We are technology investors seeking to maximize shareholder value by closely partnering with premier management teams and providing deep industry expertise, domain knowledge and capital.

El Toro Capital Defined
In an ever-increasingly complex technology market, we partner with premium, next-generation platform companies, which have exceptional promise and provide attractive investment returns.

ETC - A Differentiated Investor

ETC’s team consists of highly experienced investment professionals, operating partners, and technical advisors who have served as senior executives within or advisors for many high growth technology companies in Digital Marketing, Cybersecurity and Software, many of which have completed successful exits to leading private equity firms and enterprises.

We Invest in Highly Promising Companies

We seek to partner with cash flow positive, highly leverageable and scalable B2B platform companies which serve large and growing global vertical end markets.

We Seek to Add Significant Value

We are highly strategic investors that partner with companies where we can add significant financial, operational and technical expertise to maximize shareholder value.

Growth Oriented Investors

We seek to join forces with well-positioned, next-generation, emerging growth technology companies, which offer unique and sustainable competitive advantages with attractive risk-adjusted returns.

Flexible Capital

We seek to invest significant ownership stakes - be it growth equity or control investments, which may include a conservative level of debt, if and as appropriate.

Highly Connected

We leverage our decades of industry experience and broad set of relationships in order to provide deep financial, operational and technical expertise with the overriding goal of maximizing shareholder value.

Target Sectors
We seek to invest $20-$80 million in capital by partnering with emerging growth, next-generation technology companies in the Digital Marketing, Cybersecurity and Software/Services sectors.
Investment Team
ETC's investment team have worked together collectively for more than 40 years. The market opportunity we have identified and seek to invest in are based on two decades of engagement within a broad range of technology sectors, spanning more than 100 completed strategic and corporate finance transactions, collectively valued at more than $10 billion.
Mark Salter - Managing Partner
  • Founder & CEO of New Century Capital Partners & El Toro Capital
  • 28 years of investment banking experience
  • Dartmouth College, BA, Engineering Sciences, with Honors
  • Thayer School of Engineering/Dartmouth, Bachelor of Engineering
  • Harvard University, MBA
Scott Jenkins - Partner
  • 25 years investment banking experience
  • CIBC World Markets
  • Valens Capital Management/Laurus Funds
  • Morgan Stanley Smith Barney
  • University of Georgia, BBA
  • Cornell University, MBA
Randy McFadden - Partner
  • 28 years experience making private equity investments
  • Mange all public and private equity investments for a multi-entry, private family office with assets of $120 MM
  • Manage a private foundation, corporate buyouts and legal settlement negotiations
  • University of Northern Iowa, BS Economics 
Eric Helgeland – Partner
  • 30 years operational, growth and strategy professional 
  • Technical advisor to 12 of top 20 US banks and many investment banks and government agencies
  • Head of Business Development for Speedy Cash, Swish Marketing and Fingerhut
  • CEO of Intersect – secured investment capital and closed several acquisitions
  • Northwestern University, BA
Deep Operational and Technical Expertise
ETC’s operating partners and technical advisors have vast expertise, having worked at, advised or led a myriad of industry leading technology companies with successful exits and/or institutional investments.
Our investments benefit from a handpicked team of C-level executives, directors and technical advisors. We leverage our relationships and industry expertise to help our portfolio companies maximize shareholder value. ETC’s operating partners and technical advisors have track records of providing operating experience and technical advice to several market leaders, leading to successful exits and/or receiving investments from leading private equity firms.
Track record of providing deep operating experience and technical advice
Track record of successful exits and investments/buyouts

Aptimus

Apollo Education Gp.

Armis

Insight Partners

Blue Coat Sys.

Symantec/Broadcom

BroadVision

Aurea

Cole’s Classroom

Providence Equity

Constant Contact

IPO

CyberX

Microsoft

DoubleClick

Google

EnSilo

Fortinet

Five9

Zoom Video Comm.

