Investment Focus

    Four sectors, one screening framework

    Each sector is defined by the economics its businesses share, not by an industry label. We decompose each sector into sub-segments, and then deploy AI agents to run a series of tests to identify those with the most attractive buy-and-build features

    Screening framework

    The tests every theme must pass

    • Add-on density. At least 150 verified independents at €0.5–2m EBITDA inside a single country

    • Revenue recurrence. Contracted, recurring or high-repeat revenue

    • Entry discipline. Add-ons transacting below 7x outside a competitive process

    • Integration tractability. One system estate is achievable and not defeated by local autonomy or client-personal relationships

    • Capacity conversion. Capacity released by automation has a buyer in the same vertical

    • Ownership openness. Control is lawfully takeable, without regulatory approval on every transaction

    • Exit corridor. Four credible buyers, at least one of them not a sponsor, and three completed transactions in 24 months. A sector that fails this is excluded whatever else it scores

    ⬡Sector 01

    Business services

    Regulated, contracted B2B services where a compliance obligation, not a discretionary budget, sets the spend. High renewal, and a fixed cost of staying qualified that every independent duplicates

    → Themes today: managed IT & security; accounting & tax

    ◇Sector 02

    Industrial & infrastructure services

    Field service economics across an installed base, now reshaped by AI: monitoring and predictive maintenance shift value from the equipment sale to lifetime service, while data-centre build-out is outrunning the supply of qualified specialist contractors

    → Themes today: AI-powered industrial technology; AI data-centre services

    ○Sector 03

    Healthcare services

    Demand set by demographics and regulation, not discretionary budgets: an ageing population, rising regulatory complexity in pharma services, and structural growth in health & beauty, with compliance rebuilt at every sub-scale provider

    → Themes today: pharma services; health & beauty

    △Sector 04

    Niche manufacturing

    Specified products where a governing standard, certification or homologation gates who may or may not supply the market. The firms benefiting from this competitive moat are often sub-scale and lack commercial resources to grow organically

    → Theme today: elite competition sport equipment