Investment Criteria

All businesses are unique and no business is perfect, but ideally we'd see characteristics that broadly align with the below criteria

Financial

£0.75m to £5.0m of EBITDA
EBITDA margins greater than or equal to 10%
Up to £25m of Revenue
Track record of strong operating cash conversion

Business

High revenue quality (meaningful recurring revenue / order book or low customer churn)
Niche / high quality service offering
Strong middle management able to sustain or grow an identifiable moat
Headquartered in the UK

Industry

Sector agnostic, but experience in the Education, Aerospace & Defence, Business Services, and Healthcare Services sectors
GDP+ growth prospects, in a market with some fragmentation
Simple business models
Low risk of adverse regulatory changes

Owner Dynamics

Proud of the business they've grown and conscious of building on their legacy
Concentrated ownership
Motivated seller looking for investment to support management transition or to exit / retire
Open to consulting for a period of time post-completion