Our investment strategy

We seek out high-potential businesses in defensive situations we know well and where we are the logical investor. Flexible in the type, structure, and timescale of our investments, we always find the route to meaningful, sustainable change. Our team has a natural affinity for identifying and realising value, enabling us to consistently deliver exceptional outcomes for all stakeholders.

How we help unlock value

We build partnerships with talented entrepreneurs who share our values and our vision to drive transformational change across the business. Our role throughout is to provide capital, enthusiasm, commitment, and focus, but also to challenge the status quo and common thinking. Our decisions are data-driven and judged to serve the long-term interests of all stakeholders, creating a win-win situation for all.

Where we invest

Typically, we partner with companies headquartered in Western Europe with a €100m to €500m valuation and where we have the potential to effect profound and sustainable change.

We leverage our experience and sector knowledge to find value where others may not, and we are willing to embrace complexity whether at the transactional or business level. We take a holistic approach, assessing a business’s value chain, industry dynamics and competitive position to identify those with inherent structural defensibility and a path to a major acceleration in performance.

Our aim is to support businesses to achieve a step change in growth while positively impacting their whole ecosystem.

  1. We are thematic driven

    Investing in fundamentally attractive themes that:

    • address essential needs, aligned with the UN SDGs
    • have favourable supply-demand dynamics
    • have high barriers to entry or switching costs
  2. We are conviction driven

    Targeting fundamentally sound businesses that are either:

    • complex or challenging at a transaction or a business level
    • under-appreciated
    • performing below their full potential
  3. We are purpose driven

    Choosing opportunities that allow us to:

    • take an ecosystem-wide view that delivers positive change for all stakeholders
    • partner with like-minded management talent
    • leverage multiple avenues for growth

Focusing in on exceptional value

We target specific areas of defensive sectors that offer a particular blend of resilience and momentum, including:

  • Mission-critical business services
  • Specialised Health, pharma & well-being
  • Public infrastructure solutions
  • Niche industrials
  • ‘Essential’ consumer needs