N-Squared intends to focus on investment prospects throughout the U.S. and open to investing in a variety of prudently leveraged buyout or recapitalization transactions, including recapitalizations of founder-owned businesses, management-led buyouts of independent companies and acquisitions of corporate subsidiaries. The target company will be run by a highly capable management team and will exhibit identifiable competitive advantages and a significant barrier-to-entry, high return on invested capital (or clear ability to achieve) and high customer quality and retention rates. We will consider operational turnaround situations on a case-by-case basis. We intend to focus on businesses with revenue between $10 million and $200 million, although we are willing to consider larger or smaller, performing businesses outside of this criteria.  Finally, while we intend to be flexible on the transaction structure, our preference would be to enter into a control transaction where we would have full responsibility of the business post-investment.