{"id":13,"date":"2025-11-10T20:30:14","date_gmt":"2025-11-10T20:30:14","guid":{"rendered":"https:\/\/pilofun.com\/?page_id=13"},"modified":"2025-11-10T23:44:32","modified_gmt":"2025-11-10T23:44:32","slug":"home-3","status":"publish","type":"page","link":"https:\/\/pilofun.com\/","title":{"rendered":"Home 3"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"13\" class=\"elementor elementor-13\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8c67a69 e-flex e-con-boxed e-con e-parent\" data-id=\"8c67a69\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-a3e1066 e-con-full e-flex e-con e-child\" data-id=\"a3e1066\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7efa42a elementor-widget elementor-widget-heading\" data-id=\"7efa42a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">We acquire, steward, and compound enduring businesses.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2926d2d elementor-widget elementor-widget-text-editor\" data-id=\"2926d2d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><i>Pilofun is a permanent-capital holding company<\/i>. We partner with exceptional operators, cultivate decentralized autonomy, and focus on free cash flow per share over decades not quarters.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fee7574 e-con-full e-flex e-con e-child\" data-id=\"fee7574\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d94c957 elementor-widget elementor-widget-button\" data-id=\"d94c957\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Learn More<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c2ec405 elementor-mobile-align-left elementor-widget elementor-widget-button\" data-id=\"c2ec405\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#Contact\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Sell your business<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2a7ee90 e-flex e-con-boxed e-con e-parent\" data-id=\"2a7ee90\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-df16f37 e-con-full e-flex e-con e-child\" data-id=\"df16f37\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-39172df elementor-widget elementor-widget-html\" data-id=\"39172df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<svg width=\"40\" height=\"64\" viewBox=\"0 0 64 64\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\r\n  <rect x=\"10\" y=\"24\" width=\"8\" height=\"28\" rx=\"2\" fill=\"currentColor\"\/>\r\n  <rect x=\"28\" y=\"14\" width=\"8\" height=\"38\" rx=\"2\" fill=\"currentColor\"\/>\r\n  <rect x=\"46\" y=\"6\" width=\"8\" height=\"46\" rx=\"2\" fill=\"currentColor\"\/>\r\n<\/svg>\r\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fe0ab1 elementor-widget elementor-widget-heading\" data-id=\"5fe0ab1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Permanent Capital\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e3d8cc elementor-widget elementor-widget-text-editor\" data-id=\"5e3d8cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tNo fund life. We own forever when it\u00e2\u20ac\u2122s working, enabling patient strategy and sustainable cultures.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5a86d42 e-con-full e-flex e-con e-child\" data-id=\"5a86d42\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-68bffbf elementor-widget elementor-widget-html\" data-id=\"68bffbf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<svg width=\"40\" height=\"64\" viewBox=\"0 0 64 64\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\r\n  <path d=\"M32 6L54 14V30C54 43 45 54 32 58C19 54 10 43 10 30V14L32 6Z\" stroke=\"currentColor\" stroke-width=\"4\" fill=\"none\"\/>\r\n  <circle cx=\"32\" cy=\"30\" r=\"8\" fill=\"currentColor\"\/>\r\n<\/svg>\r\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdcccdc elementor-widget elementor-widget-heading\" data-id=\"fdcccdc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Decentralized Autonomy\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a5cf142 elementor-widget elementor-widget-text-editor\" data-id=\"a5cf142\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tLeaders closest to the customer make decisions. HQ serves, measures, and allocates.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-14932d5 e-con-full e-flex e-con e-child\" data-id=\"14932d5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1f15e57 elementor-widget__width-auto elementor-widget elementor-widget-html\" data-id=\"1f15e57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<svg width=\"40\" height=\"64\" viewBox=\"0 0 64 64\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\r\n  <path d=\"M10 44L26 28L38 40L54 24\" stroke=\"currentColor\" stroke-width=\"6\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n<\/svg>\r\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17780df elementor-widget elementor-widget-heading\" data-id=\"17780df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Compounding Playbook\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6016c60 elementor-widget elementor-widget-text-editor\" data-id=\"6016c60\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tDisciplined M&#038;A, continuous improvement, and reinvestment into high-return internal projects.