Investment criteria
Morgul acquires control positions in established middle-market businesses and adds to its platforms through targeted acquisitions. Our capital is permanent and our hold period is open-ended.
Control acquisitions
Morgul acquires established, founder-led or family-owned businesses in industries we know how to operate. We look for durable cash flow, recurring or repeat revenue, defensible market positions, and management teams ready to work with a long-term owner.
We acquire to hold and to operate. There is no exit underwriting and no fund timeline.
These criteria describe the target profile for new control investments. They are not a description of current holdings.
- Enterprise value
- $20M to $200M
- Revenue
- $10M to $150M
- EBITDA
- $3M to $25M
- Margin profile
- 15%+ or a clear path within 24 months
- Revenue quality
- Recurring or repeat, with low churn
- Position
- Leadership in a defensible niche
- Sectors
- Financial services, Marketing and digital media, Luxury hospitality, Specialty consumer, Technology-enabled services
- Geography
- North America primary, select international
- Hold period
- Permanent
Transaction structures
Full sale with succession
Outright acquisition with a structured leadership transition that preserves operating continuity.
Majority recapitalization with founder rollover
Founders take liquidity while retaining a meaningful equity position alongside us.
Control buyout with operating continuity
Full control with management retained and incentivized to keep building.
Add-on acquisitions
Targeted acquisitions that strengthen an existing Morgul platform by extending its market position, capabilities, or geographic reach.
- Profile
- Add-on to an existing Morgul platform
- Size
- Flexible, governed by strategic fit
- Structure
- Asset purchase, equity, earnout, or hybrid
- Geography
- Aligned with the platform's footprint
- Hold period
- Permanent, integrated into the platform
Bringing us an opportunity
Owners and their advisors can reach us directly. Intermediaries will find what to send and what to expect on the Intermediaries page.
Last updated 16 September 2026