We acquire companies from entrepreneurs, owner-managers, and corporate owners who are looking to realise the value of the businesses they own.
We typically invest in UK businesses with sales of between £5m and £50m.
We’re flexible and versatile in our approach – whatever the story, we are interested in finding out the best teams to build great businesses.
Below we have highlighted the types of deals we do and our primary investment criteria. It is only a guide, so if you are unsure about whether your proposal would meet our requirements – please get in touch with one of the team.
Selling and leaving a business you have built over the years is a big step and having been involved in several, we understand that. We are able to work on a wide range of deals and structures, but crucially, with whatever management solution you might be leaving behind.
We provide large corporates & busy management teams with simple & discreet deals to exit problem units or non-core assets. We are able to work on limited legal coverage, tight turnarounds and with absolute discretion. Whatever the situation, we are flexible & fast investors able to help.
Management Buy Outs
We support management teams in structuring, financing & executing their deals. After that, being long term focused investors, supportive of growth and strategy development, and genuinely aligned incentivised partners is the key to success. We have completed 3 to date, Tobar, Komfort and Cubicles.
Management Buy Ins
Our appetite for complexity means we are willing to investigate and support a range of buy in and BIMBO deals. In this scenario, we’re both new to the business, but with close alignment and high levels of energy, we can make it a success. If we find a good management team, we want to back them.
Max Equity Investment Per Acquisition
Enterprise Value Up To
Fastest Time to Complete
Majority Stakes or Outright Acquisitions
£1m to £10m Equity Cheques
We’ve supported management teams with turnover in excess of £80m & bought businesses with turnover in excess of £40m from retiring owners.
One For Fun / Management Buy Out
Acquired in December 2015 we have worked with the management team to grow the wholesale side of the business. We have also supported the team across acquisitions large and small.
- Merino backed the existing managerial team led by David Mordecai
- Additional staff were brought in to support the strategy
- Merino has continued to make further bolt ons throughout the investment
Pixipixel / Management Buy Out
Pixipixel, acquired in October 2020 at the height of COVID disruption, demonstrates our flexibility when approaching deals. Fundamentally an exciting business but trading in challenging times, we have supported management to trade through COVID and grow.
- Asset investment for & growth
- Management to team supported
- Long term plan installed
Paul’s Cycles / Retirement Sale
Acquired in Q1 of 2017; the Paul’s Cycles owner and founder was looking to retire. We were able to fund a structure that allowed us to be comfortable with handover, the owner to satisfy his goals, and most importantly the longevity of the business going forward.
- Owner-manager exited and realised funds
- Business invested in for the future
- New management team bought in and internally promoted
People we have worked with have said…
Merino & I co-invested with the intention of doing a buy & build in the sector, the team are supportive and excellent partners.
Merino moved swiftly & competently to meet our challenging timelines
Merino have been an incredibly supportive partner since day 1. Their investment in the business has allowed us to pursue an exciting growth trajectory.
When we supported Merino on a transaction they were very easy to work with – from the basics like have data readily available to the process being as smooth as it can be, despite the unavoidable twists and turns! An ideal sponsor partner for us.
I like working with Merino because they provide straightforward answers, quickly. You know when they are running at something hard – which is great for us when running a process.
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