Industrial services & specialty contracting
Mission-critical maintenance, surface treatments, mechanical & electrical contracting.
Investment strategy
A repeatable playbook, never a formula.
We invest in businesses that already work — and make them work better. Our edge is the combination of proprietary technology, deep sector expertise, and the patience to compound returns over a full economic cycle.
Investment criteria
Where we play, and where we don't.
Revenue
£5M – £100M
EBITDA
£2M – £20M
Equity check
£5M – £50M
Geography
UK & US
Hold period
5 – 10 years
Leverage
Conservative — never > 4.0x
Our process
Six steps from a first signal to a successful exit.
- 01
Source
Our platform monitors 40+ marketplaces, broker networks and proprietary signals continuously. The team focuses on the few hundred opportunities each month that match our thesis.
- 02
Score
Every opportunity is scored on financials, market structure, operator quality and red flags. Our AI flags the questions a partner needs to ask — it never replaces the partner.
- 03
Underwrite
A draft IC memo is produced within 48 hours of a serious opportunity. Diligence is led by a partner and an operating partner with experience in the relevant sector.
- 04
Close
We use conservative leverage, no bridge equity, and a single LP class. Every closing is supported by 100-day and 12-month value-creation plans agreed with management before signing.
- 05
Operate
Our operating partners and shared services team work alongside management on talent, technology, M&A and commercial growth — without taking the wheel away from the people who built the business.
- 06
Exit
We exit when the business has reached its next chapter — through strategic sale, recapitalization or transition to a permanent capital vehicle. Never on a timer.
Value creation
Four levers we pull, in this order.
Returns in the lower middle market come from operational improvement, not from financial engineering. Our value-creation playbook reflects that — every time.
Talent & leadership
We recruit alongside management — from board chairs and CFOs to product leaders and frontline operators. Talent is the single highest-leverage decision in every deal.
Operational rigor
We bring the systems most lower-middle-market businesses haven't had the budget for: modern ERP, financial discipline, KPI dashboards, and pricing science.
Commercial growth
We invest in sales engines, channel expansion and digital marketing — and where it makes sense, we use the platform to enter adjacent geographies.
Programmatic M&A
Most of our platforms acquire 2–5 add-ons during our hold. We bring the diligence muscle, the integration playbook and the balance sheet to make that achievable.
Sectors of focus
Where our experience compounds.
Niche manufacturing & precision engineering
Specialty components for aerospace, defence, rail, energy and medtech.
Healthcare services & multi-site care
Outpatient platforms, ambulatory care, dental, vision and behavioural health.
Vertical software & data businesses
Mission-critical SaaS for the lower middle market — sticky, high-margin, often founder-led.
Specialty distribution & value-added wholesale
Cold-chain, building products, industrial consumables — categories with real moats.
Tech-enabled business services
Field-service, compliance, financial operations and other recurring B2B services.
Have a business that fits this brief?
We respond to every introduction within two business days.