Polaris Keep Capital
Direction and stewardship for the next chapter.
A search fund that acquires and personally operates established small businesses on the West Coast.
A third path
Who We Are
“We are operators, not financial engineers.”
Polaris Keep Capital is an operations-focused search fund built to acquire and personally operate a portfolio of small businesses across the West Coast — California, Oregon, and Washington. We start with one platform company and build outward, adding businesses that make each other stronger: suppliers and service partners tied to what we already own, and complementary companies serving the same customers. We are not assembling an unrelated collection of assets. We are operators, not financial engineers. We run what we own, in person, for years, before any conversation about an eventual outcome for the platform.
We exist for owners who've built something real and are thinking about what comes next. Most buyers offer two options: a private equity firm that folds the business into a portfolio managed from a spreadsheet, or a strategic competitor that absorbs it and cuts what doesn't fit. We offer a third path: an owner-operator who moves into the business, learns it from the ground up, and builds around it for the long haul.
Our commitments
What We Stand For
Direction
Every acquisition fits a thesis: does this business reinforce what we already own, or open a credible path to businesses that will? We're not chasing size for its own sake. We're building a portfolio where the pieces make each other stronger. We say so plainly, from the first conversation with an owner or broker.
Stewardship
We plan to operate this portfolio for years. The businesses we acquire keep their names, their people, and their customer relationships unless there's a clear reason to change something. We're not built to strip a company down for a quick resale. Growth comes from operating discipline and reinvestment, and the decisions we make along the way reflect an owner who intends to still be running the business five and ten years out.
Mission Tactics
We're operators first. Our tactics borrow from simple leadership principles learned in the Marines: set clear intent, enable your people to be excellent through trust and training, then push decision-making down to the people closest to the work. Each business keeps its own local leadership and rhythm; we set direction across the portfolio, not a remote-control spreadsheet. We show up, learn the operation from the ground up, and earn the trust of the team before we change anything.
Evan Blaskowski
About the Founder
I'm a former Marine Corps infantry and staff officer, with operational leadership experience earned the way the Marine Corps teaches it: under pressure, with real consequences for the team, and no substitute for showing up prepared. That experience shaped how I think about ownership: mission first, take care of your people, and don't confuse activity with progress.
Read the founder's storyWhat fits
Investment Criteria
We're looking for established, profitable businesses that fit the following:
Financial Profile
- SDE: $500K–$1M
- Profitability: 3+ consecutive years of positive earnings
- SDE Margin: 15%+ (SDE as a percentage of revenue)
Revenue Quality
- Recurring Revenue: 50%+ from recurring, contractual, or repeat-customer sources
- Revenue Stability: No single year of revenue decline greater than 10% over the trailing three years
- Customer Retention: 80%+ annual customer/revenue retention preferred
Risk Profile
- Customer Concentration: No single customer above 20% of revenue (ideally under 15%)
- Capital Intensity: Maintenance capital expenditures under 10% of revenue
Company Profile
- Operating History: 5+ years in business
- Management Depth: At least one experienced operational leader or manager below the owner, preferred
- Location: West Coast (California, Oregon, or Washington)
Considering your next chapter?
Let's talk.
A first conversation is confidential and carries no obligation. Tell us a little about the business and we'll respond directly.