Direct & Co-Invest

Private Equity

We acquire resilient, cash-generative businesses and compound value through steady execution and time.

What we do

We invest permanent capital into established, profitable businesses that provide essential goods or services. We favour simple models with predictable earnings, strong customer relationships, and capable leadership. Our focus is on disciplined execution—strengthening operations, improving pricing, and aligning incentives—rather than financial engineering. We build for durability first and let compounding follow naturally.

Investment Criteria

Proven profitability and cash generation

Established track records of earnings and conversion to cash—businesses that already work, not those needing rescue.

Recurring or repeat revenue

Predictable demand built on habit, reliability, and long-standing relationships rather than constant reinvention.

Operational improvement, not leverage

Value created through better systems, pricing, and people—not aggressive debt or financial engineering.

Alignment and stewardship

Partnerships built on integrity, shared purpose, and incentive structures that reward sustainable performance.

Proven profitability and cash generation

Established track records of earnings and conversion to cash—businesses that already work, not those needing rescue.

Recurring or repeat revenue

Predictable demand built on habit, reliability, and long-standing relationships rather than constant reinvention.

Operational improvement, not leverage

Value created through better systems, pricing, and people—not aggressive debt or financial engineering.

Alignment and stewardship

Partnerships built on integrity, shared purpose, and incentive structures that reward sustainable performance.

Where we focus

We prefer recurring or repeat revenue, low customer churn, and practical levers—pricing, efficiency, and thoughtful expansion—over complexity or speculation. We invest where discipline and time can quietly compound results.

Essential & Route-Based Services

Facilities, waste, and logistics services where reliability, density, and reputation create customer loyalty, cost advantages, and recurring demand across cycles.

Testing, Inspection & Compliance

Technical services with recurring compliance needs and opportunities to formalise systems, expand coverage, and execute disciplined bolt-on growth.

Specialised Distribution & Aftermarket Supply

Distributors and parts suppliers serving essential industries where availability, trust, and product knowledge drive repeat purchases and stable margins.

The examples above are illustrative—not exhaustive. We work across a broad range of sectors and consider opportunities wherever we can create enduring value.