Wavecrest Growth Partners
Anybody know anything about Wavecrest Growth? Seems like a LMM growth shop in Boston but if anyone has any more info on them, it's appreciated.
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No they are actually a MF buyout shop in Tuskegee, AL. Do a little research next time pal
Started by ex Bain Capital Ventures folks. They do mostly control deals in relatively high-floor low-ceiling companies (by growth equity standards). Think businesses that are like $5-15 of ARR, bootstrapped, growing 20-60%, profitable-ish. Strategy is to pay "value" multiples for these businesses (3-6x ARR), pick some low-hanging operational fruit, and recap out for a higher multiple once these companies hit the $20-50M ARR range. They did really well on BigTime (sold to Vista) and Building Engines so they seem to have real momentum for a newer firm. Overall it's a pretty solid strategy that I think has been overlooked, though if you're trying to invest in high-flying cutting-edge stuff this ain't it.
It's a very lean team relative to AUM (I think 10 people) so that, combined with the orientation toward value + proprietary deals, would lead me to expect it's a sweatshop. Culturally the people I know there (n=2) are pretty middle-of-the-road... typical "smart enough, pleasant enough" folks you'd find at any firm.
Very informative answer, thanks! Curious if you know how comp is given their lean structure?
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