The Firm maintains a disciplined adherence to its investment philosophy. We believe that the cornerstone of any investment is the senior management team, and we therefore view establishing a strong partnership with management as critical to the success of each investment. We seek to invest in outstanding companies that have relatively simple, straightforward businesses and established track records. Additionally, there are fundamental characteristics that we seek in each investment opportunity and another set of characteristics that we avoid.
The attributes we seek are:
- Experienced management team focused on generating growth
- High operating margins with strong cash flow attributes
- Strong underlying growth characteristics
- Market share leadership, or opportunities for industry consolidation
The attributes we avoid are:
- Excessive sensitivity to recessionary or commodity business cycles
- High risk of technological obsolescence
- Capital intensive
- Aggressive foreign competition
NMS focuses on equity investments ranging from $10 million to $50 million. We typically target private companies with enterprise values less than $300 million.
Photo © Robert B. Haas.