Year in Review
Year in Review
Inception of Coniston Capital
Co-founders, Amit Hindocha and George Tsangarides announce the launch of Coniston Capital and their intention to raise a maiden fund. The pair brings over twenty years of private equity experience to Coniston, having previously worked at Mobeus, BGF and LMS Capital.
Amit and George recognise a gap has developed in the UK private equity market and plan to focus on the smaller MBO market which has been underserved since being vacated by VCT investors. They see an opportunity to work with management teams who require an equity partner to facilitate a change of ownership and help deliver their growth plans.
Coniston Capital’s Investment Criteria:
- Ambitious management team
- Capital requirement of £2m – £7m
- Profits greater than £500k
- Significant growth potential
- Headquartered in the UK
- Operating in any sector
Alongside the fundraise, Coniston recruits Josh Henshaw as Principal to support the team in its deployment strategy across the UK.
Coniston Capital Announces First Close of its Maiden Fund
Coniston Capital successfully holds the first close of its maiden fund, Coniston Capital I LP, at £24m.
With a strong pipeline of opportunities, the team anticipates making their first investment soon after.
Coniston Capital Backs the Management Buy Out of Masterfix
- Masterfix operates in the premium residential, commercial and insurance markets, providing a ‘one-stop shop’ to cover the full property maintenance requirements of its clients. These include H&S compliance testing and certification, planned servicing of fixed assets such as boilers, 24/7 reactive maintenance, insurance reinstatement services and refurbishment projects.
- The business was co-founded in 2008 by Managing Director Chris Ball and non-executive Chairman, Lawrence Green.
- Chris and Operations Director Matt Freeman have led the team since 2016 and Coniston have backed them in a buyout that will enable them to continue to do so through Masterfix’s next phase of growth.
- Coniston introduced Richard Chappell, formerly CEO of TCFM, as non-executive Chairman and recruited James Peers as Finance Director.
- Coniston’s investment will allow Chris and Matt to continue to grow Masterfix organically, cementing its position as a leader in the London market, whilst also supporting their acquisition plans to broaden their geographic reach.
Deal Lead – Amit Hindocha
Sector – Business Services
Coniston Expands Team
Second Close of Fund
Coniston Capital has a final close of its maiden fund, Coniston Capital I LP, at its hard cap of £40m, surpassing its target of £30m.
Investment in Harvey Jones
- Harvey Jones is a designer, manufacturer, and installer of premium kitchens, with 28 showrooms across the UK.
- Hand crafted in the UK, Harvey Jones sells five styles of kitchen: Shaker, Arbor, Original, Linear and Linear Edge, which can be personalised with any choice of paint colour, worktop, and appliances.
- Founded in 1977, the business is a leading brand within the premium kitchen market.
- Coniston has backed the management team, led by Managing Director Darren Woolsgrove and Operations Director James Hadingham, who will take the business through its next growth phase.
- Adrian Fawcett, a highly experienced non-executive, has been introduced by Coniston as chairman, and will support the business in the next phase of its journey.
- Harvey Jones will continue to invest in their showroom experience, as well as growing their pool of Sales Designers to meet customer demand. This will be supported by recruitment of production and installation engineers to enable Harvey Jones to continue to offer industry leading lead times of eight weeks.
Deal Lead – Josh Henshaw
Sector – Consumer