February 5, 2021 — Firm News
Middle Market Growth magazine featured an interview with Elie Azar, founder of White Wolf Capital, discussing how the pandemic reshaped private equity practices. Azar brings over two decades of M&A and private equity experience to the discussion.
When asked about COVID-19's broader impact, Azar acknowledged the virus "wreaked havoc on businesses, communities, families" across all economic sectors. While deal flow remained steady, credit markets tightened considerably, creating obstacles to completing transactions.
The pandemic prompted White Wolf to develop innovative approaches in two primary areas. For due diligence work, the firm closed eight add-on deals in 2020 using virtual site visits instead of travel. They hired local photographers and design professionals to create video walkthroughs and 360-degree visualizations -- methods the company plans to maintain post-pandemic.
Regarding deal sourcing, Azar explained that White Wolf shifted focus toward its existing portfolio network. Management teams across their investments often understand companies with valuable competencies but hadn't yet contacted investment advisors. The pandemic reinforced the importance of systematically exploring these embedded opportunities within their network.
Azar emphasized that the firm's acquisition criteria remained unchanged. Cultural compatibility and leadership alignment matter most. White Wolf prefers partnering with "growth-oriented, motivated management teams" willing to reinvest in new partnerships pursuing aggressive expansion strategies.