Midwest operator acquiring B2B manufacturing and distribution businesses. Owner-operator succession situations. Indefinite hold periods. Second-time buyer. First platform: three integrated bolt-ons, 12x MOIC exit. What makes us different: Strong capital network – Established relationships with famil…
Midwest operator acquiring B2B manufacturing and distribution businesses. Owner-operator succession situations. Indefinite hold periods. Second-time buyer. First platform: three integrated bolt-ons, 12x MOIC exit.
What makes us different:
Strong capital network – Established relationships with family offices and permanent capital investors; no fundraising delays
No predetermined exits – Not a fund; indefinite hold periods unless selling creates better outcomes for the business long term
Standalone underwriting – Each deal is evaluated on its own merits, not portfolio diversification theory
Personal investment – Managing member commits significant equity to every transaction
Geography: US-based, preference for Central/Midwest
Industries: Systematic generalist. Primary interest: confectionery, food manufacturing, institutional food service. Open to any B2B business with operating leverage and a defensible market position.
Recurring or contracted revenue (multi-year relationships)
Operating leverage (revenue scales faster than labor costs)
Fragmented industries with M&A consolidation opportunity
Healthy businesses with operational upside—not turnarounds
Speed & Certainty:
Initial evaluation: 48-72 hours
LOI: 10-14 days from detailed CIM
Close: 45-60 days typical
Transaction Approach:
We buy healthy businesses and overlay operational improvements and disciplined M&A. Think vendor optimization, talent upgrades, geographic expansion—not slash-and-burn cost cuts. We use conservative capital structures, which means businesses can weather volatility and invest in long-term growth. We'll use M&A to build category leaders when it makes sense.
Contact us for off-market opportunities, complex family transitions, or situations requiring structural flexibility.
Team (1)
Recent Transactions (4)
Waterbear Group
Administration of Education Programs, Educational Services
acquired
Portraits Plus
July 2025
Waterbear Group
Administration of Education Programs, Educational Services
acquired
Picture This Photography
June 2025
Waterbear Group
Administration of Education Programs, Camera lenses manufacturing, Cameras, television, manufacturing, Child Day Care Services, Civic and Social Organizations, Educational Services, Flash bulbs, photographic, manufacturing, Museums, Historical Sites, and Similar Institutions, Photograph folders, mats, and mounts manufacturing, Photographic and Photocopying Equipment Manufacturing, Photographic Film, Paper, Plate, and Chemical Manufacturing, Photographic lenses manufacturing, Photographic, micrographic, and X-ray plastics, sheet, and film (except sensitized), manufacturing, Video camera (except household-type, television broadcast) manufacturing, Video cameras, household-type, manufacturing
acquired
Image Group Photography
July 2023
Waterbear Group
Administration of Education Programs, Child Day Care Services, Civic and Social Organizations, Educational Services, Museums, Historical Sites, and Similar Institutions
acquired
Empire Photography
January 2020
Sectors Waterbear Group serves:
Business Services
Consumer Goods
Distribution
Industrials
Retail
Consumer Services
Technology
Health Care
Materials
Media
Financial Services
Manufacturing
Life Sciences
Real Estate
Telecommunications
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