Who we work with

A feature of our success to date has been building for a narrow audience with specific needs and opportunities. We set out below an illustration of who we typically like to work with and how we work together, as well as why not all teams and leaders will be a fit for our model.

    • Have delivered an exit which is greater than £50m Enterprise Value (to date our average is £147m) and for that exit to have generated over 2.5x return for investors if the firm was sponsored by a private equity firm. We choose this so that we have a proven base of return / scale from which to replicate and improve on.
    • Preferably the exit will have been private equity backed because that means our proposition will resonate more clearly and the teams and leaders will all have proven comfort and familiarity with the reporting and cadence required in those environments. But we certainly don’t rule out sponsorless exits.
    • Not all great teams and leaders have exited – they may already be leaders in a business that is the relative top-of-market. We too believe they have enormous relatable experience and networks to allow them to build on the proven habits and practices of the market leader.
    • We like to work with teams and leaders who have benefited from continuity of service, have seen repeated promotion and development and don’t necessarily have to be the CEO / CFO of those businesses – the larger the operation the more credible the second-line / divisional leadership team will be, which is also appealing for us to work with.
    • Lead a business proven to be an outlier in their market (that could be growth, margins, awards or capability)
    • That could be a post-profit venture business or a second-generation SLT who have had transformative impact on the fortunes of a mature business
    • Leadership needs augmenting and the company needs investment to allow it to reach its potential

Shared criteria

All

  • Have domain knowledge of the sector exceeding 10 years
  • Have worked in groups which have grown through M&A, not just organic
  • Have experience of both SME and Enterprise, ideally
  • Our strong preference is to back a team or pair, but we will work with individuals
  • Anywhere in the UK

If you recognise yourself in any of the above, please do make contact

Register interest

Who we choose not to work with

Whilst these are not exhaustive or necessarily cast in stone, these are hallmarks of teams and leaders who from experience will be better served by alternative providers. We take great pride in the very selective filtering of our backed candidates and that we believe is more important than dealing for dealing’s sake.

Unless by strong exception.

  • Consultants moving into a first industry role

  • Transient or interim leaders with shallow sector knowledge

  • Overseas leaders coming to the UK for the first time

  • Leaders looking to build a global group

  • Leaders who were passengers in prior strategy, not active participants

  • Leaders of businesses in the following sectors

    • Consumer
    • Hospitality
    • Marketing
    • Media
    • Software
    • Adult Industries

Our typical journey

Whilst all of our strategies are designed & built to serve the experience and aspirations of the teams we partner with, there is a common theme, the broad shape of which we set out below so that teams and leaders can be in no ambiguity about what we build and how.

We see real value in combining off-market, sub-scale and regional assets to create leading mid-market assets of the future.

  1. Build the platform

    Acquire 2–3 small-cap acquisitions, £2–10m turnover.

  2. Invest for growth

    Designing, resourcing & embedding a target operating model across the functions.

  3. Scale the platform

    Acquire 2–6 small-mid cap acquisitions, £2–20m turnover.

Prepare for exit from day one

  1. Exit at optimal scale

    Most often£6–10m EBITDA

    Where there is a chronic under-supply of growth/investable assets and an over-supply of buyers/investors from the UK and overseas who are interested in a performing asset of critical mass.

“Being able to bring strategic & tactical benefits into sub-scale businesses is exciting and valuable. I really do believe the Independence model is an accelerant for emerging SMEs wanting to make that next step but with the support of teams who have been there before.”
Chris EarleCo-founder, Novem

We invest our time and expertise in you, before we start

If you are reading this, there is every chance that, as of today, your mind may not be made up about what your next step will be? You’ll likely be facing into lots of questions and uncertainty; will you stay where you are, is now the right time, can you afford to take the risk, do you feel safer with traditional private equity, are the market conditions right, is it fair to you or your family to commit to something new, what is the opportunity you want to target, what are the risks, how long will it take, who can I bring with me, what are my options, what are the scale of the rewards? These questions and more are all natural.

At Independence Capital we recognise that beyond the investment, before any decisions have been made, it is our job to help you on the journey of exploring all of those questions. With openness, patience and without pressure or obligation we routinely invest our time to help us both build the confidence that we are the right partners for you and that this is the right option for you at the right time.

Register now

In their words

What teams think of IC

  • “Having scaled and exited with private equity before, we knew that building our own group without traditional private equity was our aim. Independence have a unique proposition built exactly for our purpose and have been exceptional partners in helping us deliver on that dream. We have made great progress in a short space of time and wouldn’t hesitate to recommend Independence to other teams and leaders in our position.”
    Mark AllenExited for more than £200m
  • “Having worked with global blue-chips and mid-market private equity all my career, a lot of what we are doing with Independence I didn’t think was possible. They have proven to be a fantastic alternative and I really value their support.”
    Phil McClennonEx Global Strategy, Thyssenkrupp
  • “After exiting Verastar, I spent a lot of time talking to the market to find partners able to help on my next project. Independence were the only party I spoke to where there was very clear alignment of expertise, interest and risk. In the short time we have been working together they have made great progress originating and structuring off-market opportunities and I look forward to counting on their support as we build the group over the years ahead.”
    Alex HeslipExited for more than £400m
  • “When I first heard the Independence proposition it felt too good to be true. Having been kind enough to invest time with me to explore my ideas on a future thesis, I am delighted with the potential. I will be joining the Independence portfolio when my current exit vests in 2028.”
    ConfidentialCurrently leading a >£100m EV manufacturing secondary
  • “Independence have proven to be a great partner for our business and we really value their expertise. They have not only worked hard to learn about our business and support our needs, they have shared guidance on strategies which have collectively brought great value to the company, family and the team remaining within the business.”
    Richard SkelsonScaled family business 10x
  • “Independence were really helpful in supporting my first acquisition in the UK. In a new country and market, they helped me to successfully navigate a challenging vendor and their advisor and I am really pleased with how the acquisition has subsequently performed. I intend to work with them again in the future as the group looks for M&A buy-side support as part of its growth plans.”
    Craig SchweitzerEx Xerox MD
  • “Having worked with traditional private equity, I could easily relate to Independence’s differentiated offering. I have been extremely impressed by the quality and volume of off-market targets delivered and the depth of support available in structuring and strategy. Building a global group isn’t straightforward but Independence have fast become integral partners and I will recommend them to other teams and leaders.”
    Nic KyrzakosExited for Carlyle Group
  • “Me and my management team decided after our first success that we wanted to go again and assumed we would organically. After considering the Independence proposition I am quite sure that we will all go further, quicker together and with less risk, so working with Independence just makes sense. We can’t wait to start.”
    ConfidentialExited £60m EV, now waiting out a restrictive covenant
  • “I have enjoyed working with Independence and welcomed their support in helping to navigate some complex situations, good and bad. I would recommend them to other leaders looking to build their own group.”
    Simon WellingsExited for more than £1bn
  • “Independence helped give me the confidence to build my own group and have been exceptionally supportive throughout a tumultuous past three years. I wouldn’t hesitate to recommend them to other leaders and management teams.”
    Ian HowellEx Barclay Brothers MD
  • “Having sold our family business to a blue-chip company, we have experience of growing and running companies at both ends of the spectrum. When we started the Titan Packaging Group, what we didn’t have experience of was M&A outside of our own deal. Independence have been really helpful and insightful in working with us to explore what is possible in the market, and we continue to value their support in helping us to build our group over the coming years.”
    Jason InwoodExited to Bunzl

Register interest.

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.

Max. file size: 2 MB.
Select Option

Protected by reCAPTCHA: Google’s Privacy Policy and Terms of Service apply.