Xenith Capital
Control investments with operational excellence
We partner with management teams to transform resilient, cash-generative businesses. Our approach emphasizes disciplined underwriting, hands-on value creation, and capital structures that protect the downside while preserving upside.
- Majority or structured minority positions
- Five to ten year holding periods with clear value plans
- Sector focus: software, essential services, engineered products
Value Creation Playbook
From foundations to compounding.
Commercial acceleration
Pricing architecture, channel optimization, and customer success rigor.
Operational excellence
Lean practices, procurement, and working capital discipline.
Digital enablement
Data visibility, automation, and systems integration for speed and control.
Underwriting Framework
Evidence over optimism.
- Unit economics and cohort durability
- Customer concentration and churn anatomy
- Management incentives and succession readiness
- Conservative leverage with covenant headroom
- Amortization aligned with cash generation
- Incentive plans tied to value-creation milestones
Case Study: Pricing Architecture
From list price to realized price.
We implemented a pricing program for an essential services company with fragmented discounting. By standardizing tiers, linking value messages to measurable outcomes, and introducing a give-get framework, realized price improved by 280 bps without sacrificing retention.
Paired with a customer success motion and a refreshed compensation plan, working capital improved and upsell velocity increased. The value creation plan focused on repeatability, enabling the team to sustain gains after our involvement tapered.