Argosy Capital focuses on the lower middle market because the firm believes that’s where the best returns are, says Kirk Griswold, founder of Argosy Capital. There are about 125,000 companies with $10 million to $100 million in revenue compared to 15,000 with over $100,000 in revenue. Also, typically smaller companies are not broadly shopped so there is less competition at this end of the deal market.