Founder's Letter
A Letter from the Founder
Nickolas Asset Management was built deliberately, not opportunistically.
It came from years spent inside real businesses — building products, running machines, solving operational problems, working through supply chains, and learning what actually holds up over time.
That experience shaped how I think about capital, ownership, and responsibility.
I learned early that value is rarely created by clever structures or fast decisions. It is created by doing a few things well, for a long time, and staying disciplined when others are not.
That experience shaped how I think about capital, ownership, and responsibility.
I learned early that value is rarely created by clever structures or fast decisions. It is created by doing a few things well, for a long time, and staying disciplined when others are not.
NAM exists because the physcial world matters.
Everything modern life depends on — storage, infrastructure, tools, systems, movement, containment — is physical. These things must be designed, manufactured, maintained, replaced, and improved continuously. They are not trends. They are requirements.
We built NAM to own and operate businesses that serve those needs.
From the beginning, I was not interested in buying businesses to sell them. I was interested in building something durable — something that could improve year after year without being reshaped by short-term pressure. I wanted a structure where decisions could be made calmly, where investment could be patient, and where long-term thinking was not just encouraged but required.
At NAM, we acquire businesses we intend to own indefinitely. We focus on businesses that do essential work, where customers depend on the product, where manufacturing skill matters, and where improvement comes from execution rather than slogans.
We invest in machines, people, tooling, automation, and systems because those are the things that compound. We avoid unnecessary leverage, unnecessary complexity, and unnecessary speed because those are usually substitutes for clarity.
Our approach is simple by design:
• We buy businesses we understand
• We operate them conservatively
• We improve them steadily
• We reinvest what they produce back into the work
At NAM, we acquire businesses we intend to own indefinitely. We focus on businesses that do essential work, where customers depend on the product, where manufacturing skill matters, and where improvement comes from execution rather than slogans.
We invest in machines, people, tooling, automation, and systems because those are the things that compound. We avoid unnecessary leverage, unnecessary complexity, and unnecessary speed because those are usually substitutes for clarity.
Our approach is simple by design:
• We buy businesses we understand
• We operate them conservatively
• We improve them steadily
• We reinvest what they produce back into the work
There is no shortcut in this model. That is the point.
Permanent capital allows us to think clearly when conditions are uncertain. It allows us to invest when others pull back and to keep building when others are forced to stop. We are not trying to be impressive. We are trying to be resilient.
The culture at NAM reflects that mindset. We value builders, engineers, operators, and leaders who take responsibility and think long term. Decisions are made close to the work, where reality is visible and feedback is immediate. Accountability matters. Results matter. Integrity matters.
Over time, this way of operating produces something powerful: businesses that become stronger as cycles pass, not weaker.
NAM was built to be a long-term steward of essential businesses — quietly improving them, compounding their value, and protecting what makes them work. Our goal is not rapid growth or public attention. Our goal is durability.
This is not a story about speed.
It is a story about staying power.
We build what lasts, and we stay.
Nickolas Reinhart
Founder & Principal
Nickolas Asset Management
The culture at NAM reflects that mindset. We value builders, engineers, operators, and leaders who take responsibility and think long term. Decisions are made close to the work, where reality is visible and feedback is immediate. Accountability matters. Results matter. Integrity matters.
Over time, this way of operating produces something powerful: businesses that become stronger as cycles pass, not weaker.
NAM was built to be a long-term steward of essential businesses — quietly improving them, compounding their value, and protecting what makes them work. Our goal is not rapid growth or public attention. Our goal is durability.
This is not a story about speed.
It is a story about staying power.
We build what lasts, and we stay.
Nickolas Reinhart
Founder & Principal
Nickolas Asset Management