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e2a220b e-flex e-con-boxed e-con e-parent\" data-id=\"e2a220b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4c9870a elementor-widget elementor-widget-menu-anchor\" data-id=\"4c9870a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"About\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-254544a elementor-widget elementor-widget-heading\" data-id=\"254544a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">About Pilofun\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42e9862 elementor-widget elementor-widget-text-editor\" data-id=\"42e9862\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tInspired by durable holding companies like Danaher and Berkshire Hathaway, we buy and build niche, cash-generative companies with enduring moats. We prioritize culture, operating cadence, and conservative balance sheets.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4627edb elementor-widget elementor-widget-text-editor\" data-id=\"4627edb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Mandate: US &amp; Canada focus; enterprise value $5\u2013100M; stable cash flows; succession or carve-out friendly; 20%+ ROC opportunities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-02d5416 e-flex e-con-boxed e-con e-parent\" data-id=\"02d5416\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-790f05d e-con-full e-flex e-con e-child\" data-id=\"790f05d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_top&quot;:&quot;tilt&quot;,&quot;shape_divider_bottom&quot;:&quot;tilt&quot;}\">\n\t\t\t\t<div class=\"elementor-shape elementor-shape-top\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b05f2b elementor-widget elementor-widget-heading\" data-id=\"7b05f2b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What We Look For<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b5d6df8 e-con-full e-flex e-con e-child\" data-id=\"b5d6df8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-813ab1f elementor-widget elementor-widget-heading\" data-id=\"813ab1f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Business Model<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5cdc55 elementor-widget elementor-widget-text-editor\" data-id=\"f5cdc55\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tRecurring \/ repeat demand\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7ea9daf e-con-full e-flex e-con e-child\" data-id=\"7ea9daf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d714763 elementor-widget elementor-widget-heading\" data-id=\"d714763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Moat<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c29a66d elementor-widget elementor-widget-text-editor\" data-id=\"c29a66d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tSwitching costs or niche dominance\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6b2d6a8 e-con-full e-flex e-con e-child\" data-id=\"6b2d6a8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-68e78ac elementor-widget elementor-widget-heading\" data-id=\"68e78ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Unit Economics\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5482f2a elementor-widget elementor-widget-text-editor\" data-id=\"5482f2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tHigh gross margin &#038; cash conversion\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9981558 e-con-full e-flex e-con e-child\" data-id=\"9981558\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-be8d9a3 elementor-widget elementor-widget-heading\" data-id=\"be8d9a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Culture<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-205cea0 elementor-widget elementor-widget-text-editor\" data-id=\"205cea0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<section id=\"about\" class=\"wrap two fadein\"><div><div class=\"list\" role=\"list\"><div class=\"row\" role=\"listitem\">Operator-led, customer-obsessed<\/div><\/div><\/div><\/section><section id=\"principles\" class=\"wrap fadein\"><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-709cc6c e-flex e-con-boxed e-con e-parent\" data-id=\"709cc6c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a8e0009 elementor-widget