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​Upstream is attracted to businesses that could benefit from additional investment in corporate operations, sales, and marketing and where there is a compelling opportunity for revenue growth and process improvement.

Investment Criteria

  • Sectors

    • Healthcare services

    • Provider-based services (behavioral health, addiction treatment, dental, surgery)

    • Business services

    • Facility and maintenance services (janitorial, fire protection, security alarm)

    • Niche distributors that are deeply imbedded in the supply chain 

    • Business process outsourcing

    • Compliance-driven, mandated, inspection, certification, or training

    • Manufactured products (medical, consumer, food)

  • Financial Characteristics

    • EBITDA of $300,000 to $10 million

    • Consistent cash flow

    • Recurring revenue streams

    • Low capex needs


  • Market Dynamics

    • Defensible market position 

    • Durable competitive advantage

    • High barriers to entry

    • Capitalizing on favorable inefficiencies offering services such as:

      • Cost containment 

      • Tech-enabled services

    • Affinity for highly niche-oriented and neglected corners of market

  • Customer Characteristics

    • Strong installed customer base

    • Long-term customer relationships

    • Limited customer churn

  • Deal Structures

    • Controlled buyouts

    • Growth capital

    • Capital to support acquisition strategies

    • Recapitalizations (full or partial) 

    • Significant or minority positions


If you are an executive looking to identify a business to acquire, sector to consolidate, or be dropped into one of or prospect companies, please contact us.

Our Team
Christina Novicki


C: (617) 997-6317


Christina has been active in the private equity industry for 25 years and has held senior level positions in independent and institutionally-backed private equity funds and in operating roles at portfolio companies.


For BancBoston Capital, BankBoston's $3 billion private equity arm, she oversaw all marketing and communications efforts in the U.S., London, Buenos Aires, Sao Paulo, and Hong Kong. For Capital Resource Partners and, later, Brown Brothers Harriman’s BBH Capital Funds, she created the business development function and ran the firms’ deal origination initiatives. At MedEquity Capital, a healthcare-focused private equity firm, she served as a principal and then VP of Sales for one of the firm’s portfolio companies, LiceGuard, a globally distributed consumer health products business.


As a founder of Upstream Capital, she is active working with portfolio companies to grow organically and through add-on acquisitions and consolidation strategies. She served as interim CEO for two years at Upstream portfolio company OJ Medtech, a New York-based 

medical supply business before leading the company through a merger that tripled its size. 


She has extensive board-level and strategic planning experience. Christina served on the board of directors of Upstream portfolio companies OJ Medtech and later OJ Charm through a merger with Charm Medical Supply. She formerly served on the board of Spiro Health Holdings before its strategic sale to publicly-traded AdaptHealth. She currently serves on the board of Jackson Hole, Wyoming-based TravelStory GPS as well as an advisor to the board of Austin, Texas-based TenderHeart Health Outcomes (formerly Longhorn Health Solutions).


Prior to entering the private equity field, Christina was a staff writer for Fast Company Magazine, the Harvard Business Review spin-out backed by U.S. News & World Report.


Christina is a graduate of Amherst College, cum laude, where she was a two-sport captain in field hockey and lacrosse.

Thomas Lindberg


C: (610) 308-0711

111 S Independence Mall East |Suite 500

Philadelphia, PA 19106

Prior to joining Upstream Capital, Thomas was at Evergreen Advisors, a Baltimore-based investment banking firm, where he advised clients on mergers, acquisitions, and corporate finance. At Evergreen, his clients included companies in healthcare services, business service and BPO, consumer products, and niche healthcare product manufacturing.


Thomas received his B.B.A in Finance from Loyola University Maryland, where he was a three-year captain for the Greyhound's ice hockey program and was the Chairman of the Peer Mentorship Board.


A resident of Philadelphia, Thomas is a graduate of the Haverford School, where he serves on the Alumni Executive Committee, is his class chairman, and is a former member of the Leadership Council. 

Johnny Arena


C: (413) 325-6685


Johnny specializes in the sourcing and evaluation of new investments here at Upstream.


Prior to joining, he spent time in politics, working for legislators in the Massachusetts State House as well as the U.S. House of Representatives. Most recently, Johnny was on the Real Estate, Financial and Professional Services team at ICR, Inc., a strategic communications and investor relations firm.


He graduated in 2018 from Amherst College, where he recieved a B.A. in Political Science, was a participant in the AmherstLEADS leadership development curriculum, and was a member of the Men's Varsity Golf team.

Want to know more? Contact us

We're eager to get to know you, your business, and the opportunity.

Contact us by phone, email, LinkedIn, or through this website.

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