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Investment Criteria

Criteria	Target / Hurdle	Comment
Size	$10m to $100m	SPEL equity investment of $10m to $30m Able to partner with co-investors for larger deals
Earnings	Current EBITDA of $3m+	Preference for companies with stable earnings and/or strong growth potential
Types of Investments	Buyout	Current owner wishes to exit the business Experienced management team in place
	Expansion capital	Business requires additional funding for expansion and/or acquisitions
	Replacement capital	Existing owners want to release cash and dilute their shareholding Bring in a new shareholder with access to further capital
Level of investment	Preference for control	Will consider 50% or minority position
Management	Proven track record in the business	Prefer management with willingness to co-invest
Industry	Preference for consumer, industrial and service sectors	Exclusions include property, resources, biotech, technology commercialisation and early stage
Geography	Australia & New Zealand	Comfortable with exposures to other markets
Company sustainable competitive advantage	Material and identifiable	Preference for companies with strong positions in well defined growing markets

SPEL is able to provide potential Investee Companies :

Assistance through organisational development, strategic planning, recruitment, mergers and acquisitions, fund raisings and exit strategies.
A ‘true partnership’ arrangement. With the perpetual nature of SPEL we have a 3 to 7 year investment horizon, meaning that we focus on building successful companies and relationships.
Debt or equity funding as part of the investment mix.