elementor-widget-menu-anchor\" data-id=\"a8e0009\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Owners\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4839466 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"4839466\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"#Owners\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Owner\u2019s Principles\n<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7c71640 e-con-full e-flex e-con e-child\" data-id=\"7c71640\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-90e9983 e-con-full e-flex e-con e-child\" data-id=\"90e9983\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c207a93 elementor-widget elementor-widget-heading\" data-id=\"c207a93\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">1<\/p>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fab3f0a elementor-widget elementor-widget-heading\" data-id=\"fab3f0a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Long-Term &amp; Tax-Efficient Compounding<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4253210 elementor-widget elementor-widget-text-editor\" data-id=\"4253210\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tWe maximize intrinsic value per share over time\u2014not quarterly optics.\nReinvest steadily, avoid churn, minimize frictional costs.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ea9f54a e-con-full e-flex e-con e-child\" data-id=\"ea9f54a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-44874ef elementor-widget elementor-widget-heading\" data-id=\"44874ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">2<\/p>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9a6a0d elementor-widget elementor-widget-heading\" data-id=\"a9a6a0d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Decentralized Ownership with Accountability<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea946ad elementor-widget elementor-widget-text-editor\" data-id=\"ea946ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tOperator-led companies run independently with clear scorecards.\nHQ allocates capital, shares playbooks, and ensures talent density.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a22151c e-con-full e-flex e-con e-child\" data-id=\"a22151c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-908bf00 elementor-widget elementor-widget-heading\" data-id=\"908bf00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">3<\/p>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-604e0a4 elementor-widget elementor-widget-heading\" data-id=\"604e0a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Conservative Balance Sheet &amp; Fair Dealing<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e40266c elementor-widget elementor-widget-text-editor\" data-id=\"e40266c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tWe use low-to-moderate leverage and maintain liquidity.\nWe treat teams, partners, and sellers with respect\u2014reputation compounds.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f37c51e e-flex e-con-boxed e-con e-parent\" data-id=\"f37c51e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-4e2ab8a e-con-full e-flex e-con e-child\" data-id=\"4e2ab8a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f012cd2 elementor-widget elementor-widget-menu-anchor\" data-id=\"f012cd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Portfolio\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-218debe elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"218debe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Portfolio Companies<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-848dc50 elementor-widget elementor-widget-text-editor\" data-id=\"848dc50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Representative holdings. We welcome inquiries from owners seeking a thoughtful long-term steward.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e0d99a5 e-con-full e-flex e-con e-child\" data-id=\"e0d99a5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-de3228e e-con-full e-flex e-con e-child\" data-id=\"de3228e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f097c72 elementor-widget elementor-widget-image\" data-id=\"f097c72\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"80\" height=\"80\" src=\"https:\/\/pilofun.com\/wp-content\/uploads\/2025\/11\/prairie_fasteners_icon.png\" class=\"attachment-full size-full wp-image-28\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f60cac elementor-widget elementor-widget-heading\" data-id=\"5f60cac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Prairie Fasteners<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6be02fd elementor-widget elementor-widget-text-editor\" data-id=\"6be02fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tIndustrial