Article 15
Why overseas capital is acquiring underpriced UK mid-market assets and why non-sponsored companies can’t keep pace
The UK mid-market presents a rare structural arbitrage opportunity for international private equity sponsors, corporate acquirers, and institutional investors. Continue reading
Article 14
Rather than exiting the asset class, institutional investors are sharpening selection criteria.
For over two decades, private equity operated under a seamless implicit contract: Institutional Limited Partners (LPs) committed illiquid capital in exchange for consistent, outsized net alpha over public equity benchmarks. Continue reading
Article 13
Why Regional Scale & Devolution Are Unlocking the UK’s True Growth Potential
The narrative surrounding UK business growth has long suffered from a London-centric bias. Continue reading
Article 12
Overworked, Under-Supported, Misunderstood, and Under-Rewarded
The private equity market across the UK and Europe has reached a critical inflection point. Continue reading
Article 11
Buy & Hold Models with Decentralized Operations
Buy & Hold buyers—often referred to as permanent capital aggregators or long-term compounders—represent a distinct and powerful asset ownership model in private market M&A. Continue reading
Article 10
Finding Value in Sub-Scale Assets
In private equity, assets are typically classified across distinct market tiers based on scale, financial performance, and organizational complexity. Continue reading
Evolution, Market Dynamics, and Strategic Implications for LPs, GPs & Mgmt
Independent sponsors—frequently referred to as “deal-by-deal” or “fundless” sponsors—are specialized private equity operators and transaction professionals who identify, structure, and execute corporate acquisitions without relying on a pre-funded, committed commingled fund. Continue reading
Article 08
Evolution, Market Dynamics, and Strategic Implications for LPs, GPs & Mgmt
Continuation vehicles (CVs)—often referred to as continuation funds—are specialized investment structures established by a private equity sponsor (General Partner or GP) to transfer one or more existing portfolio assets from a maturing primary fund into a newly formed vehicle. Continue reading
Article 07
As dealmakers for multiple decades, it’s perhaps surprising to find that whilst the world around M&A has changed markedly over the last twenty years, the process of doing deals and in particular due diligence actually has not.
Emails, Excel files, Word files, PDF are the currency of due diligence. With all parties typically cascading a blizzard of partially complete documents all the way through until completion. Continue reading
Article 06
When I started Independence Capital, we had a singular mission. To be the go-to Private Equity alternative for exit-proven leaders & mgmt teams.
Whilst that remains true in 2025, with still so much potential for the future, another mission is emerging… As drivers of M&A and growth strategies, everyday we engage direct with business owners. Continue reading
Article 05
Throughout the two and a half years since we commenced we have faced a lot of questions. In this article we try and cover the main questions candidates, sellers, advisors and investors have and hopefully help you build the confidence in Independence that some of the country’s leading management teams also have.
Article 04
After having joined Independence in September 2021, we ask Ben to share some of his experience and observations as a window into the business for future prospective candidates.
Article 03
Navigating the M&A market involves a blizzard of acronyms and a whole new language of terms, phrases, documents and processes. This article serves as a reference base for those wanting to clarify their understanding at any time of day.
Management Buy-In MBI
where an outside Management team acquires the Target Company, with or without a Sponsor
Buy-In Management Buyout BIMBO
a transaction where a third party to the company acquires the business whilst also eliciting the support of the incumbent management who also share in the equity
Enterprise Value EV
means the value of a business on a debt free, cash free basis, i.e. irrespective of the sources of capital used to finance it. Commonly determined by adding the value of a company’s debt to its Equity Value, minus cash and Cash Equivalents.
Internal Rate of Return IRR
an index number for the success of an investment. The IRR is an internal discount rate which has to be applied on the expected cash flows arising from an investment so that the net present value of the investment equals zero.
Special Purpose Entity SPV
an entity, often a company, incorporated and used for a very specific purpose. Most often used for acquiring a specific company
Private Equity PE
a generic term sometimes used as shorthand for a Private Equity Sponsor and/or the business of raising and managing Private Equity Funds
Article 02
Apologies in advance to those who have landed on this article from an entirely different sort of Google search… because the letters in question here are only MBI otherwise known as “Management-Buy-In”.
Article 01
It has to be one of, if not the first question, that we often encounter with new teams and leaders considering building for themselves instead of others.
We are always open for business, always looking to support sector-leading talent and add to our ranks operating partners, investors and team members. Tell us a little about yourself and we will be in touch.
