Independent sponsors claim they can buy companies anywhere in the US. Fine.
Ziv Bendor has 9 holdings at Pinewell: 3 local, 6 remote. Geography isn’t a problem until it is.
Small company, thin mgmt team, messy culture, operational complexity, turnaround, etc.: Being 20 minutes away by car is suddenly super valuable.
A middle-market $20m EBITDA company w/ a built-out team is easier to own from far away than a $2m EBITDA business that requires constant attention.
Good luck.
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