How we partner with founders

Our approach to ownership, governance and the operating support we bring after closing.

Founders build businesses that carry their judgement in every part of the operation. When ownership changes, most of the value at risk sits in that judgement, so our first commitment is that the people who built the company continue to run it with real authority.

We are explicit about what changes and what does not. Governance becomes more formal: clear reporting, a defined budget process, an agreed capital plan. Day to day commercial and operating decisions stay where they were. We do not install a parallel management layer, and we do not ask teams to spend their week producing material for us.

What we add is capital and capability. Patient funding for the investments that were previously rationed, help recruiting the senior roles a growing company needs, and practical support in procurement, pricing and systems drawn from the other businesses we own. Where a founder wants to step back over time, we plan that succession years in advance rather than at the point it becomes urgent.

We also make our intentions clear at the outset. We are buying to hold. There is no process at the end of a fund life, no requirement to prepare the business for resale, and no pressure to optimise for a valuation event that we are not planning.

That clarity is the foundation of the relationship. Founders make better decisions when they know the horizon they are working towards, and so do we.

A productive partnership starts before any transaction with an understanding of what the founder wants to preserve and what the business needs next. Those questions may concern the company's identity, investment capacity, succession or the responsibilities of the leadership team. Addressing them directly is more useful than assuming every founder wants the same financial or operating outcome.

Clear decision rights matter as much as shared ambition. Budgets, significant investment proposals and changes to leadership should have an agreed process, while teams close to customers retain the ability to respond to everyday operating needs. Reporting is most useful when it reveals a decision that needs attention, not when it creates another layer of administration.

Continuity depends on people beyond the founder. Technical specialists, commercial leaders and experienced colleagues often hold knowledge that is not documented anywhere else. Supporting their development and making succession deliberate helps a business retain its character while becoming less dependent on any one individual. The terms of each partnership must reflect the circumstances of that company rather than a universal template.