components \u00b7 Midwest\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cbd1c3f e-con-full e-flex e-con e-child\" data-id=\"cbd1c3f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-00682ed elementor-widget elementor-widget-image\" data-id=\"00682ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"80\" height=\"80\" src=\"https:\/\/pilofun.com\/wp-content\/uploads\/2025\/11\/prairie_fasteners_icon.png\" class=\"attachment-full size-full wp-image-28\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b4fb5f elementor-widget elementor-widget-heading\" data-id=\"5b4fb5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Harbor Controls<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77cee9c elementor-widget elementor-widget-text-editor\" data-id=\"77cee9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Automation &amp; controls \u00b7 Northeast<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1799507 e-con-full e-flex e-con e-child\" data-id=\"1799507\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-09b4bc5 elementor-widget elementor-widget-image\" data-id=\"09b4bc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"80\" height=\"80\" src=\"https:\/\/pilofun.com\/wp-content\/uploads\/2025\/11\/prairie_fasteners_icon.png\" class=\"attachment-full size-full wp-image-28\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc098bb elementor-widget elementor-widget-heading\" data-id=\"bc098bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Maple Services<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-234d2d1 elementor-widget elementor-widget-text-editor\" data-id=\"234d2d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tField services \u00b7 Canada\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a35a1e3 e-con-full e-flex e-con e-child\" data-id=\"a35a1e3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3db4565 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"3db4565\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Investment Criteria<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7212fe3 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"7212fe3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">EV $5\u2013100M, EBITDA margins 15%+<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Recurring\/repeat demand with pricing power<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Low customer concentration preferred<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Succession, carve-outs, or founder liquidity<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-aa447f0 e-flex e-con-boxed e-con e-parent\" data-id=\"aa447f0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d89fcec elementor-widget elementor-widget-menu-anchor\" data-id=\"d89fcec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Letters\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ce7760 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"0ce7760\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Owner Letters\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-217eb27 elementor-widget elementor-widget-text-editor\" data-id=\"217eb27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tModeled after classic shareholder communications. Plain talk and operating metrics over hype.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5e6d583 e-con-full e-flex e-con e-child\" data-id=\"5e6d583\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-cd67e83 e-con-full e-flex e-con e-child\" data-id=\"cd67e83\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-192494b elementor-widget elementor-widget-text-editor\" data-id=\"192494b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tOct 1, 2025\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a66b2e3 elementor-widget elementor-widget-heading\" data-id=\"a66b2e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2025 Founding Letter\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8075a6 elementor-widget elementor-widget-text-editor\" data-id=\"c8075a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tWhy Pilofun exists, how we allocate, and the culture we\u2019re building.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-025dc80 e-con-full e-flex e-con e-child\" data-id=\"025dc80\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f7c5110 elementor-widget elementor-widget-text-editor\" data-id=\"f7c5110\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tDec 31, 2025\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88f1fcf elementor-widget elementor-widget-heading\" data-id=\"88f1fcf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2025 Year-End Letter\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcd9f30 elementor-widget elementor-widget-text-editor\" data-id=\"fcd9f30\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tScorecards, capital deployment, and lessons learned.