Key Business Characteristics

• Stable or recurring revenue

• Identifiable growth opportunities

• Sustainable margins

• High returns on invested capital/limited capital intensity

• Significant barriers to entry and/or significant market share

• Simple, understandable businesses

• Non-cyclical industries

Financial Criteria

• Annual cash flow of $3 million to $30 million

Control

• Slate requires a controlling interest in acquired companies

Geographic Focus

• Companies with headquarters located in the Eastern half of the United States