We Think in Decades, Not Deal Cycles
Most acquirers in the essential industrial services space are counting down to an exit from day one. We are not. We measure our plans in decades, not deal cycles.
Permanent Capital
We have no fund lifecycle, no exit timeline, and no pressure to sell. When we acquire a company, we intend to own it forever. Our investors understand this and are committed for the long term.
Decentralized by Design
Every company we own keeps its name, its leadership, its team, and its way of operating. We do not consolidate brands, install corporate bureaucracy, or centralize decisions that should be made close to the customer.
Small by Intent
Our job at the holding company level is simple: allocate capital well, support our operating companies, and stay out of the way. We keep our corporate team small so we never become the kind of bureaucracy we set out to avoid.
Meet the Founders
For more than seven years, we have worked together building and operating companies across multiple industries and geographies. Eterna Companies combines our complementary experience in capital allocation, operations, corporate development, and transaction execution.
Tom Baldwin
CEO and Co-Founder
Tom has spent his career building, operating, and investing in companies across multiple industries.
He spent more than a decade evaluating and acquiring businesses across healthcare, transportation, logistics, and education. He sat on multiple boards and developed a deep understanding of what makes owner-operated businesses succeed and fail. Along the way, he served as CFO of a $200M international cargo airline, where he was in the trenches: managing financial operations, leading restructuring efforts, and navigating the daily realities of running a company with hundreds of employees and real operational risk.
After twelve years in private equity, one lesson stuck: the hardest moment was always the exit. Tom co-founded Eterna because he believes great businesses should not have an expiration date.
Outside of work, Tom's world revolves around his wife Regina and daughter Emma. When he can get away, it's usually for a kitesurfing trip.
Fernando Conchas
Co-Founder
Fernando has spent his career learning how businesses work from the inside out. He started in equity research, moved into investing where he developed a deep understanding of how to evaluate and grow companies, and eventually crossed over to the operating side, where he led financial planning, business development, and value-creation initiatives across multiple companies and industries. He has served on two boards and been closely involved in helping businesses navigate complex transitions, restructurings, and growth.
Fernando co-founded Eterna to put all of that experience to work for business owners in the essential industrial services industry. His goal is to build a permanent home for great businesses, free from the short-term pressures that come with traditional ownership transitions.
When he's not working on Eterna, Fernando is usually with his wife Ana and their son Mateo, out scouting for a good meal.
How We Run the Companies We Own
Steady By Design
We run every company the same way this year as we did last year — same leadership, same name, same customers, same decisions made close to the ground. We reinvest in the business rather than restructure it, and we measure progress in years, not quarters. That consistency is what we mean by ownership.
Trust the Operators
The people who built this company know it best. Every business we own keeps its name, its leadership, and its way of operating. We provide capital and support, then we get out of the way.
Get Better Every Day
We keep investing in what makes a company good: training, tools, and equipment for the crews doing the work. That investment shows up in safer job sites and better results for customers, year after year.
Take Pride in the Work
Our companies keep hospitals lit, data centers online, and critical systems safe. We hold ourselves to a standard that earns our customers' trust. The pride comes from the quality of what we deliver, not from the deals we close.
Earn It
The people who run our companies are recognized for what they deliver. Compensation is tied to performance, and every company we own offers competitive wages and real career paths for people who want to grow.
