There is no fund life and no date by which the group must sell, so decisions are
made on a ten year view. A business bought this year is expected to still be in the
group in twenty.
A managing director in the chair
When an owner steps back, a dedicated managing director runs the company day to
day. The name stays, the team stays, and the standards the owner set stay with
them.
The strength of a group
Back office, procurement, recruitment, compliance and customers are shared across
the companies. That is where a group becomes worth more than the businesses inside
it.
Acquisition criteria
Profitable, unglamorous, and already working.
Operating profit
£500,000 to £1.5m a year, earned consistently and not dependent on one good year.
Revenue
A contracted or repeating base. Planned maintenance, service agreements and
statutory inspection work in services, and a repeat order book in manufacturing. One off project work is not the base we look for.
Where
The United Kingdom.
Ownership
Full ownership. We are happy for a seller to stay on for a handover, or to
leave on completion.
Sectors
Businesses their customers cannot do without.
Heating and air conditioning
Planned maintenance, service and statutory inspection on the plant that keeps a
building usable. Contracts run for years and renew quietly, because the alternative
is a building nobody can work in.
Recurring by construction.
Drainage and wastewater
Scheduled maintenance and reactive work on drainage, pumps and interceptors across
commercial sites. Demand does not follow the economy, and the work cannot be
deferred for long.
Demand arrives whether or not it is wanted.
Electrical, fire and compliance
Fixed wiring testing, emergency lighting, alarm and extinguisher servicing, and the
certificates a landlord needs to let a building. The obligation sits in law, which is
a more reliable customer than a budget.
The customer is the statute.
Cleaning and building fabric
Contracted cleaning and the day to day fabric maintenance that keeps a site
presentable and open. Low drama, high frequency, and priced per site per month.
Frequency is the whole business.
Light manufacturing
Assembly, fabrication, precision engineering, packaging and components. Companies
that make a physical thing to a specification, on their own machinery, for customers
who have designed that part into a product of their own.
Designed in, and slow to design out.
Repeat order books
Manufacturers whose customers reorder the same parts year after year, where the
tooling, the approvals and the relationship all sit on Stonehold's side of the table
once the first order is won.
Won once, ordered for years.
The founder
Who a seller would be dealing with.
Stonehold Capital is led by Alessio Bianchetti. Selling a business built over a
working life is not a transaction to hand to a stranger, so it is worth knowing
who sits on the other side of the table.
Our view is that value is made in the operations of real businesses. We are not
looking to strip a company back, merge it into something else or sell it on in
three years. We are looking for one good business a year and the chance to run
it well for a long time.
Every conversation is private, and stays private whether or not we go
further.
A business that has run well for twenty years does not need
reinventing. It needs an owner who intends to still be there in twenty more.
Alessio BianchettiFounder
Headquarters
One office, and one country.
LondonUnited Kingdom51.5074°N · 0.1278°W
We work from London and buy across the United Kingdom.
Sellers and their advisers deal with the same people from the first call onwards,
and every conversation stays inside the firm.
Enquiries
Begin a conversation.
Selling a business
An owner considering a sale, or simply wondering what the business might be
worth, is welcome to a private call with no obligation.