TUCKER'S FARM

Thesis

It operates as a permanent capital vehicle, allowing for indefinite holding periods and a focus on long-term value creation, inspired by Berkshire Hathaway and Koch Industries. The firm aims to deploy $50 million to $100 million of equity capital annually, primarily through buy-and-build or rollup strategies, targeting durable businesses with a few million dollars in annual cash flow. They prioritize revenue quality, mission criticality, and strong customer retention. Key sectors of interest include franchising, consumer, business services, home services, healthcare services, restaurants, bars, commercial products, software, financial technology, and digital health. The firm targets growth-stage and mature private companies in the lower-middle market, with a geographic focus on North America. Their strategy involves active M&A, often using a rollup or aggregation approach, seeking control or significant minority positions. The firm is investing out of an $110 million holding company vehicle and emphasizes equity efficiency and compounded outcomes, aiming to maximize MOIC over AUM. The firm emphasizes a streamlined pitch process starting with an introductory call.

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