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-108ab2c elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"108ab2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">COMING SOON<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-22404d2 e-con-full e-flex e-con e-child\" data-id=\"22404d2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a699bf9 elementor-widget elementor-widget-text-editor\" data-id=\"a699bf9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tJun 30, 2026\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc7a98b elementor-widget elementor-widget-heading\" data-id=\"dc7a98b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Mid-Year Update\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d86ffd4 elementor-widget elementor-widget-text-editor\" data-id=\"d86ffd4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tOperating cadence and progress on the buy-and-build pipeline.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-167e105 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"167e105\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">COMING SOON<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c48c632 e-flex e-con-boxed e-con e-parent\" data-id=\"c48c632\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e39efaf e-con-full e-flex e-con e-child\" data-id=\"e39efaf\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c89e7a4 elementor-widget elementor-widget-menu-anchor\" data-id=\"c89e7a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Contact\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac287c3 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"ac287c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Sell-Side &amp; Operator Inquiries\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dac34ed elementor-widget elementor-widget-text-editor\" data-id=\"dac34ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tWe respond quickly and discreetly. If you\u2019re considering a transition\u2014or you want to run a business with autonomy and support\u2014let\u2019s talk.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ec4f89 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3ec4f89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:hello@pilofun.com\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"800px\" height=\"800px\" viewBox=\"0 0 24 24\" fill=\"none\"><g id=\"style=stroke\"><g id=\"email\"><path id=\"vector (Stroke)\" fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M3.88534 5.2371C3.20538 5.86848 2.75 6.89295 2.75 8.5V15.5C2.75 17.107 3.20538 18.1315 3.88534 18.7629C4.57535 19.4036 5.61497 19.75 7 19.75H17C18.385 19.75 19.4246 19.4036 20.1147 18.7629C20.7946 18.1315 21.25 17.107 21.25 15.5V8.5C21.25 6.89295 20.7946 5.86848 20.1147 5.2371C19.4246 4.59637 18.385 4.25 17 4.25H7C5.61497 4.25 4.57535 4.59637 3.88534 5.2371ZM2.86466 4.1379C3.92465 3.15363 5.38503 2.75 7 2.75H17C18.615 2.75 20.0754 3.15363 21.1353 4.1379C22.2054 5.13152 22.75 6.60705 22.75 8.5V15.5C22.75 17.393 22.2054 18.8685 21.1353 19.8621C20.0754 20.8464 18.615 21.25 17 21.25H7C5.38503 21.25 3.92465 20.8464 2.86466 19.8621C1.79462 18.8685 1.25 17.393 1.25 15.5V8.5C1.25 6.60705 1.79462 5.13152 2.86466 4.1379Z\" fill=\"#000000\"><\/path><path id=\"vector (Stroke)_2\" fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M19.3633 7.31026C19.6166 7.63802 19.5562 8.10904 19.2285 8.3623L13.6814 12.6486C12.691 13.4138 11.3089 13.4138 10.3185 12.6486L4.77144 8.3623C4.44367 8.10904 4.38328 7.63802 4.63655 7.31026C4.88982 6.98249 5.36083 6.9221 5.6886 7.17537L11.2356 11.4616C11.6858 11.8095 12.3141 11.8095 12.7642 11.4616L18.3113 7.17537C18.6391 6.9221 19.1101 6.98249 19.3633 7.31026Z\" fill=\"#000000\"><\/path><\/g><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Email: <u>hello@pilofun.com<\/u><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/press@pilofun.com\" target=\"_blank\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" width=\"800px\" height=\"800px\" viewBox=\"0 0 64 64\" xml:space=\"preserve\"><style type=\"text\/css\">\t.st0{fill:none;stroke:#EDEDED;stroke-width:0.25;stroke-miterlimit:10;}\t.st1{fill:none;stroke:#BDBDBD;stroke-width:0.25;stroke-miterlimit:10;}\t.st2{fill:none;stroke:#000000;stroke-width:2;stroke-miterlimit:10;}\t.st3{fill:#35C6F4;}\t.st4{fill:#EA386E;}\t.st5{fill:#7065AD;}\t.st6{fill:#FDBE57;}\t.st7{fill:#7BC89C;}\t.st8{fill:#FDD304;}\t.st9{fill:#27255F;}\t.st10{fill:#00AEEF;}<\/style><g id=\"Layer_1\"><\/g><g id=\"Layer_2\"><g><path d=\"M49.4,11.7L24.2,18H9.4v3h-6v14h1h5v3h1H13l2.7,14h0.8h6.5l-2.7-14h3.8l25.1,6.3V43v-8h3.3V21h-3.3V11.7z