Auxo Management

Stealth Monitoring is Auxo Management’s primary operating platform and the vehicle through which it executes its buy-and-build strategy in the remote video surveillance sector. Auxo co-founder Erik Mikkelsen serves as President and CRO of Stealth, and the firm has consolidated its earlier acquisition UCIT Online Security under the Stealth brand. This operating-company relationship means Auxo’s performance is directly tied to Stealth’s commercial and operational results.

Auxo looks for profitable, small to medium-sized businesses generating $5 million to $100 million in annual revenue, with an emphasis on the video surveillance, physical security, and related sectors. The firm focuses on situations where business owners are planning to retire or step back from daily operations, offering a capital and management transition that preserves employee and customer continuity. It is not structured as a growth-stage minority investor — the preference is control acquisition.

Managing Partners Robert Cherun and Erik Mikkelsen lead all investment decisions and take an active role in managing acquired companies. Their backgrounds span McKinsey & Company, Morgan Stanley, Barclays Capital, and real estate private equity, which informs a hands-on approach blending strategy, finance, and operations. The firm does not publicly identify a separate investment committee or external partners who influence deal approval.

Auxo does not disclose a traditional fund structure or publicly report the vehicles through which it raises capital. The firm describes itself as a privately-held, entrepreneurial investment firm supported by a group of investors and advisors rather than promoting an open-ended fund. The concentrated, decades-long commitment to Stealth Monitoring suggests a patient, permanent-capital orientation rather than a fixed-life, limited-partner fund model.

The firm sources opportunities primarily through its network of intermediaries, direct outreach to retiring business owners, and the professional networks of its founders — both of whom are members of the Young Presidents’ Organization. Its website explicitly states a willingness to pay competitive referral fees on a deal-by-deal basis, indicating an intermediary-friendly sourcing strategy. Geographically, the footprint spans the US and Canada, consistent with its office locations in New York, Toronto, and Dallas.

There is no public evidence that Auxo Management participates in co-investments alongside external general partners or club deals. The firm’s model is rooted in direct control acquisitions where the co-founders assume operational leadership roles inside the portfolio company, which makes the traditional passive co-investment structure less aligned with its approach.

Auxo’s return engine is the organic growth and operational performance of Stealth Monitoring rather than multiple exit events across a diversified portfolio. Over a decade, the firm grew the combined business from 55 employees and 2 offices to over 500 employees across 15 locations, sustaining a ten-year streak on Canada’s fastest-growing companies list. The promise of a future liquidity event or recapitalization exists but has not been publicly telegraphed, making returns effectively an illiquid, long-term operating gain rather than a periodic distribution stream.