What we invest in
Almost all of our capital sits in three places. If your business fits one of them, we'd like to hear about it.
Private businesses
Profitable, owner-led businesses where we can take a significant minority or majority stake. We look for companies with customers who stay and a good reason to still exist in thirty years. Industrial services, specialist manufacturing and food production make up most of what we own today.
- Stake
- 20% to 100%
- Size
- EBITDA of $3m to $25m
- Holding period
- No set end date
Property
Industrial buildings, logistics sites and farmland, owned outright or close to it. We buy for long leases and good land, and we rarely sell.
- Asset size
- $10m to $80m
- Debt
- Below 30% of value
Listed companies
A small number of listed companies, usually ones we followed for years before buying a share. It's the part of the portfolio we talk about least, so we'll leave it there.
What we pass on
- Businesses that depend on one customer or one person.
- Anything that only works with a lot of debt.
- Early-stage technology, which we leave to specialists.
- Gambling, tobacco and weapons.
How a decision gets made
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First call
A conversation with our investment director, usually within two weeks of your note.
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Visit
We come to you, meet the people who run the business and walk the site.
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Committee
The investment committee reviews the opportunity at its monthly meeting.
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Answer
You get a clear yes or no. Most decisions take six to ten weeks from the first call.