Private Equity Investment Firm
Focused on partnering with experienced operators to acquire businesses in the middle and lower-middle markets
Expedition Capital Partners (“ECP”) is a private equity investment firm focused on partnering with experienced operators to acquire and grow businesses in the middle and lower middle markets. ECP seeks to acquire or invest in private businesses that have demonstrated a history of positive cash flow where it can employ its operating partners in senior management roles to implement a specific growth thesis tailored to each situation. Since inception, ECP has acquired 35 companies across six core platform investments.
The firm's primary goals are to:
Partner with successful business owners and managers to create long-term business relationships
Fortify, grow and improve profitability of portfolio businesses to increase value
Generate substantial returns for all stakeholders in ECP investments (employees, shareholders, customers, suppliers and the community)
ECP's core values are:
ECP's transactions are financed by its proprietary network of debt and equity investors.
Primary operations in U.S. or Canada
Demonstrated history of positive cash flow and profitability
Sustainable competitive advantage
Identifiable growth and / or margin improvement opportunities
MANAGEMENT / OWNERSHIP
Opportunities where management or owners are seeking to exit the business and transactions can be pursued in conjunction with ECP industry executives
Management-led buyout opportunities
Willingness to partner with ECP principals during ownership and / or transition period
Minimum EBITDA of $2 million
Strong history of profitability and positive cash flow
General holding period of three to seven years
Willing to hold and build positions in attractive companies indefinitely
INDUSTRY / SECTOR
ECP is generally industry-agnostic and open to investments across a wide array of sectors
Specific areas of interest include:
Consumer products and services
Distribution / logistics
Education and training
Waste and recycling
ECP seeks to structure deals that meet the objectives of all stakeholders involved. We are receptive to deals that include compensation in the form of cash, earnout, seller note and profit sharing. Our transaction structures aim to minimize taxes and align the incentives of all stakeholders including owners, managers and employees.
Situations of interest:
Partial / full liquidity for entrepreneurs, family members, estates or passive investors
Corporate divestitures or or subsidiaries, divisions and product lines
Preferred / common equity
Asset purchases, stock purchases, or recapitalizations
Board control preferred
Open to co-investments with other private equity firms
Partnering with ECP
ECP prefers to work actively at the board level to support strong management teams whose incentives are aligned with our own to help build the long-term value of a business. The four primary areas in which we expect to help management teams are:
Strategic Direction and Operational Guidance:
Partner with management to proactively set company priorities and direction
Develop operating budgets in-coordination with management
Act as a sounding board for management
Facilitate discussions and provide advice as a board participant
Leverage ECP's network of industry and operational experts
Access to Capital:
Expand relationships with lending institutions
Arrange equity investments from ECP’s investor base
Diversify equity sources through co-investments with ECP’s private equity partners
Work with management to identify, diligence, structure, negotiate and finance key company transactions including mergers, add-on acquisitions, restructurings, divestitures, licenses, etc.
Counsel management regarding post-transaction integration
Access to Talent:
Assist with recruiting needs (management and board members) and employee retention
Make introductions to ECP’s extensive network of industry and financial consultants, mentors and advisors
BP Business Solutions, LLC
ECP partnered with Tecum Capital, CEO Lou Pellegrino and BP management to lead a majority recapitalization in BP Business Solutions.
Established in 1998, BP's core business is to provide asset light managed waste and recycling solutions to multi-location customers. BP also provides outsourced janitorial, landscaping, fire protection and equipment re-rentals, among other services. ECP intends to work with management to expand in-house waste equipment rental offerings, strategic acquisitions and expansion of the current offerings on a more national basis.
Cox Transportation Services, LLC
ECP partnered with Tecum Capital, Ironwood Capital and CEO Jay Smith in a majority recapitalization of a leading provider of freight hauling and brokerage services. The three groups joined to back CEO Jay Smith in support of the company’s continued growth.
Established in 1982, Cox provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S. The Company specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. Cox also operates a brokerage division that serves carriers and freight customers with logistics optimization services. The Company is based in Ashland, VA. ECP intends to work with Jay Smith and Cox to continue its organic growth as well as to pursue attractive add-on acquisitions with complementary routes and customer bases.
United Tactical Systems, LLC
United Tactical Systems designs, manufactures, and markets high quality irritant-filled projectiles and associated air launchers under the industry-leading PepperBall brand. PepperBall’s solutions provide military and law-enforcement personnel a safe, effective tool for use in crowd control and one-on-one scenarios. PepperBall products are widely adopted across US and international law enforcement and military agencies. Along with its launchers and projectiles, the company
offers comprehensive training services.
ECP completed the consolidation of five separate, interrelated entities to form United Tactical Systems in August 2014 in partnership with Clearlight Partners and CEO George Eurick.
Waste Harmonics, LLC
Waste Harmonics is a leading provider of outsourced waste management services based in Victor, NY. The company's programs, customized for businesses in a wide range of industries, are designed to cost-effectively consolidate all components of their waste management needs, including pick-up, hauling, recycling and sustainability. Waste Harmonics operates as a single point of contact, managing all invoicing and reporting, even providing analytical tools that measure waste volume, equipment usage and waste service frequency needs. Since customers have many locations, the ability to understand efficiency for each one can result in significant annual savings. Waste Harmonics also provides rental waste equipment, such as containers and compactors, as well as equipment installation and repair services and temporary containers for construction waste.
