What we buy
These are the shapes we look for, not a set of rules. If you are close on most of it, or interesting on one of it, talk to us anyway.
- Sector
- HVAC and mechanical building services. Core SIC 43220, plumbing, heat and air-conditioning installation, plus adjacent mechanical services categories.
- Turnover
- £10m to £25m.
- EBITDA
- £250k to £1.5m and above. Thin margins are not a problem; they are often the opportunity.
- People
- Around 20+ directly employed, though we know the subcontract model well and do not read headcount too literally.
- Trading history
- 10 years or more.
- Ownership
- Privately or founder owned, with a concentrated shareholder base.
- Shareholders
- Principals typically 50+, where succession is a live question.
- Assets
- Tangible assets and freehold property are a plus, particularly where they can support the funding of a deal.
- Geography
- UK-wide.
What makes us lean in
Recurring service and maintenance income, a customer base that has stayed for years, a clear succession gap, or a business that is plainly capable of better margins than it is currently making.
Start a conversation