’s revenue growth is calculated as the percentage of growth from the Carr’s Hill Fund’s initial investment to September 30, 2024, except for fully realized investments. Revenue growth calculations are excluded for portfolio companies that have been held for less than 18 months. NM = not meaningful. A portfolio company’s revenue growth is not representative of the performance of any Carr’s Hill Fund and no investor in any Carr’s Hill Fund vehicle has achieved such results.

Executive Network

Steve Nathanson

Executive Advisor

Steve Nathanson

Executive Advisor

Steve Nathanson is an Executive Advisor for Carr's Hill Partners and also serves as the Managing Director of the 50-year-old Nathanson Energy companies, focusing on investments in oil & gas, construction, agriculture and education.

Prior to returning to the Nathanson companies, Steve served as CEO of Bernhard, LLC, one of the largest privately-owned engineering, mechanical and electrical contractors in America. He led a team of over 2,000 employees in 27 locations across the southeastern United States. Through his leadership, the company increased in size, profit and the impact they made in education, hospitality and healthcare commercial developments.

Previously, Mr. Nathanson led Genesis Energy, LP (NYSE: GEL) as its President and Chief Operating Officer until his retirement in 2013. During his tenure, he grew the company from a fledgling, diverse $800 million company to a $6 billion, NYSE-listed master limited partnership. Mr. Nathanson joined Genesis in conjunction with its 2007 acquisition of TDC, LLC, a refinery services specialist he co-founded and helped build from the ground up.

Declan Rushe

Executive Advisor

Declan Rushe

Executive Advisor

Declan Rushe is the Chief Executive Officer of Matthews Brothers Dredging, a Carr's Hill Partners portfolio company. As CEO, Mr. Rushe oversees the company’s operations, strategic initiatives, and growth, driving its position as a leader in dredging services. Declan also serves as an Executive Advisor to Carr's Hill and has served as a board member at Arrow Waste and AXIS Industries.

Prior to joining Matthews Brothers Dredging, Mr. Rushe held the role of President at TEAM Solutions, a division of TEAM Industrial Services Inc. Mr. Rushe also served as President & CEO at QualSpec Group, where he successfully led the company for over seven years before QualSpec was acquired by TEAM. Earlier in his career, Mr. Rushe spent over a decade at IESCO, where he held progressively senior roles, including Senior Vice President and Vice President, demonstrating his leadership and expertise in industrial services.

Mr. Rushe brings over two decades of experience in executive leadership, operations, and industrial services to Matthews Brothers Dredging and Carr's Hill.

Carr’s Hill's executive network is powered by a robust team of seasoned industry advisors who bring specialized expertise across key sub-sectors. These advisors collaborate closely with our portfolio company management teams, offering tailored guidance and strategic insights to drive growth and create lasting value within our portfolio companies.

Executive advisors play an integral role in defining a company's culture and long-term vision, fostering sustainable growth through strategic guidance and operational insight. Carr's Hill empowers executives to lead in crafting growth strategies and building infrastructure, utilizing proven playbooks to streamline execution.

Steve NathANSON

Product Manager

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Experties

Product Manager

Years of Experience

6+ years of Experience