Growth capital and strategic equity for businesses ready to move.
When equity is the right answer, the process that precedes it matters. We prepare the equity case, identify the right investors and manage the process from first approach to close.
Equity is not the default answer.
The first question is always whether equity is the right instrument. Debt is cheaper and preserves more ownership. But in the following situations, equity is the structurally correct choice.
Debt capacity is exhausted
The business cannot service additional debt at the leverage it needs. Equity is required to fund the plan or the deal.
Strategic investor value
An investor brings more than capital — market access, relationships or sector credibility that changes the trajectory of the business.
Growth that requires runway
The plan requires several years of investment before returns materialise. Equity absorbs that uncertainty in a way term debt cannot.
Partial shareholder exit alongside growth
A shareholder wants partial liquidity at the same time as new growth capital is required. A combined equity raise structures both simultaneously.
Four situations that typically trigger an equity raise.
The business has outgrown its existing funding structure
Revenue and EBITDA have grown, the ambition has grown with them, and the existing capital structure — typically a senior loan with a clearing bank — can no longer support the next phase.
An acquisition requires equity alongside debt
A target has been identified but the debt capacity alone does not reach the required consideration. Equity fills the gap or allows a larger package.
A buy-and-build strategy needs a capital platform
PE-backed or owner-led, the business wants to acquire several bolt-ons. The equity structure needs to support that strategy without constant renegotiation.
Management wants to retain control while accessing growth capital
Equity is needed but ownership and governance terms matter. The equity story needs to be built around terms that management is prepared to accept.
Preparation before process. Story before outreach.
An equity raise run before the business is ready loses leverage and time. We front-load the work so that when investors see the business, the case is complete.
Equity case assessment
We assess whether equity is the right answer for the business's situation and objectives. This includes reviewing the existing capital structure, the growth plan and the range of equity options available.
Equity story preparation
We work with management to build the equity narrative — growth plan, market position, financial model, management track record. The story needs to hold up against investor scrutiny before outreach begins.
Investor identification and approach
We identify the right investor universe for the business's stage, sector and equity requirements. We prepare the approach materials and manage investor outreach in a structured, controlled process.
Indicative terms and negotiation
We manage the term sheet stage, assess competing indications and advise on the economic and governance terms that matter: valuation, dilution, board rights, drag and tag, ratchets and exit provisions.
Completion
We manage legal and documentation through to investment close. Conditions, warranties, management incentive structure and completion mechanics.
Specific outputs, not advisory presence.
- 01
Equity options assessment — debt versus equity versus hybrid, with the trade-offs set out clearly
- 02
Financial model built to investor due diligence standard — growth projections, returns analysis, sensitivity testing
- 03
Investor-ready information memorandum covering the equity case, management team and financial history
- 04
Targeted investor longlist and shortlist with rationale for each approach
- 05
Term sheet analysis and negotiation support on economic and governance terms
- 06
Completion management from heads of terms to investment close
Equity raises from our completed transactions.
Considering an equity raise?
Start with a conversation about whether equity is the right instrument for your situation.