Current acquisition appetite
We are always looking for specific targets to fill the buy-side appetite of our groups. Below is each group and the rough criteria it is working to today: the sub-sector, the size and where in the country.
Please do take the time to review and share your suggestions – for those of our network who are not working sell-side with the suggested target, we can accommodate some form of commission payment for successful introductions and the conversation could even lead to a role for you within IC or our client/invested businesses, so please connect and share your network with us.
What each group is buying
19 lines of criteria across 5 groups.
Criteria as of October 2026
A Microsoft Modern Workplace technology services group, serving Mid-Market businesses and SME with complex technology requirements.
Telco
Revenue: £10–30m
Where: Anywhere in the UK
MSPMSFT only
Revenue: £5–20m
Where: Anywhere in the UK
Azure
Revenue: £2–10m
Where: Anywhere in the UK
BI & Data
Revenue: £2–10m
Where: Anywhere in the UK
CyberSOC or VAR services (no 100% pen testing)
Revenue: £2–10m
Where: Anywhere in the UK
Transformation
Revenue: £2–10m
Where: Ideally NW or Midlands
An SME-first IT Managed Service Provider, acquiring owner-managed assets in IT support, Telco, Cloud, Connectivity & Cyber.
MSP
Revenue: £2–5m
Where: Yorks or London regions
Telco
Revenue: £2–5m
Where: Anywhere in the UK
Azure
Revenue: £2–5m
Where: Anywhere in the UK
A NERS accredited power solutions group – providing design, build, connectivity & maintenance from pylon-to-consumption.
LVCommercial & industrial only
Revenue: £5–10m
Where: Anywhere in the UK
EHVDesign & commissioning works
Revenue: £4–10m
Where: Anywhere in the UK
HV ConnectionsNERS accredited
Revenue: £4–10m
Where: Midlands & South
LV (niche)Contracting in niche markets such as ATEX
Project Flow
A drainage services strategy, buying investigation, repair, civils and connections businesses.
Drains Investigation & Repair
Revenue: £4–10m
Where: Anywhere in the UK
Drains Civils
Revenue: £4–10m
Where: Anywhere in the UK
Drains ConnectionsWERS accredited
Revenue: £4–10m
Where: Anywhere in the UK
Project Flame
A fire safety strategy, buying passive and active fire product and service businesses and the consultancies that advise on them.
Passive Fire ProductsDoors, barriers, lighting
Revenue: £3–10m
Where: Anywhere in the UK
Active Fire Products & ServicesAlarms, sprinklers, dry risers, extinguishers
Revenue: £3–10m
Where: Anywhere in the UK
Fire ConsultanciesAdvising principal designers & contractors
Revenue: £3–10m
Where: Anywhere in the UK
Stay updated
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What vendors think of working opposite Independence Capital
Register interest
“We were regularly approached by buyers but Independence were different. We could see they knew our sector and that they had the best interest of those staying behind after the transaction. Pre & post deal we have really enjoyed working together”
Mrs Hall 
“Independence were pleasure to deal with and made the process very simple. Rolling some of my equity into the buying group has been a great decision and I am excited to be a part of a bigger group but with all the agility still of an entrepreneurial business”
Mr Huntington 
“When our advisor shared that an interested buyer was a private equity backed platform, we were sceptical. However, all fears and concerns were dispelled within the first few days. We were and remain incredibly impressed and thankful – the business and the team have moved on so much, it’s been genuinely inspiring”
Mr O’Dell 
“We weren’t really considering a sale but when we heard the plans the buying team had for our business it was an easy decision to sell. Despite selling I’m really excited for what the business can go on to become”
Mr James 
“Selling to just the highest bidder was never the priority. When we were first approached we wanted different things but were delighted that Independence were able to pivot and help construct and deliver a solution which has proven best for everyone”
Mr Skelson 
“Selling a multi-generation family business is never an easy decision or process. Independence helped make that be as good as it could be – the buyer-fit was fantastic and it’s great to see our business being taken forward so positively”
Mrs Marriott