EXCELLERE PARTNERS

Thesis

Excellere Partners is a Denver-based private equity firm founded in 2006, specializing in partnering with entrepreneurs and management teams to build value in mid-market companies. Their investment strategy is thematic, focusing on the healthcare, business services, and industrial growth sectors. Within healthcare, they target provider services, life sciences/pharmaceuticals, medical products, and healthcare business services. For industrial growth, they look at companies that enhance productivity, quality, compliance, and safety. Excellere primarily invests in founder-led or family-owned businesses, requiring significant reinvestment from founders/management. Their strategy includes a 'buy-and-build' approach, utilizing growth recapitalizations and management buyouts, targeting companies with a minimum EBITDA of $3 million for platform acquisitions (or $7 million for medical products). They support companies through organic growth, value enhancement, and add-on acquisitions. Excellere primarily targets North American companies but considers select international opportunities. As of March 2026, their AUM was $2.1 billion across 5 funds, with a history of keeping fund sizes below $1 billion. Their investment approach is less reliant on leverage, with a weighted average leverage of less than 3.2x EBITDA at acquisition.

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• Series C+ Healthcare investors
• Series C+ investors based in Denver, CO