Capital for cash flows the market has not priced.
Criterica Capital provides capital to, or acts as the buyer of, cash-flowing, asset-backed businesses outside litigation: receivables, contracts, royalties and servicing books. A written collateral and cash-flow read comes first.
A good business can be undervalued because no one can read it.
When the cash flows are real but the asset is unusual, banks and generalist buyers discount it or pass. We read the underlying record and price the business on what it collects.
Four things make a business a fit.
Measurable cash flows
Collections that can be counted, by period and by source.
A record that can be read
Item-level history we can analyze: what was originated, what was collected and when.
Limited correlation to markets
Cash flows that depend on contracts and counterparties, not on the direction of public markets.
A long horizon
Assets that pay over years, held by owners who want a partner for that horizon.
A written collateral and cash-flow read.
Before any structure, you see what the business supports.
The collateral and cash-flow read
We read the collateral and the cash flows from your record and state what they support: the collection pattern, the concentration, and what capital or price is consistent with the record. You receive it in writing and can stop there.
Tell us about the businessFrom a first conversation to a structure.
- STEP 1Tell us about the businessWhat it does, what it holds and what you want.
- STEP 2Send the recordItem-level history of the assets and their collections.
- STEP 3Written readCollateral and cash flows, in writing.
- STEP 4Structure in writingGrowth capital, recapitalization, a control or minority partner, or a buyer.
Four items start the read.
Send what you have. We tell you what else is needed.
Tell us about the business.
Questions
Cash-flowing, asset-backed businesses with a record that can be read: receivables, contracts, royalties and servicing books. We do not limit the list to sectors; the record decides.
Growth capital, recapitalization, control or influential minority positions, and a buyer for owners who want to sell.
No. Many owners want capital or a partner and keep the business. We structure for either.
From the asset record and the cash flows, read item by item. We do not quote a multiple on a page.
Yes. Your record and business details go to the people working the file and no one else. Confidentiality terms can be signed before you send the record.
A written read follows a complete record. We confirm on receipt what is missing and tell you when to expect it.