Industry Focus and Expertise


Excellere focuses on a select group of industries, ensuring that we are a knowledgeable and additive partner, not just a passive investor.

Excellere begins its industry selection process by identifying sectors that exhibit extraordinary growth from favorable macro-economic and demographic trends and will benefit from consolidation through Excellere’s buy-and-build investment strategy.

Combined with the firm’s significant investment experience, Excellere diligently and systematically researches possible industry segments, reaching across a vast network of relationships and participating in industry events.

This provides four primary benefits:


Our historical experience and deep industry knowledge significantly reduces false starts and uncertainty during a transaction.


Emerging businesses must be agile. An informed partner like Excellere creates opportunities to develop a thoughtful shared vision for the business while preserving the organization’s entrepreneurial spirit.


Excellere also provides a greater sense of perspective and balance as the company encounters challenges and attempts to exploit opportunities. A knowledgeable business partner such as Excellere empowers collaborative decision making and communication.


As an investment firm focused on a select group of industries, Excellere understands the business and, therefore, can be more value-added and supportive.


The healthcare industry’s growth combined with Excellere’s breadth and depth of healthcare expertise presents an opportunity to build something extremely unique in a dynamic industry.

Industry Description

U.S. healthcare, including outsourced life science and med-tech sectors, is a highly fragmented, $2.5-plus trillion industry and a growing component of the economy.

Value Proposition

Experts agree that the U.S. healthcare system contains many inefficiencies, excessive administrative expenses, inflated prices, and in certain cases, inappropriate care, waste and abuse. The private sector regularly discovers new and entrepreneurial ways to improve healthcare's efficiency and delivery.

Within the life science and med-tech sectors, drug and device developers increasingly outsource many functional elements of their businesses, including clinical trial operations and manufacturing, to focus on their core competencies.

Growth Characteristics

According to the CMS Office of the Actuary, total U.S. healthcare expenditures are projected to grow twice as fast as inflation through 2018. Many factors contribute to the projection, including continued population growth, the “graying” population, increasing obesity and overall poor lifestyles, and increased development efforts by pharmaceutical and biotech companies.

Segments of Interest

Specialty hospitals and ambulatory surgery centers, urgent care centers, specialty pharmaceutical distributors, and managed care companies.

Key Investment Characteristics
  • Stable reimbursement/pricing environment
  • Compelling value proposition
  • Truly differentiated company excelling in a fragmented niche
  • Moderate Medicare and Medicaid exposure and single payor and/or customer concentration
  • Regulatory and compliance integrity - compliance before growth mentality

Business Services

Inefficiencies in the value chain of services can no longer be ignored in today’s global economy. Fierce competition compels businesses and government entities to refocus on core capabilities and strategically partner with specialized service providers offering greater productivity at lower overall cost.

Industry Description

Companies responding to greater global competition increasingly outsource non-core functions that were once managed internally. Companies and government entities seeking improved operating performance and the related financial benefits strive to increase efficiency by eliminating non-core functions that specialized service providers can provide at a lower cost. These trends allow companies to focus on their competitive strengths and create a market for outsourced services.

Value Proposition

Business service providers offer value-added solutions that streamline operational processes. These strategies enable outsourcers to convert fixed costs, such as labor, into variable expenses, significantly increasing operational flexibility while increasing quality. Business service providers are a critical component of their clients’ value chain and key partners in their strategic direction, growth, and long-term success.

Growth Characteristics

Business Services is the third largest industry in the United States. The industry’s growth is driven by businesses refocusing on core competencies and outsourcing non-core functions. As the business services industry evolves, providers that offer a full suite of services and solutions will capture a greater share of the outsourcing market.

Segments of Interest

Niche outsourced providers of business and government services, testing and inspection companies, insurance services, regulatory services, distribution and logistics providers.

Key Investment Characteristics
  • Recurring and predictable revenue stream
  • Value-added capabilities with high perceived value by customers
  • Partnership with diverse set of clients
  • Opportunity to offer existing clients additional services and capabilities
  • History of adding new customers

Energy, Power & Infrastructure

Specialized product manufacturers and service providers play a critical role in the energy industry by enabling industry participants to focus on their competitive strengths, resulting in greater operational efficiency and flexibility.

Industry Description

The Energy Products & Services industry, the third largest in the United States with $1.2 trillion spent in 2010, is driven by increasing oil and natural gas exploration and production activity and the need to transport and distribute energy resources to end consumers. Increasing global demand for hydrocarbons and the evolution of horizontal drilling and well completion technologies have spawned discovery of natural resources in previously untapped geographies. This has created a need for enhanced technological capabilities and expanded infrastructure, including collection, transmission and distribution systems.

Value Proposition

Leading Energy Products & Services providers allow customers to outsource non-core functions, thus enabling them to enhance operations through the engagement of specialized service providers with high levels of specific subject matter expertise, focus on their key competitive advantages and achieve greater operating flexibility.

Growth Characteristics

Expansion of the Energy Products & Services market will continue to be driven by a multitude of factors, including (i) new discoveries of oil and natural gas resources, (ii) increasing domestic and international demand for oil and natural gas, (iii) continued advancement of drilling and completion methods and technologies and (iv) the need to balance growth and compliance with increasingly stringent regulations.

Segments of Interest

Production and Completion Optimization Products and Services, Inspection, Testing and Maintenance, Highly Engineered Components, Niche Product Manufacturing and Rental, Data Analytics, Software Enabled Solutions, Safety Training, Compliance Tools and Services, Fluid Management

Key Investment Characteristics
  • Experienced management teams
  • Deep subject matter expertise
  • Recurring and visible revenue
  • Differentiated solution providers
  • Longstanding customer relationships
  • Substantial switching costs and barriers to entry
  • Meaningful component of the value chain
  • Demonstrated growth and vision for the future
  • Scalable technology platforms

Industry Technology & Services

Energy and utility providers have demonstrated a consistent and growing trend toward outsourcing non-core functions.

Industry Description

Accelerating outsourcing trends within the industrial services industry present a compelling buy and build investment opportunity. The industrial services market (oilfield services, utilities, etc.) is highly fragmented with many emerging players providing niche service offerings. These dynamics create significant opportunity to build an attractive suite of outsourced services that provide energy, utility and other industrial customers with a broader solution to their complex operational and strategic challenges.

Value Proposition

Outsourcing allows industrial companies to convert a large portion of their fixed cost structure into variable expenses, enhancing profitability and facilitating more operational flexibility. Additionally, the aging workforce necessitates a knowledge transfer from experienced workers to new workers, creating opportunities for a total solution provider.

Growth Characteristics

Steady growth of energy consumption, the age of utility infrastructure and other attractive growth dynamics within industrial services provides excellent opportunities for organic growth. An acquisition strategy can further accelerate growth by combining service providers that offer complementary capabilities.

Segments of Interest

Outsourced utility services, oilfield services, industrial safety and maintenance and other specialty products and services.

Key Investment Characteristics
  • Provider of outsourced services to energy, utility, and infrastructure companies
  • Recurring revenue associated with maintenance services or long-term contracts
  • Ability to expand current service offering to existing customers
  • Low dependence on new construction activities
  • Broad customer base without significant concentrations