M9.4,33h-4V23h4    V33z M20.7,50h-3.3l-2.3-12h3.3L20.7,50z M23.4,36H20h-7.4h-1.3v-1V21v-1h12V36z M47.4,21L47.4,21l0,14h0v6.7l-22-5.5V19.8l22-5.5    V21z M50.6,23v10h-1.3V23H50.6z\"><\/path><rect height=\"2\" width=\"4.8\" x=\"54.9\" y=\"27\"><\/rect><rect height=\"2\" transform=\"matrix(0.9126 -0.4088 0.4088 0.9126 -3.5859 25.19)\" width=\"5\" x=\"54.7\" y=\"20\"><\/rect><rect height=\"5\" transform=\"matrix(0.4088 -0.9126 0.9126 0.4088 1.827 72.8513)\" width=\"2\" x=\"56.1\" y=\"32.5\"><\/rect><\/g><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Media\/PR: : <u>press@pilofun.com<\/u><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d246dde e-con-full e-flex e-con e-child\" data-id=\"d246dde\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e2ac568 elementor-widget__width-inherit elementor-widget elementor-widget-shortcode\" data-id=\"e2ac568\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><style id=\"wpforms-css-vars-33\">\n\t\t\t\t#wpforms-33 {\n\t\t\t\t--wpforms-container-padding: 0px;\n--wpforms-container-border-width: 1px;\n--wpforms-container-border-radius: 3px;\n--wpforms-background-color: rgba(0, 0, 0, 0);\n--wpforms-field-size-input-height: 43px;\n--wpforms-field-size-input-spacing: 15px;\n--wpforms-field-size-font-size: 16px;\n--wpforms-field-size-line-height: 19px;\n--wpforms-field-size-padding-h: 14px;\n--wpforms-field-size-checkbox-size: 16px;\n--wpforms-field-size-sublabel-spacing: 5px;\n--wpforms-field-size-icon-size: 1;\n--wpforms-label-size-font-size: 16px;\n--wpforms-label-size-line-height: 19px;\n--wpforms-label-size-sublabel-font-size: 14px;\n--wpforms-label-size-sublabel-line-height: 17px;\n--wpforms-button-size-font-size: 17px;\n--wpforms-button-size-height: 41px;\n--wpforms-button-size-padding-h: 15px;\n--wpforms-button-size-margin-top: 10px;\n--wpforms-container-shadow-size-box-shadow: none;\n\t\t\t}\n\t\t\t<\/style><div class=\"wpforms-container wpforms-container-full wpforms-render-modern\" id=\"wpforms-33\"><form id=\"wpforms-form-33\" class=\"wpforms-validate wpforms-form wpforms-ajax-form\" data-formid=\"33\" method=\"post\" enctype=\"multipart\/form-data\" action=\"\/index.php?rest_route=%2Fwp%2Fv2%2Fpages%2F13\" data-token=\"86e2e6111cf9a12a9ac702f028c10dca\" data-token-time=\"1777193546\"><noscript class=\"wpforms-error-noscript\">Please enable JavaScript in your browser to complete this form.<\/noscript><div id=\"wpforms-error-noscript\" style=\"display: none;\">Please enable JavaScript in your browser to complete this form.<\/div><div class=\"wpforms-field-container\"><div id=\"wpforms-33-field_1-container\" class=\"wpforms-field wpforms-field-name\" data-field-id=\"1\"><fieldset><legend class=\"wpforms-field-label\">Name <span class=\"wpforms-required-label\" aria-hidden=\"true\">*<\/span><\/legend><div class=\"wpforms-field-row wpforms-field-large\"><div class=\"wpforms-field-row-block wpforms-first wpforms-one-half\"><input type=\"text\" id=\"wpforms-33-field_1\" class=\"wpforms-field-name-first wpforms-field-required\" name=\"wpforms[fields][1][first]\" aria-errormessage=\"wpforms-33-field_1-error\" required><label for=\"wpforms-33-field_1\" class=\"wpforms-field-sublabel after\">First<\/label><\/div><div class=\"wpforms-field-row-block wpforms-one-half\"><input type=\"text\" id=\"wpforms-33-field_1-last\" class=\"wpforms-field-name-last wpforms-field-required\" name=\"wpforms[fields][1][last]\" aria-errormessage=\"wpforms-33-field_1-last-error\" required><label for=\"wpforms-33-field_1-last\" class=\"wpforms-field-sublabel after\">Last<\/label><\/div><\/div><\/fieldset><\/div>\t\t<div id=\"wpforms-33-field_4-container\"\n\t\t\tclass=\"wpforms-field wpforms-field-text\"\n\t\t\tdata-field-type=\"text\"\n\t\t\tdata-field-id=\"4\"\n\t\t\t>\n\t\t\t<label class=\"wpforms-field-label\" for=\"wpforms-33-field_4\" >Name Email Message<\/label>\n\t\t\t<input type=\"text\" id=\"wpforms-33-field_4\" class=\"wpforms-field-medium\" name=\"wpforms[fields][4]\" >\n\t\t<\/div>\n\t\t<div id=\"wpforms-33-field_2-container\" class=\"wpforms-field wpforms-field-email\" data-field-id=\"2\"><label class=\"wpforms-field-label\" for=\"wpforms-33-field_2\">Email <span class=\"wpforms-required-label\" aria-hidden=\"true\">*<\/span><\/label><input type=\"email\" id=\"wpforms-33-field_2\" class=\"wpforms-field-large wpforms-field-required\" name=\"wpforms[fields][2]\" spellcheck=\"false\" aria-errormessage=\"wpforms-33-field_2-error\" required><\/div><div id=\"wpforms-33-field_3-container\" class=\"wpforms-field wpforms-field-textarea\" data-field-id=\"3\"><label class=\"wpforms-field-label\" for=\"wpforms-33-field_3\">Message<\/label><textarea