03
Jul
Beyond the buyout - Alternative investor strategies in the UK mid-market
Companies in the mid-market are facing numerous tailwinds including increased National Insurance Contributions and the reduced threshold for employee earnings, supply chain crises and wider volatility, which means founders need to weigh up all the options available to deliver the best results. Numerous solutions are now available including minority stakes, preferred equity, ‘dequity’ models and more have risen as potential capital solutions alongside the more traditional buyout model. Our panel will unpack what investors can offer to corporates beyond the buyout.
- Are more founders looking for capital solutions and is this typically a majority buyer or another solution?
- What is driving deal flow outside of the buyout universe?
- How do non-majority investors structure their deals to ensure adequate upside gain and downside protection?
- What role can advisors play in helping non-sponsor backed SMEs outside of the M&A cycle?
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SpeakersRachel Lewis Head of Auctions, EMEA Mergermarket
Cristobal Cuart Co-Managing Partner All Seas Capital
Stephen Edwards Co-Managing Partner Soho Square Capital
Luke O'Shea Director AshGrove Capital
Carl D'Souza Senior Principal Metric Capital
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Cristobal co-founded All Seas Capital in 2019, where he plays a key role in driving transformational growth for portfolio companies. He serves on the Investment Committee, leads deal origination and execution across the UK, Spain, and Western Europe, oversees capital raising, and manages the firm's overall operations.
Before founding All Seas, Cristobal was a Director at KKR, where he joined in 2010 to work alongside Marc Ciancimino (fellow All Seas co-founder). He played a pivotal role in developing the European private credit platform, with a focus on hybrid transactions. Whilst there, he invested more than $2.2 billion into privately held businesses across the capital structure.
Cristobal began his career at Credit Suisse, later transitioning to Apollo Management. He holds an MBA from ESADE.
Stephen leads Soho Square’s investment activities. Prior to Soho Square, he co-founded the private equity firm Core Capital in 2004 and has over 25 years’ experience in investing in SMEs. Stephen was formerly Managing Director at Beringea Private Equity and a Director of Hg Capital and Grosvenor. He is a Chartered Accountant and started his career at PriceWaterhouseCoopers in London working in Corporate Finance where he spent six years advising on numerous private equity transactions. Stephen has led, managed or arranged over 25 transactions and is a board member of several portfolio companies.
He has a BA (Hons) Economics, Durham University, and is an ACA (ICAEW).
Luke has been part of the Investment Team since the firm’s inception in 2019.
Experience
Prior to AshGrove: Evercore, PwC
Education: Queensland University of Technology – B Business (Finance - Honours)
Interests: Outside of the office Luke is a father of one, an avid traveller, and a fan of all sports (but master of none)
Carl is a Senior Principal in Metric Capital’s London office and has been part of the investment team since 2019, with active involvement across all aspects of the investment process. He began his career in M&A at Rothschild in London.
Prior to joining Metric, Carl was an Investment Associate at the Bronfman Family Office. Prior to that, Carl was an Associate in the Consumer, Retail & Leisure M&A team at Rothschild in London.
Carl has a BSc in Mathematics & Economics International from the University of Leeds.