Investment Criteria

Our investments are strategically targeted lower middle-market companies poised for substantial and sustainable growth.

  • Founder or Management Owned
  • $1MM – $10MM EBITDA 
  • $5MM to $75MM in Enterprise Value
  • Investment Size: $5MM – $15MM
  • Acquisition Structure: Majority and Seller-Rolling
  • Strong Growth Opportunity, Outlook, and Momentum
  • Historically profitable 
  • Geographic and Sector Focus

Investment Strategy

Size: Lower Middle-Market 

With a team of expert investors in the lower middle-market, in addition to Westlake’s CFO and CMO Services, each acquisition is strategically designed for attractive returns.

Geography: Focus in Texas 

Texas, with its 50-year track record of economic growth, business-friendly environment, low taxes, growing population, and robust economy, is where approximately 70% of our investments will be directed. The remaining 30% are directed to other areas within North America.

Industries: Diverse Sectors 

Our acquisitions are aligned with sectors set to benefit from Texas’ ongoing economic prosperity, such as food & beverage, consumer goods, manufacturing, business services, and technology-enabled services.

Business Services

Food, Beverage & Consumer Goods

Industrial & Manufacturing

Technology Services


Stephen Daubert is a Managing Director on the Westlake Asset Management team. He contributes an array of experiences as a value-oriented investor with extensive buy-side experience and board experience.

Leveraging over a decade of experience in buy-side and sell-side M&A transactions, Stephen has developed expertise in capital allocation, deal structuring, company positioning, negotiations, risk mitigation, and financial modeling.

In his previous role, He originated new relationships and sourced off-market investment opportunities for a single-family office. Stephen helped craft the family office’s venture capital and private equity investment strategy, focused on leveraging the deep experience of the family within the consumer sector.

Stephen is originally from Lincoln, NE and now resides in Denver, CO. He received his MBA in finance from Colorado State University.


Matt is the CEO of Westlake. Over the past 20 years, he has worked on over 130 completed transactions totaling over $5 billion in private placement and M&A value.

Matt has gained in-depth experience working with companies from the lower middle market up to public companies with market capitalizations in excess of $2 billion. Since joining Westlake in 2014, Matt has advised companies with combined annual revenue of over $1.8 billion in the areas of strategy, capital, finance, and M&A. He currently sits on the board of three companies.

In past roles, Matt has had full operational and P&L responsibility for a NYSE-listed company division with $15 million of EBITDA, led a multi-million-dollar revenue geographic territory for a privately held company, and oversaw a multi-million-dollar revenue product line for a NYSE-listed company.

Matt has an MBA in Banking from Sam Houston State University and has attended executive programs at Harvard and the University of Chicago. Matt holds Series 6, 7, 63, 65, 24, 27 and 79 FINRA licenses. Originally from Hinsdale, IL, Matt and his family have lived in central Texas for 15 years.