Approach
An independent sponsor, financing each acquisition on its own merits.
We find, evaluate and lead control acquisitions of established internet businesses, then work alongside the management teams who run them.
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The firm
The businesses we acquire already work. They have customers who return, products that matter and people who know what they are doing.
Our role is to be a stable owner. We put a sensible capital structure in place, set clear governance and align incentives for the team. Where growth comes from next is a decision we make patiently, with management, rather than through a predetermined plan.
We do not manage a committed fund. Each transaction is capitalized separately, so its timeline and structure follow the business rather than a fund's life cycle.
Principles
- Management continuity
We look for a leadership team able to continue running day-to-day operations. We act as an engaged owner and board partner, not a replacement for the people who know the business.
- Fit first, then confidentiality
We establish fit using nonconfidential headline information. Before going deeper, we review and agree confidentiality terms and the process with the seller or adviser.
- Clarity on financing
We are direct about how a transaction would be financed and what conditions apply, and we raise financing early rather than at the end of a process.
- Prompt answers
If an opportunity is not a fit, we say so quickly and close the loop.
Financing
Capital is arranged deal by deal. A typical structure combines the sources below.
- Senior debt
Acquisition financing from established lenders, sized prudently against the business's actual earnings.
- Seller participation
Where it suits the owner, a seller note, earn-out or rollover equity aligns both sides around the business's future.
- Outside equity
Equity partners brought in for each transaction and selected for their fit with the business and their patience as owners.