‘‘Why join the navy, if you can be a pirate’’

Results Matter.

We are a partnership of entrepreneurs investing our own money into long-term projects we believe in. We are not an institutional asset manager.
We invest in and operate profitable niche businesses, focusing on asset-light companies, while remaining opportunistic for exceptional off-market deals.

profits

Either > €5m EBITDA
or > €20m Net Revenue

Operating team continuity

We prefer that founders stay on board or we incentivize external management with buy-in opportunities

Strong market position

Market leader or significant second in a defensible niche

Asset-light
business models

We focus on asset-light business models, with a particular interest in scalable online platforms across Europe and CIS markets

Margins

Healthy and sustainable, long-term margins

Ticket size

Up to €150m cash at close, with total deployment capacity up to €250m per transaction

Special Situations

Occasionally, we exploit unique opportunity deals that other investors cannot pursue due to factors such as tight deadlines, unconventional investment categories, unique risk perspectives, operational challenges, and the need for a flexible investment horizon.

Our ability to act swiftly, think outside the box, understand and manage risks, leverage operational expertise, and provide long-term support sets us apart as a valuable partner for businesses seeking unconventional investment solutions.