ECP partnered with CEO Mike Hess and Prospect Partners to lead the recapitalization of Waste Harmonics, with the intent to execute an aggressive growth strategy both organically and via acquisition. Subsequent to the recapitalization, Waste Harmonics completed three add-on acquisitions before successfully exiting to Arcapita Investment Management in December 2019.
Wild Sales, LLC
Wild Sales, LLC (dba Wild Sports) is a leading manufacturer and provider of licensed and branded tailgating, homegating and outdoor games.
The company’s Wild Sports brand has achieved category leadership at big-box retailers and continues its significant expansion with leading on-line retailers as well. The Company is an exclusive licensee for the NFL, MLB and NHL products at retail and maintains a dominant share among colleges with over 500 licenses. The company’s products include well known games such as Cornhole, Tailgate Toss and Stackers, in addition to other tailgating accessories such as team branded tables and chairs.
ECP partnered with co-founders Todd Hines and Gregg Browne to recapitalize the business for growth alongside Centerfield Capital Partners and Cardinal Equity Partners. In July 2019, Wild Sports merged with EastPoint Sports, a portfolio company of Mason Wells.
United American Security, LLC
United American Security is an unarmed security guard business focused on serving a variety of manufacturing, distribution, retail, government, residential and commercial office clients. The company employs over 4,000 security professionals across 21 offices throughout the central and eastern United States.
ECP completed 25 acquisitions on the platform in its hold period, building United American Security into the tenth largest security guard firm in the United States before a successful exit to GardaWorld in March 2018.
Founder and Managing Director
Office: (773) 857-0210
Mobile: (404) 966-2909
Mike has over 18 years of operational, transactional and private equity expertise. Prior to launching ECP in 2009, he was a Vice President at Code Hennessy & Simmons (CHS) in Chicago focused on leveraged buyouts in the manufacturing and infrastructure sectors. Prior to CHS, Mike spent three years as an Associate in the Investment Banking Division at Goldman Sachs in New York as a member of the Industrials Group. Mike began his career as a management consultant at Manhattan Associates.
Mike received his MBA from the Ross School of Business at the University of Michigan and earned a BSE in Chemical Engineering, also from the University of Michigan.
Mobile: (985) 640-1081
Stephen has over 10 years of operational and transactional expertise. Prior to joining ECP in 2022, he was an Associate in the investment banking group at William Blair in Chicago advising clients on the execution of M&A and capital raising activities in the consumer and retail sector. Prior to William Blair, Stephen spent three years as a management consultant at Galt & Company and two years as a corporate finance manager at Entergy. Stephen began his career in General Electric’s Financial Management Program (FMP).
Stephen received his MBA from the Ross School of Business at the University of Michigan. Stephen earned a BS from Cornell University’s Dyson School of Business where he was also a four-year letter winner on the varsity football team.
January 17, 2023 - BP Environmental Services Acquires ASI Comprehensive Waste Management
December 21, 2022 - Cox Transportation Acquires Outwest Express
June 30, 2021 - ECP Recapitalizes BP Business Solutions
May 26, 2021 - Michael Hendrie joins Katten Independent Sponsor Series Panel
January 13, 2021 - ECP Founder Michael Hendrie on the Scott Becker Private Equity Podcast
July 29, 2020 - ECP Recapitalizes Cox Transportation in Partnership with Tecum Capital and Ironwood Capital
May 4, 2020 - Pepperball: Best Non-Lethal Personal Defense Products for 2020
January 13, 2020 - Expedition Capital Partners and Prospect Partners Announce the Sale of Waste Harmonics to Arcapita
September 8, 2018 - Wild Sports Featured on Fox & Friends
September 4, 2018 - Pepperball's LifeLite Featured on Good Morning America
August 25, 2018 - Wild Sports, Proline Tailgating, and KanJam Announce Partnership with Gameday Hospitality
March 28, 2018 - Expedition Capital Partners and LaSalle Capital Group Announce the Sale of United American Security to Garda World
March 6, 2018 - Wild Sports Announces its Acquisition of KanJam, LLC
October 31, 2017 - Expedition Capital Partners, Centerfield Capital Partners and Cardinal Equity Partners Announce the Acquisition of Wild Sports
October 25, 2017 - Waste Harmonics Ranks in Chamber Top 100 List for Third Consecutive Year
April 20, 2017 - Waste Harmonics Purchases Assets of Eco2Go Recycling Solutions, LLC
April 20, 2017 - Waste Harmonics Acquires Assets of SetWest Leasing and Rental Corp.
May 19, 2016 - Expedition Capital Partners and Prospect Partners Announce the Acquisition of Waste Harmonics and Subsequent Acquisition of Consolidated Waste Management
August 2015 - Expedition Capital Partners and ClearLight Partners Announce the Acquisition of United Tactical Systems
May 4, 2010 - Expedition Capital Partners and LaSalle Capital Group Announce the Formation of United American Security
3333 North Hamilton Avenue
Chicago, IL 60618