Capital partners
Money with no date on it.
Every deal has a capital structure. Ours is in the LOI, with anything conditional called conditional. If you think about businesses the way we do — long hold, no resale date — we'd like to hear from you.
How we fund a deal
What's committed, and what's conditional.
Fellwater's own equity, partner equity where a deal calls for it, bank debt sized to what the business can carry, and seller financing where it makes a deal work.
What's committed and what's subject to a lender's approval sits side by side in the offer, so nobody finds out in month four.
Bank debt includes SBA-backed loans where they fit. Seller notes are used when they solve a real problem and the seller wants one, never as a way to avoid paying.
What a partner gets.
Ownership of durable, cash-generating businesses, bought directly from the people who built them, held without a clock.
We underwrite the boring case — a business that keeps doing what it does — and pay a fair price for it. We don't need a plan to double it in five years, and we don't run integration playbooks. Returns come from owning good businesses well, for a long time, and from buying the next one alongside the operator who knows the industry.
Who we'd like to hear from.
Individuals and families who want ownership rather than a fund interest. Operators who've run businesses like the ones we buy. Lenders who understand owner transitions. And anyone who has read the letters and wants to argue with one.
Think about businesses the way we do?
Long hold, no resale date. Tell us a little about how you invest, and we'll be in touch.
Prefer to reach us directly? inquiries@fellwater.com · Call or text (206) 895-7474
What to expect
Then, if it might fit:
- A short call with the person who decides
- A written offer after basic financials, not a range
- A timeline set before you commit, and a call from us if it moves
- No contact with your people or customers without your say-so