Industrials
Business Models & Sub-Sectors
- Process and flow control
- Value-added distribution
- Industrial technology
- Packaging
- Industrial services
- Utility and Infrastructure Services
- Aerospace and defense
Themes or Characteristics
- Highly-engineered or “spec’d-in” products / components
- High cost of failure / downtime
- Intellectual property or other hard-to-replicate advantages
- Aftermarket parts and services revenue streams
- Emphasis on safety, security, and/or increasing regulation
- Aging infrastructure
What we do not invest in
- Pure commodity businesses
- Single product / application
- High capital intensity or low ROIC