We invest in opportunities to transform and reposition companies.
We target control positions in UK-centric companies with an enterprise value of between £75 million and £500 million and in which we can invest between £40 million and £150 million of equity.
Typically we invest in companies whose quality is reflected in a high profit margin, which are cash-generative, and which operate in fragmented sectors with plentiful acquisition targets. Occasionally, the companies we back are in need of reinvigoration, which our investment strategy is designed to deliver.
We thrive on more complex situations including carve-outs from corporates. Our strategy is to buy equity control, and on the whole this is how we make our initial investment. We may also achieve equity control by first buying a debt position in a high-quality but overleveraged borrower before working collaboratively with other stakeholders to agree a restructuring of the borrower’s balance sheet and shareholding arrangements.
Having invested, our focus is on implementing an ambitious programme of transformation and repositioning.
We achieve this by building strong partnerships with exceptional management teams. We bring strategic vision, analytical rigour, and expertise in areas such as M&A and financing and the experience of successfully executing transformational strategies across sectors and cycles.
The management teams we work with bring judgement and execution skills. Together we set clear strategies to transform businesses in terms of scale, strategic position and earnings prospects. These are delivered with pace through focus on operational excellence and M&A to drive significant increases in business valuation.