id=\"wpforms-33-field_3\" class=\"wpforms-field-medium\" name=\"wpforms[fields][3]\" aria-errormessage=\"wpforms-33-field_3-error\" ><\/textarea><\/div><script>\n\t\t\t\t( function() {\n\t\t\t\t\tconst style = document.createElement( 'style' );\n\t\t\t\t\tstyle.appendChild( document.createTextNode( '#wpforms-33-field_4-container { position: absolute !important; overflow: hidden !important; display: inline !important; height: 1px !important; width: 1px !important; z-index: -1000 !important; padding: 0 !important; } #wpforms-33-field_4-container input { visibility: hidden; } #wpforms-conversational-form-page #wpforms-33-field_4-container label { counter-increment: none; }' ) );\n\t\t\t\t\tdocument.head.appendChild( style );\n\t\t\t\t\tdocument.currentScript?.remove();\n\t\t\t\t} )();\n\t\t\t<\/script><\/div><!-- .wpforms-field-container --><div class=\"wpforms-submit-container\" ><input type=\"hidden\" name=\"wpforms[id]\" value=\"33\"><input type=\"hidden\" name=\"page_title\" value=\"\"><input type=\"hidden\" name=\"page_url\" value=\"https:\/\/pilofun.com\/index.php?rest_route=\/wp\/v2\/pages\/13\"><input type=\"hidden\" name=\"url_referer\" value=\"\"><button type=\"submit\" name=\"wpforms[submit]\" id=\"wpforms-submit-33\" class=\"wpforms-submit\" data-alt-text=\"Sending...\" data-submit-text=\"Submit\" aria-live=\"assertive\" value=\"wpforms-submit\">Submit<\/button><img decoding=\"async\" src=\"https:\/\/pilofun.com\/wp-content\/plugins\/wpforms-lite\/assets\/images\/submit-spin.svg\" class=\"wpforms-submit-spinner\" style=\"display: none;\" width=\"26\" height=\"26\" alt=\"Loading\"><\/div><\/form><\/div>  <!-- .wpforms-container -->\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fc0357b e-flex e-con-boxed e-con e-parent\" data-id=\"fc0357b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-06df667 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"06df667\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Scorecard (illustrative)\n<\/h4>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f22a361 e-con-full e-flex e-con e-child\" data-id=\"f22a361\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-7a6a1f1 e-con-full e-flex e-con e-child\" data-id=\"7a6a1f1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d51be38 elementor-widget elementor-widget-heading\" data-id=\"d51be38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Per-share intrinsic value\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-005d957 elementor-widget elementor-widget-text-editor\" data-id=\"005d957\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tcompounding\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-51f672a e-con-full e-flex e-con e-child\" data-id=\"51f672a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1c3c122 elementor-widget elementor-widget-heading\" data-id=\"1c3c122\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Net debt \/ EBITDA\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55a4503 elementor-widget elementor-widget-text-editor\" data-id=\"55a4503\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t< 2.0x target\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-df423ab e-con-full e-flex e-con e-child\" data-id=\"df423ab\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e50f6b5 elementor-widget elementor-widget-heading\" data-id=\"e50f6b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Unlevered ROC\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65554ab elementor-widget elementor-widget-text-editor\" data-id=\"65554ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t> 20% hurdle\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>We acquire, steward, and compound enduring businesses. Pilofun is a permanent-capital holding company. We partner with exceptional operators, cultivate decentralized autonomy, and focus on free cash flow per share over decades not quarters. Learn More Sell your business Permanent Capital No fund life. We own forever when it\u00e2\u20ac\u2122s working, enabling patient strategy and sustainable cultures. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-13","page","type-page","status-publish","hentry"],"featured_image_src":null,"featured_image_src_square":null,"_links":{"self":[{"href":"https:\/\/pilofun.com\/index.php?rest_route=\/wp\/v2\/pages\/13","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pilofun.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pilofun.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pilofun.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pilofun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13"}],"version-history":[{"count":0,"href":"https:\/\/pilofun.com\/index.php?rest_route=\/wp\/v2\/pages\/13\/revisions"}],"wp:attachment":[{"href":"https:\/\/pilofun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}