Invest in the business we can help build
We underwrite the transformation, not only the transaction.
We target established companies where a defensible core already exists and where better operations, systems, technology, management information and execution can create a stronger business.
Technology is not the reason to buy. It is one of several tools that may strengthen what customers already value.
12 is the new 5 Bain's 2026 private equity report argues that current deals require materially faster EBITDA growth, making execution and value creation more important Bain &, Company, 2026
76% Of PE firms surveyed by EY cited AI, automation and data infrastructure as areas of increased portfolio focus EY, 28 Jul 2026
62% / 52% Cited margin and cost transformation, and cash, liquidity and working-capital management, respectively EY, 28 Jul 2026
Acquisition focus
We acquire established, profitable businesses, particularly founder and family-owned companies with recurring or defensible demand, a management team worth backing and identifiable operating potential.
Manufacturing, distribution, business and technology-enabled services, consumer operations, food and hospitality are natural areas of acquisition interest because operating, commercial, digital and automation interventions can be linked to measurable business outcomes. Banking, insurance, energy and telecommunications are areas of operating expertise used principally for executive mandates unless we separately approves an investment opportunity.
What we need to believe before we buy
The company should have a reason customers choose it, sustainable economics and management capability we can build around. We want to understand the quality of revenue, customer concentration, margin structure, cash conversion, capex, working capital, supplier dependencies, operational resilience and the extent to which the company depends on the founder personally.
We also want a realistic value-creation thesis, which can include commercial improvement, pricing, procurement, better management information, digitisation, automation, AI, working capital, management depth, organic expansion or selective M&A. The investment case should not require every lever to succeed.
The first 100 days start before Day One
Diligence should produce more than a list of risks. It should create the first management-owned value map, define the early priorities, identify investment requirements and establish how progress will be measured.
The immediate plan should protect trading and cash first. Transformation follows in a sequence that the business can absorb.
Funding approach
We invest principal equity and, where appropriate, can combine it with senior acquisition, working-capital or asset-backed finance. Financing is structured around the sustainable cash generation and asset base of the existing business rather than speculative transformation benefits. Transaction structure remains deal-specific and subject to diligence and financing availability.