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
- Typically £3m–£25m turnover.
- EBITDA
- Typically £250k+ EBITDA. Lower margins than peers don't put us off; 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.
- Owners
- Owners considering retirement, succession or gradually stepping back from the day-to-day running of the business.
- Assets
- Freehold property, specialist equipment and other tangible assets can be attractive, but are not essential.
- 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.
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