Investment Philosophy

We at Fulham & Co. have been making control investments in manufacturing companies since 1984. We invest in businesses that design and manufacture highly engineered products for commercial and industrial customer bases, with leadership positions in niche markets, and that have potential for continued profitable growth. We have made dozens of platform acquisitions and add-on acquisitions over the past forty years.

We look for companies that have developed their market position through differentiated engineering capabilities, proprietary manufacturing processes, and deep application understanding; and that use that deep application understanding to solve problems for their customers. Each of our companies utilizes their engineering and manufacturing skills to set themselves apart from their competitors, develop new products, and attract new customers.

In partnering with management teams, we have a few key priorities:

• We only partner with business owners and management teams that we trust and believe in. We are long-term investors, and we know that we will not get far without a relationship built on trust and mutual respect.
• We ask our most important question: what can we take out of your way? Our team of Operating Partners has decades of experience directly managing and overseeing multiple different manufacturing businesses, and their collective expertise is an invaluable resource to each of our management teams, whether they are trying to solve a problem that they may not have seen before, or pursuing a new opportunity.
• We always implement two incentive plans for the management teams at each portfolio company: an equity ownership plan, and an annual bonus plan (on top of and in addition to any incentive compensation plans that exist at the time we invest). We have used these two plans in tandem at dozens of investments with considerable success, and we are eager to ensure that those responsible for a company’s success are well rewarded for their efforts.

Investment Criteria:

• Manufacturing companies based in North America
• Highly engineered products
• Proprietary engineering capabilities and/or manufacturing processes
• Leadership position in a niche market
• Focus on commercial and industrial end markets
• $1m-$10m EBITDA for platform investments
• No minimum EBITDA for add-on acquisitions

Markets of interest

• Flow Control
• Food Processing
• Semiconductor
• Optics & Photonics
• Power Management
• Industrial Equipment
• Thermal Management
• Medical Devices
• Satellites & Space
• Mechanical & Electrical Components
• Sealing Solutions
• Aerospace & Defense