Generalist by design. Sector-agnostic from Day 2. One discipline travels across borders: the search for the right thesis in fragmented mid-market sectors, and the ambition to build the European leader within them.
Our Day-1 anchor is Iberia. From there we deploy where the thesis leads. The platform anchors in one market and compounds across borders.
A clear, disciplined perimeter. Inside it, we have full freedom to pursue the strongest opportunity in the mid-market.
A sector qualifies when these conditions meet. We build the thesis only where they do.
A long tail of sub-scale operators and no consolidator above the regional tier.
Recurring, mission-critical revenue that doesn’t depend on the cycle.
Owner- and family-led businesses seeking continuity and a credible next chapter.
At least one platform of institutional quality able to lead the consolidation.
We anchor in Day 1 and stay sector-agnostic from then on.
Our anchor deployment. A fragmented, mission-critical technical-service niche in continental Europe, where institutional consolidation is structurally absent.
Candidate categories include diagnostics and clinical services, specialist veterinary, ambulatory care, premium retail, and B2B services. Wherever fragmentation, durable demand, and a succession gap meet.
A natural home for founders and families seeking continuity. Institutional discipline and long-term capital, without surrendering the operating culture that built the business.
We build on quality, not distress. The anchor must already be a leader.
No pre-revenue or unproven models. Cash generation comes first.
We build consolidation with management and owners, never against them.
