Focused Independent
Private Equity
Deal-by-deal investing in defense, security, and critical supply chains
Background
Led by private equity veteran Adam Spence, Spence & Co. is an independent private equity practice investing in small- to medium-sized companies in defense, security, and the critical supply chains supporting those sectors. We bring experience, capital, industry, and government relationships to help companies accelerate growth to meet the demands of these fast-changing sectors.
Adam has led ~$3.5 billion of investment across a range of industries, sizes, and stages in more than 65 private equity co-investments and 20 mezzanine and second lien transactions.
Spence & Co. brings together highly sophisticated institutions and institutional scale family offices in a deal-by-deal format to support only the group's highest conviction opportunities.
Operating Partner Model
Spence & Co. assembles company-specific teams of Operating Partners for each transaction, tailoring our resources to the needs of the business and aligning incentives for success.
Why Spence & Co.
- Committed support from senior investment professionals and carefully matched operating professionals
- Extensive transaction history with reputation for speed and certainty
- Exposure to sophisticated and networked Limited Partners playing an active role in value creation
- Flexible structures shaped around the needs of the business
Focus
Helping to build companies redefining defense, security, and critical supply chains
Investment Criteria
- Revenue
- $5M–$100M
- EBITDA
- Positive
- Equity
- $10M–$100M per deal
- Position
- Control and structured minority
- Situations
- Growth capital, recapitalizations, and change of control
- Geography
- United States and allies
- Hold
- 3–10 years
Leadership
Adam Spence
President
Adam Spence is a veteran private markets investor now established under Spence & Co.
Prior to founding Spence & Co., Adam spent 8 years at Partners Capital where he created the firm's institutionalized co-investment program, led more than $2.5B of private equity co-investments in more than 65 companies, served on four investment committees, including private equity co-investments, private equity funds, credit, and secondaries, and headed the New York office.
Adam served as Assistant Secretary for Economic Development and Innovation in the New York State Governor's office and pursued solutions to global development challenges as an advisor to foundations and to TPG Growth and Rise.
Earlier in his career Adam was Co-Head of American Capital's Sponsor Finance business where he led approximately $1B of invested capital in 20 mezzanine and second lien investments and served on boards of three control private equity investments. Adam began his career as a junior investment banker and a real estate investor.
Adam holds an A.B. in History from Harvard College. He is a member of the Board of Trustees of Groton School in Massachusetts.
Contact
If you would like to discuss an opportunity or just get to know us, we would welcome a conversation.