Appian Way Capital Partners

Appian Way is a Dallas-based investment firm focused on working closely with a select group of private companies and helping them execute their vision to reach their full potential. Appian brings significant experience to the table with a focus on collaborating with our management teams to drive significant growth over the long-term. Target Company Characteristics ▪ Revenue: $10-100+ million ▪ EBITDA: $2-20 million ▪ US-based ▪ Proximity to Texas a plus on sub-$5 MM EBITDA deals ▪ Strong margins ▪ Strong free cash flow / modest CapEx ▪ Diverse customer and vendor base ▪ Non-cyclical ▪ Defensive niche / high barriers to entry ▪ Highly fractured industry with consolidation potential We invest in companies that have strong potential to grow significantly. We do NOT simply cut costs and pull cash out of the business.