Compass Partners brings elite experience and focus to help companies seize 21^st century opportunities.

Core Principles

Compass Partners brings elite experience and focus to help companies seize 21st century opportunities.

Leveraging an independent sponsor model, we are specifically focused on acquiring platform companies in the Aerospace & Defense and Industrials sectors. We are investors with a family-like emphasis on trust, collaboration, and a passion for excellence. Compass strives to foster partnerships that create enduring value for our investors.

Passion for Excellence.

Our superior execution and ability to solve complex, strategic challenges requires consummate skill, experience, and most importantly, judgment. Compass leverages its multi-faceted industry expertise, unique perspectives, and senior-level access to generate creative solutions for companies facing game-changing opportunities.

Enduring Belief in Humility and Adaptability.

Compass practices humility through both success and failure, treating each day as an opportunity to learn, grow, and improve in everything that we do for our investors and our firm. We take pride in constantly challenging the status quo and possess a strong openness to new ideas in an ever-evolving world.

Family-like Emphasis on Trust and Collaboration.

With our client-first mentality, our approach is built on independence, absolute discretion, and conflict-free advice. Compass views collaborative trust as the cornerstone of our familial culture and critical to this outcome. Our team emphasizes internal transparency and mutual respect while encouraging rigorous debate.

Philosophy

Compass is developing a proprietary pipeline of companies to become part of unique 21^st century platforms.

Experienced Team

Strong team with familial culture and ethics

Prudent Use of Debt

Modest use of debt up to 4x

Expansive Network

Seasoned expert executives with operational expertise

Rigorous Risk Assessment

In-depth understanding of investments and associated risk

Criteria

Compass is developing a proprietary pipeline of companies to become part of unique 21^st century platforms.

Criteria

Compass is developing a proprietary pipeline of companies to become part of unique 21^st century platforms.

Companies that serve Aerospace & Defense and Industrial markets
Synergy with sector-specific, 21st century themes developed by industry experts
Platform companies based in the United States, add-ons considered globally
Strong management teams looking to take their company to the next level
Robust existing book of business with opportunity to scale and/or make operational improvements
EBITDA of $5-50 million for platform companies, no size limit for add-ons

Our Portfolio

Meet Our Team

Stephen M. Waters

Managing Partner

James Waters

Chief Of Staff

Jim Timmings

Associate

Torey Saager

Office Manager

Meet Our Team

Stephen M. Waters

Managing Partner

Steve founded Compass in 1997 and is its Managing Partner.

He assisted in raising and subsequently managed Compass’ successful $900+ million European Equity Fund. In 2016 that Fund’s team completed a €1.7 billion portfolio purchase of assets from Bridgepoint.

Prior to Compass, Steve ran the Mergers & Acquisitions departments at Lehman Brothers and then Morgan Stanley, and was on the latter’s Operating Committee as Co-CEO of Morgan Stanley International in London. He was Chairman of the US Naval Institute and remains on its Foundation’s Board, as well as those of Valero and Boston Private Financial, which he chairs.

Steve was a George F. Baker Scholar at Harvard Business School, Lieutenant in the US Navy, and graduated Phi Beta Kappa from Harvard College.

James Waters

Chief of Staff

James joined Compass in 2014. He manages the firm’s investment business and day-to-day operations in addition to leading Compass deal teams from sourcing through execution.

Before joining Compass, James served as a US Navy SEAL platoon commander and as a White House staffer, including a stint at the Office of Management and Budget.

James received his BA cum laude from Harvard College and his MBA from Harvard Business School where he was a George F. Baker Scholar.

Jim Timmings

Associate

Jim joined Compass in 2024. He assists the firm’s sourcing of new investment opportunities, modeling and analyses for potential investments, and monitoring of portfolio companies’ financial performance.

Prior to Compass, Jim worked for Kroll’s Transaction Advisory Services group providing Quality of Earnings and key financial analyses for buyers, sellers and banks in M&A transactions. He also worked for Deloitte in their Risk and Financial Advisory practice.

Jim graduated from Pennsylvania State University in 2019 with a bachelor’s and master’s in accounting.

Torey Saager

Office Manager

Torey joined Compass Partners in 2018. She is responsible for managing the firm’s office, including HR & Recruiting, Accounting & Administration, and providing support to all team members.

Before joining Compass, Torey worked at Basso Capital Management, providing support to the CEO, Marketing & Investor Relations, Accounting, and Legal & Compliance teams. She also worked as a conference coordinator in the Global Access group at Jefferies and as an associate at Silicon Valley Bank in Boston.

Torey completed her BA in Communication at Boston College while captaining its Division-1 swim team.