Eloise Fox, who runs Caledonia’s North American Funds program, highlighted the size of the U.S. lower mid-market, citing approximately 400,000 companies with $2 million to$10 million of EBITDA, which she said collectively generate more than $10 trillion in revenue and employ over 48 million people. Fox emphasized founder-owned businesses as a key source of opportunity, noting that 57% of founder-owners are aged 50 or older and may be considering succession, liquidity, or partnering to accelerate growth.In ...