One investor, several ways to do a deal.
Most buyers have one model and fit every business to it. We start with what the owners want, whether that is a full exit, cash today with a stake kept for later, or capital to grow, and build the structure from there.
Management always own a stake. In every deal, from a partnership where value is rolled over to a 100% acquisition, we give the management team equity. They and CKM³ are aligned from day one.
Majority acquisition
We buy a controlling stake or the whole business. It suits owners who want to step back or retire, or who want certainty now. The management team stays in place and is given equity of its own.
- Stake
- Majority to 100%
- Suits
- Succession, retirement, a clean exit
- Examples
- Team Resourcing, Aquila Energy Group
Partnership
Founders sell around half the business, take meaningful cash at completion and keep day-to-day control. The rest of today's value is secured in loan notes, and the founders keep equity for a larger second exit later, with equity for the wider management team too. We only do well if the business becomes worth more than the value we agree today.
- Stake
- Typically up to 50%
- Suits
- Founders who want liquidity without handing over control
- Example
- Acastus (West Point Construction)
Minority investment
Capital and support for a business whose owners want to stay firmly in charge. We take a minority stake, join the board where that helps, and back the management team's plan.
- Stake
- Minority
- Suits
- Growth, a partial shareholder exit, a strategic partner
- Example
- Auxo Talent, a residual stake from Colm's 2023 exit
Management buyouts and carve-outs
We back management teams buying their business from its owners, including divisions sold by larger corporate groups. We invest alongside management, arrange the funding and stay in the deal after completion.
- Stake
- Shared with management
- Suits
- Teams buying from founders or a corporate parent
- Example
- One transaction at legal stage
Buy-and-build
We back a platform business and help it grow through acquisitions. Platforms are typically £1m to £10m EBITDA. Smaller businesses are welcome as bolt-ons to a platform we already own.
- Stake
- Depends on the platform
- Suits
- Fragmented sectors with good regional businesses
- Example
- Oak Legal Group: Hedges Law and Perrin Myddelton acquired in 2026
What we do once we invest
Capital is only the start. In every investment we work with management on the finance, systems and strategy that make a business easier to run and worth more.
- Financial systemsBetter accounting, reporting and controls, so the numbers are accurate and on time.
- Integrated modellingThree-statement models linking profit, cash and balance sheet, for planning and for lenders.
- Cash flow forecastingDetailed weekly and monthly cash forecasts, so there are no surprises.
- Dashboards and KPIsBoard packs and KPI tracking that show how the business is really performing.
- Day-to-day supportHands-on help for the management team, every day if needed.
- Funding and refinancingWorking with third-party funders on the facilities a business needs.
- Buy-and-build and M&AFinding, funding and integrating acquisitions to grow faster.
- Value creation plansA clear plan, agreed with management, for how the business grows in value.
Cash today, upside later.
A full sale often means handing over control, carrying an earn-out and working for someone else. In a partnership you take money off the table and keep a meaningful stake in what comes next.
Agree today's value
We set an enterprise value from EBITDA, free cash flow or recurring income, with the usual adjustments for cash, debt and working capital.
Take cash at completion
You receive a material cash payment. We do not load the business with debt to inflate it, because a strong balance sheet protects the equity you keep.
Secure the rest
The balance is issued as secured, interest-bearing loan notes. They rank ahead of equity and are repaid before CKM³ sees any equity return.
Grow, then choose
We work with you on growth and acquisitions. Later you can sell for a larger second exit or keep running the business.
| Typical full sale | CKM³ partnership | |
|---|---|---|
| Control after completion | Moves to the buyer | Stays with you |
| Deferred value | Earn-out, at risk | Secured loan notes, ahead of equity |
| Future upside | Goes to the buyer | You keep a meaningful equity stake |
| Debt on the business | Often heavy | Kept prudent |
How a deal runs
Every deal is different, but most follow the same path. Transactions can complete within about six weeks of agreeing Heads of Terms.
- First conversationConfidential and without obligation. We want to understand the business and what you want from a deal.
- Indicative proposalA short written proposal setting out value, structure and how we would work together.
- Heads of TermsThe agreed terms on one document, so there are no surprises later.
- Due diligence and legalsFocused, proportionate diligence with our advisers, alongside the legal documents.
- CompletionCash paid, documents signed, and the work on the next stage begins.
What we look for
We assess every business on its own merits. These are the businesses we know best and the sizes we work in.
£1m to £10m EBITDA
- For a platform investment
- Smaller businesses as bolt-ons to a platform we own
- Profitable and cash-generative
- Workforce solutions and staffing
- Business and professional services
- Construction and infrastructure services
- Engineering and technical services
- UK and international
- Founder succession and retirement
- Partial or full exits
- Management buyouts and corporate carve-outs
- Growth and buy-and-build
Thinking about the next stage for your business?
Talk to Colm directly. Conversations are confidential and there is no obligation.