Acquire. Improve. Grow. Realise.
INFRANOVA follows a disciplined private equity approach focused on the UK lower-mid-market industrial economy. We seek businesses where strong underlying fundamentals are combined with identifiable opportunities for operational, commercial and strategic improvement.
Three principles underpin everything we do.
Proprietary, off-market relationships with founder-owners, built over years across the UK industrial economy.
Every acquisition is independently underwritten by Pistis, our third-party underwriting and portfolio intelligence partner.
Operational improvement, professionalised management and bolt-on growth — led by operators who have run businesses themselves.
Our four-stage value creation model.
Identify attractive businesses through proprietary relationships, intermediaries, advisers and direct sourcing. We assess each opportunity against strict investment criteria before committing capital.
Following acquisition, we work with management to establish clear operational priorities.
- Financial reporting
- Management information
- Procurement
- Operational efficiency
- Workforce productivity
- Working capital
- Technology
- Sales and marketing
- Governance
Once the operational foundation is strengthened, we seek to accelerate sustainable growth.
- New customers
- New markets
- Increased capacity
- Product development
- Pricing optimisation
- Organic investment
- Strategic bolt-on acquisitions
We seek to build businesses that are more valuable, more resilient and more institutionally investable than when acquired. Potential exit routes include strategic buyers, private equity, management-led transactions and other financial investors.
A disciplined process for every investment.
We develop relationships across the transaction market to build a proprietary pipeline of attractive lower-middle-market opportunities.
Each opportunity is screened against our core criteria. Only opportunities meeting our initial criteria progress.
Detailed financial, commercial, legal, tax, operational and technical diligence is undertaken as appropriate.
We develop a detailed investment case, ensuring the investment remains attractive under conservative assumptions.
We work with advisers, lenders, sellers and management to execute the transaction, with structures designed to preserve financial flexibility.
Following acquisition, we establish a clear set of operational priorities for the business.
The portfolio company is managed against an agreed value creation plan, monitored through regular financial and strategic reporting.
When the business has achieved its value creation objectives, we evaluate potential exit routes with high-quality strategic and financial buyers.
How We Evaluate an Investment
INFRANOVA Capital's investment criteria are indicative and subject to detailed due diligence, investment approval, financing availability and definitive documentation. Meeting the criteria described does not guarantee that an investment will proceed.
INFRANOVA Industrial Intelligence
See how operational and financial data can be read together to identify practical priorities, using a fictional manufacturer.
The first 100 days and beyond.
Value creation begins before we complete. Every acquisition has a 100-day plan agreed before day one, built from our operational due diligence.
Before completion
Operational due diligence covering production efficiency, pricing, customers, procurement, working capital, machinery utilisation and management capability → 100-day plan agreed.
Days 1–30 — Establish control and stability
Protect customers, staff and suppliers; financial reporting and cash visibility; KPI dashboards; management assessment; governance. The immediate objective is stability, not disruption.
Days 31–100 — Early improvements
Pricing review, procurement, working capital, cost efficiency, sales effectiveness, process improvement and selective technology.
Years 1–3 — Grow
Organic growth, margin improvement, new customers and markets, management strengthening and bolt-on acquisitions.
Years 3–5 — Build for the next owner
Institutional reporting, sustainable management structures, strategic positioning and exit preparation.
What we measure every month
Buy a good business. Make it a better business. Build it for the next generation of ownership.
Responsible ownership is built into every stage.
ESG, safety, skills, energy efficiency, governance and cyber resilience are part of how we assess, own and improve every business.
Our investment philosophy.
Entry valuation matters.
Capital structures must be appropriate for the underlying business.
Operational value creation should be identifiable before acquisition.
We seek sustainable earnings growth rather than short-term financial engineering.
Management, shareholders and investors should benefit from the same outcome.
Discipline is as important as opportunity.
We are cautious around businesses where:
- Revenue quality is weak
- Customer concentration is excessive without adequate protection
- Cash generation is structurally poor
- Competitive advantages are difficult to establish
- The investment thesis depends on aggressive leverage
- Valuations leave insufficient downside protection
- Value creation relies primarily on market multiple expansion
We believe attractive outcomes should be driven primarily by fundamental business improvement, rather than financial engineering alone.
Have an opportunity that fits our criteria?
We welcome introductions from owners, advisers and intermediaries.