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.
Permanent Capital
No fund life. We own forever when it’s working, enabling patient strategy and sustainable cultures.
Decentralized Autonomy
Leaders closest to the customer make decisions. HQ serves, measures, and allocates.
Compounding Playbook
Disciplined M&A, continuous improvement, and reinvestment into high-return internal projects.
About Pilofun
Inspired 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.
Mandate: US & Canada focus; enterprise value $5–100M; stable cash flows; succession or carve-out friendly; 20%+ ROC opportunities.
What We Look For
Business Model
Recurring / repeat demand
Moat
Switching costs or niche dominance
Unit Economics
High gross margin & cash conversion
Culture
Operator-led, customer-obsessed
Owner’s Principles
1
Long-Term & Tax-Efficient Compounding
We maximize intrinsic value per share over time—not quarterly optics.
Reinvest steadily, avoid churn, minimize frictional costs.
2
Decentralized Ownership with Accountability
Operator-led companies run independently with clear scorecards.
HQ allocates capital, shares playbooks, and ensures talent density.
3
Conservative Balance Sheet & Fair Dealing
We use low-to-moderate leverage and maintain liquidity.
We treat teams, partners, and sellers with respect—reputation compounds.
Portfolio Companies
Representative holdings. We welcome inquiries from owners seeking a thoughtful long-term steward.
Prairie Fasteners
Industrial components · Midwest
Harbor Controls
Automation & controls · Northeast
Maple Services
Field services · Canada
Investment Criteria
- EV $5–100M, EBITDA margins 15%+
- Recurring/repeat demand with pricing power
- Low customer concentration preferred
- Succession, carve-outs, or founder liquidity
Owner Letters
Modeled after classic shareholder communications. Plain talk and operating metrics over hype.
Oct 1, 2025
2025 Founding Letter
Why Pilofun exists, how we allocate, and the culture we’re building.
Dec 31, 2025
2025 Year-End Letter
Scorecards, capital deployment, and lessons learned.
COMING SOON
Jun 30, 2026
Mid-Year Update
Operating cadence and progress on the buy-and-build pipeline.
COMING SOON
Sell-Side & Operator Inquiries
We respond quickly and discreetly. If you’re considering a transition—or you want to run a business with autonomy and support—let’s talk.
Scorecard (illustrative)
Per-share intrinsic value
compounding
Net debt / EBITDA
< 2.0x target
Unlevered ROC
> 20% hurdle