Value Investing - our criteria
We back exceptional businesses in critical Backbone Sectors.
Our investment framework is rooted in fundamentals, not fads. We seek high-integrity businesses where capital can unlock meaningful, lasting growth.
Our Investment Framework
Our Universe
We are highly considered in our investment selection. We will invest in fewer businesses with a higher conviction for success.
Backbone Sectors
Physical, mission-critical industries like manufacturing, energy, logistics and infrastructure.
Profile
Founder-led, often outside London, with proven product-market fit and room to scale.
Stage
Profitable, capital-efficient businesses with £5m-£50m in revenue and £2m+ of EBITDA.
Fundamentals Focused: Our Investment Criteria
Revenue
Strong, robust revenue,
Profit
Sustainable profitability.
Cash Flow
Positive free cash flow.
Balance Sheet
Clean serviceable balance sheets.
Capital Efficiency
Capital efficiency (ROCE > 20% or top of peer set).
Financial Principles
Foundations
Team
Visionary operators with track records, industry insight, and authenticity,
Product
A differentiated solution with defensible IP and real-world traction.
Brand
Established or ready to build. We know how to amplify.
Forces
Trends
Macro tailwinds and demand-led growth.
Traction
Multi-year momentum in revenue and margins, with a platform for more.
