Partners for the Long Haul
Backing and building this generation’s foundational Serial Acquirers
About Us
We incubate and invest in early/growth stage Serial Acquirer businesses through our long-duration, committed capital fund, Hampton River Holdings LLC.
We invest in niche Serial Acquirer companies actively operated by world class team when they are small and private. We like to get in on the ground floor and often form new companies with “best in class” talents seeking to execute on achievable, ambitious ideas. Acquisitions and active management are a key part of each portfolio company’s growth initiatives.
We bring more than capital—we bring commitment. When we invest, our team works shoulder-to-shoulder with you from day one, staying deeply engaged through every stage of the journey. We’re not just writing checks; we’re rolling up our sleeves. You get focused attention, strategic insight, and active support at the board and operational level to help you methodically grow your business.
We are based in Austin, TX, but have a flexible mandate to invest in the best companies and teams, wherever they are located.
Experienced Investors
Our team has spent years investing in and studying the world’s most successful serial acquirers, learning what makes them thrive.
The Earlier, The Better
We seek to invest when things are messy and not obvious
Long Duration
Our unique capital base allows us to be your partner pre and post “scale”
Investment Criteria
Ideal Founders/Teams
Prioritize delayed gratification:
We back those who play the long game. If you want to “flip assets”, we are not a good fit for you.
Decentralization fanatics:
We like lean headquarters and empowered subsidiaries. We like small offices, not ivory towers.
Investor/Operator mindsets with networks built over many years:
Experience deep in the weeds in companies as investors and operators with “cheat-code” networks focused on developing market-leading niche businesses
Data driven, equity efficient, frugal:
Meticulous builders of large businesses via acquisition without the need for massive amounts of equity capital. Prioritize self-sustainability and seek to maximize MOIC over long periods of time.
Understand and appreciate greatness:
Teams with ambitious goals who have worked at “the all-time great” serial acquirers and/or those who have encyclopedic knowledge of their methods.
Appreciate Market Cycles:
Cycles do occur. Allocate capital and operate knowing that many years will be tough.
Ultra-Gritty:
We back those who have exhibited execution, resilience and track records of success, regardless of surface-level pedigree. This will be a grind and a complicated, long road.
Ethical:
We only work with ethical people who we can envision ourselves working with for a decade or more.
What We Look For
We invest in platforms that target businesses with durable competitive positions, long reinvestment runways, and the ability to compound capital at high rates for decades.
1. Mission-Critical, Non-Discretionary Offerings
Products or services that are deeply embedded in customer workflows…often invisible…but essential to day-to-day operations. Switching costs are real, even if contracts are not.
2. Structural Market Leadership in a Narrow Domain
Clear leadership in a well-defined niche…often #1 or #2 by reputation, installed base, or technical know-how…even if the absolute market size appears modest.
3. Unique IP, Data, or Know-How
Differentiation rooted in proprietary software, engineering expertise, process knowledge, certifications, long customer history, or accumulated data…not marketing spend or scale alone.
4. High Returns on Incremental Capital
Businesses that can reinvest free cash flow internally or through bolt-on acquisitions at consistently high ROIC, without relying on leverage or multiple expansion.
5. Long Reinvestment Runways
We prefer businesses that can compound for decades. Dividends are not the objective…capital reinvestment is. If a business runs out of reinvestment opportunities, it is no longer a fit.
6. Decentralized, Operator-Led Cultures
Founder-led or manager-led teams who run their businesses autonomously, think long-term, and care deeply about customers, employees, and product quality.
7. Low Capital Intensity and Resilient Cash Flow
Modest maintenance capex, limited working-capital drag, and stable demand across economic cycles.
Portfolio
Dura Software is a specialist in hyper-niche software products that fit narrow but mission-critical use cases for business customers.
Hampton River lead the Series A in Dura in 2019.
Headquartered in San Antonio, TX
Marathon Software is a software group that actively owns and operates growing and profitable vertical market software businesses who are leaders in their niches. Through a de-centralized, but active, business model Marathon adds value to its many customers and portfolio companies.
Hampton River invested in Marathon in February 2024.
Headquartered in Stockholm, Sweden.
Forfend Industries is hyper-focused on building an ecosystem of niche-leading manufacturers whose products are “mission critical” to their customers.
Hampton River invested in Forfend in September 2024.
Headquartered in Boulder, CO.
Thundercat Industries operates and scales UK-based manufacturing businesses, providing them with long-term stability and strategic support. Thundercat takes a patient, sustainable approach to value creation, ensuring that the companies they acquire continue to thrive, grow, and maintain their unique identity. Thundercat works closely with existing teams, offering guidance, investment, and operational expertise while preserving the legacy and culture that business owners have built over the years.
Hampton River invested in Thundercat in February 2025.
Headquartered near Bristol, UK
Evergate Holdings partners with specialized businesses that form the foundation of America’s infrastructure and essential services. These companies operate in critical industries that keep critical infrastructure, roads, utilities and public services functioning safely and efficiently.
Hampton River invested in Evergate in June 2025.
Team
Matt Morris
Matt Morris founded Hampton River Partners, LLC in 2018.
Previously, Matt focused on public equity investing at Pelorus Jack Capital and Challen Asset Management.
Previous to Challen, Matt was an Investment Manager at Northgate Capital, a multi-billion AUM investment firm.
Matt earned an MBA with a Finance emphasis from the UCLA Anderson School of Management and a BA from the University of North Carolina-Chapel Hill. Matt lives in Austin, TX with his wife and three children.
Gustaf Håkansson
Gustaf is a Partner and joined Hampton River in 2025.
Prior to HRP, Gustaf worked as a private investor while running acquirers.com, providing advisory services in the serial acquirer space.
Earlier in his career, Gustaf focused on private equity investing at Cubera Private Equity and M&A advisory at Houlihan Lokey.
He holds a Master in Finance from IE Business School and a BSc from the Stockholm School of Economics. Gustaf lives in Stockholm, Sweden, with his wife and daughter.
Muskan Karnani, CFA
Muskan joined Hampton River in 2023. She focuses on due diligence and portfolio analysis.
Prior to HRP, Muskan had valuable experience at Solomon Gideon Capital and TresVista.