The following key principles embody Waterman's investment philosophy.

Long-term Holder
Waterman is focused on growing and improving the value of its businesses over the long term for the benefit of all stakeholders.

Small to Mid-market Businesses
These businesses offer significant growth potential, and they have developed a level of scale and infrastructure which removes any key dependency issues.

Strategic Direction
Our investment professionals serve on portfolio company boards.  We see this as a proactive role working closely with senior management to develop and execute strategy.

Established Businesses
Waterman seeks established businesses with a track record of profitability and positive cash flows. It is not a venture capitalist and does not invest in early stage opportunities.

Prudent Gearing
Waterman operates a conservative business model. It uses term debt to enhance returns to stakeholders but not to the extent it places the business at risk.

Diversified Portfolio
Waterman is focused on the commercial characteristics of each acquisition target but it is open-minded about the industries in which it invests. It specifies only those industries in which it does not invest - property, resources, and primary industries exposed to the elements.

Management
Senior managers of our portfolio companies generally invest personally in their businesses.  The best managers we believe, act like - and are - owners.