A patient and flexible capital partner to family, founder, and entrepreneur-owned businesses.

about

Launched in 2023, White Mountains Partners (WMP) provides first institutional capital to companies in the essential services, light industrial, and specialty consumer industries.

WMP deploys a committed, flexible pool of capital from White Mountains Insurance Group (NYSE: WTM) and shares WTM’s core principle of thinking like owners.

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Differentiation

We are a differentiated capital partner.  Focus and flexibility are among our strongest competitive advantages.

Focus
  • Expertise in three key sectors: essential services, light industrial, and specialty consumer
  • Deep understanding of the unique challenges and opportunities facing family and entrepreneur-owned businesses
  • Dedicated resources and attention to a select number of portfolio companies
Flexibility
  • Committed pool of flexible capital; no fund-driven restrictions or timelines
  • Ability to close transactions quickly given streamlined processes
  • Opportunistic hold period, enabling alignment with our partners’ goals
Financing
  • No financing contingencies; deal execution independent of capital market conditions
  • Conservative capital structures; returns not dependent on financial engineering
  • Cash available for growth initiatives and distributions to owners
  • Disciplined balance sheet management; fortifies companies during challenging times
Partnership
  • We are true partners who respect your company’s heritage and culture
  • We give you the freedom to run your businesses, providing support in our areas of expertise
  • We do not charge portfolio companies any transaction, monitoring, or other fees
  • We provide access to the resources of an established, publicly traded parent company that shares our values
Views of the White Mountains from Mount Washington, New Hampshire

Criteria

WMP primarily targets 3 sectors:

Essential Services

Light Industrial

Specialty Consumer

Size

$10-50 million

EBITDA

Equity investment

$50-250 million

equity checks

Geography

Primarily North America

opportunistic internationally

Free Cash Flow

85%+

FCF conversion

First institutional capital

(platforms)

Majority ownership

(or minority with path to control)

Meaningful seller 
rollover equity

(20%+)

Industry Characteristics:

  • Large markets ($3+ billion)
  • Highly fragmented with significant bolt-on M&A opportunities
  • Multiple secular, structural, or cyclical growth drivers
  • Significant revenue visibility
Avalanche Falls, Flume Gorge, Franconia Notch State Park, New Hampshire, United States

Values

Our core values guide us in every interaction with our partners.

We hold ourselves and our partners to the highest standards of honesty and integrity. We communicate proactively, frequently, and transparently.

We are doers. We say what we mean and do what we say.

Excellence is achieved through dedication to continuous improvement. We strive to get better with each passing day.

We recognize that management’s time is the scarcest
resource. We want you to use that time on what matters most.

We seek to build companies that will endure and thrive over the long term. We take seriously our role as fellow stewards of your business and its legacy.

The White Mountains, New Hampshire, USA

Team

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