Case 01 · work led by the founder before the firm was founded
Over €0.5B of new revenue in under three years
A private-equity-owned financial services platform, taken from analogue to digital across its business, operating and technology models
A life-assurance and wealth-structuring platform, owned by private equity. The sponsor's thesis was to grow the business from €4.0B to €4.5B. The growth had to come from the way the platform served its clients, as well as from selling more.
- More than €0.5B in under three years additional revenue as reported by the company
- From four to eight hours to seven minutes client onboarding as reported by the company
- Cut by half cyber risk the platform's own assessment
- Fully digital the customer experience as reported by the company
A platform that onboards a client in minutes, with a certified security practice and a record of what each move delivered, is a different asset from the one the sponsor bought.
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Case 02 · work led by the founder before the firm was founded
Over $100M of new revenue from a 200-year-old industrial
A listed industrial group's water-technology division, turned into a company that sells software
The water-technology division of a publicly listed industrial group with two centuries of history. The aim was to grow the division from $1.4B to $1.6B, and the route chosen was the hard one: to disrupt its own industry before somebody else did.
- More than $100M in under three years additional revenue as reported by the company
- Cut by 10 to 15 per cent customers' operating costs as reported by the company
- Fully digital the customer experience as reported by the company
This is engine two in practice. The division kept its equipment business and added a line the market prices on a different basis, which is what moves a multiple.
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Case 03 · work led by the founder before the firm was founded
A 40 per cent cut in middle-office inefficiency
A European fund-administration platform owned by private equity, re-architected across its institutional value chain
A leading European fund-administration platform under private-equity ownership. The owners wanted a global transformation function and a structural view of where the value sat, process by process.
- Down 40 per cent middle-office inefficiency as reported by the company
- Accelerated into high single digits top-line growth as reported by the company
A fund administrator that grows without adding middle-office headcount in step has a margin a buyer can underwrite, and a process a regulator can read.
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Each case worked the terms of the same equation: new revenue built by a second business, margin recovered in the first, and a company re-rated on what it owned. The same three mandates are written as investment memos, with the firm’s thesis and its own running engagements, on the value creation page.