# NCL Partners

Publishes the multiple it pays and the leverage.

A group of operators investing in future chief executives, publishing an unusually complete set of deal ratios rather than an earnings band: recurring revenue above sixty-five percent, EBITDA margins above fifteen, an average transaction multiple of five to six times EBITDA which it notes is roughly half the buyout industry average, and pro forma leverage below three times. It states a target gross internal rate of return and runs a separate executive-in-search program alongside its core searcher program.

- Category: Capital & Investors
- Pricing model: Custom Pricing
- Where it fits: Set Up & Fund the Search
- Website: https://nclpartners.com
- Last verified: 2026-09-09

## At a Glance

The most complete published deal arithmetic here, and the clearest example of a program that sounds salaried and is not.

## What It Costs

Investment terms, not fees. No fee is charged to a searcher; what the firm publishes about its own side is noted in the row.

## Best For

A traditional searcher who wants to know how a backer will price and finance a deal before starting, rather than only what size it wants.

## Pros and Cons

- Pro: Publishes the transaction multiple it pays and the leverage it will carry, which almost nothing here does
- Pro: Publishes a target return openly, so a searcher can see the bar a deal has to clear
- Pro: Publishes a real application with a resume upload for its executive-in-search program
- Con: Its executive-in-search program describes acting as a searcher's primary limited partner rather than paying a salary, so it is not a salaried route
- Con: Its own pages give two different figures for the team's combined experience
- Con: The firm is mid-rename and three different names for it appear across its pages and footers

## What Searchers Say

Named as a backer on the rosters of eight separate searchers, under three different names across their pages, all of which are this firm.

## Sources

- https://nclpartners.com

Source: https://searchspheresource.com/resources/ncl-partners