Greenplum

Dell Technologies

Island

Insight Partners

KnowBe4

IPO

Nuance

Microsoft

RiskIQ

Microsoft
Note: El Toro Capital Management is not currently invested in nor has made any prior investments in any of the above mentioned companies.
Operating Partners
ETC’s operating partners have extensive experience in driving the P&L and with financial management broadly, new revenue generation, and go-to-market strategies, including software development, customer care, and customer experience.
Jeff Tolnar
  • 20 years operational and senior management professional
  • Strong operational expertise and P&L responsibility, resulting in three successful exits:
    • BPL Global/Danaher Holdings
    • Greenlots/Shell
    • Elster Solutions/Honeywell
  • Youngstown State University, BSEE
  • Baker University, MBA
Alex Eckelberry
  • 25 years operational, growth and strategy expertise as CEO/COO/Board Member, enabling numerous successful exits:
    • KnowBe4/IPO
    • Meros/DXC Technology
    • BlueStripe Software/Microsoft
    • Sunbelt Software/Insight Partners
    • TeamViewer/Permira
  • Strategic Advisor/Operating Partner for leading PE firms or companies including Insight Partners and SRI
Eric Helgeland
  • 30 years operational, growth and strategy professional 
  • Technical advisor to 12 of top 20 US banks and many investment banks and government agencies
  • Head of Business Development for Speedy Cash, Swish Marketing and Fingerhut
  • CEO of Intersect – secured investment capital and closed several acquisitions
  • Northwestern University, BA
Steve Loring
  • 30 years senior finance and M&A professional 
  • Senior financial/technical advisor to Morgan Stanley, Gartner and private equity firms 
  • Led technical due diligence for marquee M&A
  • L&N Technologies – Founder/President – exited to Siemens
  • University of California, Davis, BSEE
Technical Advisors and Corporate Development Team
ETC’s technical advisors have deep domain knowledge in Digital Marketing, Cybersecurity and Software/Services most of whom held senior management positions at companies, many of which received investments from or were sold to leading private equity firms or enterprises.
Technical Advisor Selected Background
Bill Carson General Partner at Hudson Ventures, Managing Director at Citigroup, IBM
Cole Humphus Founder & CEO of Cole’s Classroom – sold to Providence Equity
Roy Katmor Co-Founder & CEO of enSilo (Fortinet), Sr. Director of Security Product Strategy at Akamai, Head of Product Management at Imperva
Paul Katzka President of Dentsu NEXT, Executive Board of Dentsu, Advisor to Digital Marketing companies
Sahil Punamia Marketing Strategy/Business Operations at Netflix, Digital Strategy at Discovery, L.E.K. Consulting
Josh Smith Armis, Symantec/Broadcom, McAfee, Island
Corporate Development Selected Background
Dustin Struckman Founder & CEO of HelloExit, previously founder & CEO of five web development companies
Representative Experience
ETC’s team of senior professionals have invested in, owned, operated, advised or held C-suite positions in companies in ETC’s target sectors and bring best practices from global asset management platforms and operating companies.
Investment Criteria
El Toro Capital makes equity investments in companies in which our industry knowledge, network of relationships, operating experience, and active board participations will add value. We focus on companies with the following characteristics:
Company Financial Profile
  • $2-7 million EBITDA
  • Strong historic and projected revenue growth (30% - 100% annually)
Target Company Characteristics
  • Strong and defensible competitive position
  • Management remains with the acquired business
  • Serve large and growing end markets
Target Investment Structure
  • Majority ownership or minority ownership
  • Preferred stock
  • Consider use of debt leverage where appropriate
Geographic Focus
  • United States
Use of Capital
  • Growth equity or buyout
Investment Size
  • $20 - $80 million of equity per platform
Time Horizon
  • 3 - 5 Years
Industry Preference
  • Digital Marketing
  • Cybersecurity
  • Software/Services
Board Seats
  • Yes
Guiding Principles

Performance Driven

We seek to generate superior risk-adjusted returns by executing a highly discerning investment process.

Close Alignment

We closely partner with our management teams while being fully aligned with our investors– these tenets are clearly reflected in our philosophies, operating principles, and in the structuring of our investments.

Strong Corporate Culture

We foster a highly collaborative, open and fully transparent work environment, both within ETC and our portfolio companies, with equal-opportunity hiring and promotion philosophies.

Commitment to Excellence

We are committed to excellence in all aspects, including attracting, building, and retaining the very best professionals as well as partnering with best-in-class advisors and third-party providers.

Social Responsibility

We carefully assess social, environmental, and cultural considerations prior to investing in companies and throughout the investment period.

Now that you know more about us, we'd like to know more about you. Let's talk.

El Toro Capital Management LLC

1901 Avenue of the Stars, Second Floor
Century City
Los Angeles, CA 90067

(424) 374-1605