Founded 2002 by Manjit Dale & Stephen Robertson; London HQ (Marylebone). €15bn AUM. 61-person team across 4 funds. Portfolio: Asda (£6.8bn acquisition), David Lloyd Leisure (£750m), Stonegate (pubs), Constellation Automotive, Popeyes UK. 1 unicorn, 2 IPOs (Globalization Partners, Williams Scotsman). Value-creation ops focus; ESG-integrated process. Strong retail/hospitality legacy.
Investment Focus
Investment Thesis
Mid-market buyout firm focused on European companies. Targets companies valued €300m–€1.5bn; interested in under-managed, under-invested or misunderstood businesses with transformation potential. Portfolio concentrated in Consumer (5) and Auto (4); incl. leisure, retail, healthcare. Highly selective strategy, small number of platform co./year. Long-term holding approach, beyond industry average. Avoids early-stage tech. Minimal cheque variation; £50m–£500m range typical.
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