Tidemere Capital

Tidemere Capital acquires established B2B services companies across the United Kingdom.

We acquire profitable, owner managed businesses with enterprise values between £0.9m and £2m, and run them ourselves.

01 Strategy

Our Strategy

Tidemere Capital acquires established B2B services businesses in London and the South East, in sectors where revenue is contracted, customers are commercial and the work is essential to them.

Our strategy is deliberate. We buy one business at a time, in a sector we understand, where revenue is contracted and recurring, customers are creditworthy and the owner is approaching retirement without a succession plan.

Each company we buy keeps its name, its people and its way of working. Joseph Bush takes day to day responsibility as managing director, so the business is run by its owner rather than monitored from a distance.

This is not consolidation for the sake of scale. It is a long term holding company, built to compound trust, retention and earnings.

Consideration is structured across vendor finance, asset refinance, senior debt and third party equity, assembled so the business services the cost from its own earnings. Owners, advisers and prospective investors are welcome to make contact directly.

02 Criteria

What we look for

Turnover: £1.5m to £6m
Enterprise value: £0.9m to £2mTypically 2.5 to 4.0 times adjusted EBITDA at this size.
Adjusted EBITDA: £300k to £600kProfitable for three years or more.
Revenue quality: Contracted or repeat B2B revenueNo single customer above 25 per cent of turnover.
Assets: Tangible assets of £150k or more, unencumbered
Sector: B2B servicesOutsourced services, facilities, logistics, maintenance and support services, including asset backed operations serving the hospitality sector.
Geography: London and inside the M25
Situation: Founder succession or retirementPrivately held, no parent company, and not dependent on the owner as sole operator.
Structure: Majority ownership through a dedicated vehicle for each acquisitionVendor rollover and earn-outs considered where alignment helps.
Funding: Deal by deal, as an independent sponsorVendor finance, asset refinance, senior acquisition debt and third party equity, structured to a debt service cover ratio of at least 1.25 times.
Hold: Long termWe are not a fund and work to no fixed exit date.

03 Process

How a transaction runs

Introduction

An initial conversation under NDA, with an indicative view on value within two weeks.

Offer

Heads of terms setting out price, structure and the role the owner wants after completion.

Diligence

Commercial and financial analysis in house, with tax and legal diligence by our advisers.

Completion

Funding drawn and a handover planned around the team. Twelve to twenty weeks from heads of terms.

Joseph Bush, Founder of Tidemere Capital

Fulham, London

04 Leadership

Leadership

Joseph Bush, Founder

Joseph Bush founded Tidemere Capital to acquire and hold profitable British business services companies.

He has spent his career at Bovis, one of the largest main contractors in the United Kingdom, pricing, procuring and delivering projects on fixed dates and thin margins. That work depends on accurate costing, control of programme and delivery against contract. The same disciplines determine whether a services business protects its margin, retains its customers and converts revenue into cash.

He builds the financial model and underwriting for every acquisition personally, covering appraisal, funding structure, covenant headroom and exit. An offer is made only where the numbers support it, and every assumption behind it can be evidenced in diligence.

Tidemere is not a fund. It operates as an independent sponsor, acquiring deal by deal. Equity is raised against a signed heads of terms, with the funding structure and lender indications already in place, so investors are asked to fund a defined gap in a priced transaction rather than a search. There is no investment period and no pressure to deploy, so the firm can decline a process on valuation grounds and hold a business for as long as it compounds.

Value is made in the operating business.

Price matters, but it is not where the return comes from. We underwrite every number ourselves and stay involved long after completion.

Contact

Speak to us directly

Every enquiry is answered by Joseph Bush personally and treated in confidence, whether you are considering a sale, advising an owner, or exploring investing alongside us.

enquiries@tidemerecapital.com