The business should have annual revenues of approximately $5 million to $35 million, and have some history of operating profitably.

North American will consider manufacturing, service or distribution businesses. The business may be in any industry. The industry may be either mature or fast-growing. North American's only limitation is that product life cycles be relatively stable. North American will not consider real estate-related investment opportunities.

The business should be capable through internal growth and/or acquisitions of becoming a leader in a growing market niche and achieving annual revenues of $50 million or more in a three-to-seven year time frame. Particularly attractive are market niches where it is possible to i) transform companies into growth businesses through the application of technology or capital equipment, or ii) combine fragmented market participants and achieve economies of scale.

In addition, North American will consider businesses of any size that complement companies it already owns.