Industrials

Business Models & Sub-Sectors

  • Process and flow control
  • Value-added distribution
  • Packaging
  • Industrial technology
  • Industrial services
  • Aerospace and defense
  • Building products

Themes or Characteristics

  • High cost of failure / downtime
  • Highly-engineered or “spec’d-in” products / components
  • Intellectual property or other hard-to-replicate advantages
  • Aftermarket parts and services revenue streams
  • Emphasis on safety, security, and/or increasing regulation

What we do not invest in

  • Pure commodity businesses
  • Single product / application
  • High capital intensity or low ROIC