Background
Founded in 2005, KLH Capital pursue value-oriented investments in small companies in the specialty services, value-added distribution and niche manufacturing sectors.
Typically KLH will be the first institutional capital into closelyheld or family-owned businesses who roll meaningful equity. They look to invest in businesses with stable earnings, consistent profitability and a sustainable competitive advantage, where they can improve operations post-transaction.
Target company criteria
- Enterprise value: $20m-$125m
- Revenue: $20m+
- EBITDA: $5m+
- Total equity investment: $10m-$60m
- Platform investments per fund: 8-12
- Investments per annum: 1-3
Portfolio company snapshots
- D&H United Fueling Solutions: Leading supplier of petroleum fuelling and EV charging equipment, installation and service across the United States. Sold in September 2022
- Jackson Infrastructure: Leading utility and infrastructure service provider to the telecom, power, gas and other infrastructure markets
- Marek Sawing & Drilling: Leading field services provider of sawing, drilling, demolition and concrete placement for the maintenance and retrofit of critical assets and infrastructure
Caledonia’s commitment
Caledonia first committed to KLH Capital in 2019 and made a follow-on commitment to Fund V in 2022.
Caledonia serves on the Limited Partner advisory board for KLH IV and KLH V.
| Fund name | KLH IV | KLH V |
| Vintage year | 2019 | 2023 |
| Fund size | $209m | $412m |
| Our commitment | $27.5m | $30m |
As at 31 March 2025.