family office // backing ambitious owner-operators
Columbus, OH
Joined September 2019
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Family Office investing only our own capital – directly in operating companies or alongside independent sponsors and emerging managers
3 ways we partner:
1/ Direct, Flex Equity
Capital and resources to accelerate growth alongside owners who retain majority control.
Avg equity investment: up to $50M
Examples: Harrell’s Auto Family • Bond Vet
2/ Indirect, Single-Asset SPVs
Backing independent sponsors, one business at a time
Avg equity investment: $10M
Examples: Guild Garage • Galaxy Service Partners • Dogtopia • Collision Partners • Delta Water Alliance
3/ Indirect, Multi-Asset Funds
Backing emerging managers across Funds I, II, and beyond
Avg equity commitment: $10M
Examples: SkyKnight • Tucker’s Farm
From the saved folder this weekend:
1/ Alex Sloane & Matt Perelman: From 23 Burger Kings to Building Garnett Station (Capital Allocators)
2/ Chase Koch: The 41 Principles Behind Koch Industries (The Pomp Podcast)
3/ Ramtin Naimi: What’s Changed in Venture Since 2021 (Invest Like the Best)
4/ Scott Malpass: Sequoia, Concentration, and Notre Dame’s Endowment (How I Invest)
5/ Andrew Huberman: The Two Windows He Protects for Deep Work (a16z)
Links:
1/ Alex Sloane & Matt Perelman – youtu.be/Mghlp0xzqA4
2/ Chase Koch – youtu.be/AQpqTXvyekE
3/ Ramtin Naimi – youtu.be/r95bEutZUN4
4/ Scott Malpass – youtu.be/bc4MVylXKZY
5/ Andrew Huberman – youtu.be/Ezi-nwe6LlY
We see hundreds of independent sponsor deals a year... and most don’t make it past this page
Our scorecard:
With emerging managers and independent sponsors, experience often comes before a clean, attributable track record
So we look at the setup and game selection:
- Who’s committed and "do they get on the plane"
- How are economics and risk shared
- Is the value creation plan built with the end in mind
- What is the edge or angle of attack
Though the most important piece is separate from a checklist: references and building relationships
We want to build trust and show value before a capital raise or financing need arises - and most of our top quartile connections have come through trusted referrals within our orbit (and developed over time)
From the saved folder this weekend:
1/ Peter Thiel: AI, Competition, and Backing Founders (The Builders with Walter Isaacson)
2/ Toto Wolff: Talent, Ownership, and Building Mercedes F1 (Cheeky Pint)
3/ Justin Ishbia: Building Shore Capital (20VC)
4/ Luca Ferrari: The Operating Edge at Bending Spoons (David Senra)
Links:
1/ Peter Thiel - youtube.com/watch?v=H9Bdv3t5…
2/ Toto Wolff - youtube.com/watch?v=mFLcqTGp…
3/ Justin Ishbia - youtube.com/watch?v=VKKf7S0o…
4/ Luca Ferrari - youtube.com/watch?v=MCbHnlpw…
Will Thorndike has built a big portfolio of long-term holdco vehicles (US and non-US)
When buying at low-to-mid single-digit EBITDA multiples, we've found $20-40M(+/-) of initial equity can be a sweet spot to hit “flywheel” in the most equity-efficient / MOIC HoF way
Over-equitize upfront and add debt later once you wrap arms around business and its nuances (prioritizing flexibility over cheapest rate)
Build it to fund flywheel growth
And keep compounding
Or make someone pay you enough to own the growth engine you've built
Full write-up from Thorndike here:
linkedin.com/pulse/eesa-mani…
VERY rough math:
$30M of equity
Buy $5M of EBITDA at 5x for $25M ($20M cash + $5M rollover)
Over time, acquire another $25M of EBITDA at 5x. The $125M purchase price comes from $10M of remaining equity + $90M of debt + $25M of cash
You now have:
• $30M EBITDA
• $90M debt / 3x gross leverage
• $35M contributed equity: $30M original + $5M initial rollover
Now buy another $5M of EBITDA for $25M
Result: $35M EBITDA, $105M debt. 3x leverage. No new equity
Exit multiple → MOIC on the original $30M equity
8x → 4.3x
10x → 6.0x
12x → 7.7x
This doesn’t even assume organic growth, buying down multiples, etc
Build it to fund flywheel growth... and keep compounding... or make someone pay you enough to own the engine you've built
Great opportunity for seasoned CFO w/ franchise or retail experience in pet space:
dogtopia.com/career-inquirie…
Great overview on different financing structures
Creativity in deal structuring is often times the reason a deal does (or doesn’t) get done
Part of the ‘art’ is aligning incentives in a way that optimizes for what matters most to each person:
