INVESTMENT CRITERIA
What we look for in a Southeast Asian business.
We are deliberate about sectors and geographies. Here is exactly what we buy — and what we do not.
Revenue
SGD 5M – 100M
EBITDA
SGD 1M – 10M
Industry
Manufacturing, industrial services, distribution, food processing, semiconductor supply chain
Geography
Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam
History
At least 10 years of operating history
Speed
LOI within 3 weeks. Close in 60 days.
Size
SGD 5M–100M revenue
SGD 1M–10M EBITDA. We pay fairly for real earnings and durable customer relationships. These are indicative — if you are slightly outside the range, reach out. We would rather have the conversation.
Geography
Southeast Asia
Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Vietnam. We are headquartered in Singapore and transact in SGD by default.
Structure
51%–100% control
Cash at close preferred. No earnouts tied to unreasonable growth projections. We pay for what exists today — not what we hope will exist in five years.
What we don’t buy.
Software or technology businesses
We are not a software acquirer. We focus on businesses with physical operations, industrial assets, and long customer relationships.
Pre-revenue or early-stage businesses
We buy operating businesses with established customers and real earnings. We do not do venture or growth equity.
Single-customer concentration above 50%
If one customer represents more than half of revenue, the business is too exposed for us to steward responsibly.
Businesses without operating history
We require at least 10 years of operating history. We are buying legacies, not experiments.
Businesses we cannot endorse
Values matter. We hold companies for decades — we need to be proud of every one.
Let's have a confidential conversation.
Tell us about your company. Lucien reads every inbound personally and responds within 72 hours. If it's not a fit, he'll say so — fast.
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