Portfolio - Current
Portfolio - Current
| Investment: | Masterfix |
| Investment Date: | September 2021 |
| Deal Lead: | Amit Hindocha |
| Masterfix is a provider of property repair, maintenance and compliance services into the residential, commercial and insurance markets. The business has long standing relationships with blue-chip clients, with a geographical focus on London. |
| Investment: | Verity RI |
| Investment Date: | December 2022 |
| Deal Lead: | George Tsangarides |
| Verity RI has operations in the US and UK. The business has a strong presence in the advertising agency market and the B2B packaging and wider manufacturing markets and has longstanding relationships with blue-chip clients. |
| Investment: | FMC |
| Investment Date: | August 2023 |
| Deal Lead: | Alfred Chambers |
| FMC is a trusted dentistry media brand, connecting dental professionals to their industry through multiple channels including websites such as dentistry.co.uk, publications including Dentistry and Private Dentistry, exhibitions and awards. |
| Investment: | Equity Networks |
| Investment Date: | March 2024 |
| Deal Lead: | Alfred Chambers |
| Equity Networks is an IT Managed Service Provider offering Managed Cloud Applications, Managed Cloud Infrastructure, Managed Security of Data and Managed Communications. |
Masterfix
Investment Date
September 2021
The Business
- 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 Deal
- 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.
Value Creation
- By request of the CEO, Coniston worked closely with Masterfix to support entry into new markets and they successfully launched four new service lines, contributing to topline growth and margin enhancement.
- Reviewed and oversaw the design and implementation of new workforce management systems, which supported operational efficiencies.
- Secured a seven-figure ABL facility from Arbuthnot.
The Future
- 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 Team
Deal Lead – Amit Hindocha
Sector – Business Services
Verity RI
Investment Date
December 2022
The Business
- Verity RI is a data led B2B consultancy.
- Through Verity RI’s core product, The Referral Rating, the business allows its clients to track and improve their customer relationships, helping to reduce churn and increase opportunities for growth.
The Deal
- Founded in 2004, and now headed by Group CEO Phil Reilly, Verity RI has operations in the US and UK.
- As part of the transaction, Coniston introduced Chris Jones as CFO.
- Calum Smeaton joined as Chairman following the sale of TVSquared to Innovid, where he was founder and CEO.
Value Creation
- Supported the digital transformation of legacy systems, driving material operational efficiencies and improving the overall customer experience.
- Leveraged artificial intelligence and machine learning to improve the functionality and output of Verity RI’s proprietary platform.
- Created a product roadmap and worked with the development team to build a new suite of SaaS products for new and existing customer cohorts.
The Future
- Coniston’s investment will allow Verity RI to expand into new verticals and to continue to develop new products to sell into its blue chip client base.
Deal Team
Deal Lead – George Tsangarides
Sector – Professional services
FMC
Investment Date
August 2023
The Business
- FMC is a trusted dentistry media brand, connecting dental professionals to their industry through multiple channels including websites such as dentistry.co.uk, publications including Dentistry and Private Dentistry, exhibitions and awards.
The Deal
- The business was founded in 1994 and is now led by its management team Craig Welling, Jason Newington and Tim Molony.
- Coniston has introduced James Tye as Non-Executive Chair. Tye has had a successful executive career in media including fifteen years as CEO of Dennis, which he led through a successful MBO and subsequent exit to Future Plc.
Acquisitions
Value Creation
- Refined FMC’s sales and marketing strategy, increasing new customer wins and driving growth of subscription products.
- Since Coniston’s initial investment in Sep-23, FMC has completed three acquisitions, supporting entry into new dental service lines: compliance, patient consent and digital marketing.
– Coniston Portfolio Company FMC Partners with Apolline
– FMC Acquires Xcelerator Dental - Secured co-investment to accelerate organic and inorganic growth as well as excellence in practice services.
– FMC Secures £4m Growth Capital Round from Industry Leader
The Future
The partnership with Coniston will reinforce FMC’s plans to expand their digital and events offerings and to build on their subscription service, The Dentistry Club, where dental professionals can access CPD and online learning facilities.
Deal Team
Deal Lead – Alfred Chambers
Sector – Business Services
MWA
Investment Date
October 2023
The Business
- An Independent Financial Advisor consolidation platform acquiring UK IFA businesses which provide their clients with independent, holistic financial advice.
The Deal
- MWA was founded in 2016 by CEO, Cam Banks. The management team is led by Banks and Director of Operations, Marine Deruelle. They are supported by Executive Chair, Ed Rosengarten.
Value Creation
- Coniston worked closely with MWA to drive growth through buy-&-build. Since Coniston’s initial investment in Oct-23, MWA has made four acquisitions.
- A Coniston executive helped establish and deliver an acqui-hire growth strategy. Through rigorous market mapping and targeted outbound origination, this initiative contributed 25%+ of AuA 12-months after launch.
The Future
Coniston’s funding will increase MWA’s acquisition power, with three further acquisitions anticipated in the next twelve months, and will support MWA’s plan to become a national player in the IFA market.
Deal Team
Deal Lead – Amit Hindocha
Sector – Business Services
Equity Networks
Investment Date
March 2024
The Business
- Equity Networks is an IT Managed Service Provider
- The business offers four key services: Managed Cloud Applications, including the implementation and maintenance of platforms like Office365, Managed Cloud Infrastructure, where data is migrated from outdated servers to the Cloud, Managed Security of Data and Managed Communications, primarily internet connectivity.
The Deal
- The company was founded in 2011 and is led by Co-Managing Directors, Alex Hall and Marcos Reid
- As part of the transaction, Coniston introduced Edward Spurrier as Non-executive Chairman. Spurrier has built a successful career in IT and Communications including in his roles as CEO of Alt Networks and Chairman of Wavenet.
Acquisitions
Value Creation
- Invested in M&A capabilities, recruiting a group CFO and Commercial Director to support post-acquisition integration.
- Coniston launched a direct origination programme to build a pipeline of local acquisition opportunities.
- Within 12-months of Coniston’s investment, Equity Networks made three acquisitions, doubling the size of the business.
– Equity Networks Acquires Trust Networks
– Equity Networks Expands Market Reach with Create IT Acquisition
– Equity Networks Broadens Market Presence with M2 Acquisition - Secured a seven-figure funding facility from Triple Point Private Credit.
– Equity Networks Secures Funding Facility from Triple Point Private Credit
The Future
- The partnership with Coniston will enable Equity Networks to execute on the next phase of acquisitions, with several opportunities in the pipeline.
Deal Team
Deal Lead – Alfred Chambers
Sector – Professional Services