New York · London · Founded 2009
We buy unglamorous companies and hold them longer than we are supposed to.
Control positions in industrial software, healthcare services and financial infrastructure. $40m to $180m of equity, two board seats, and a six-to-eight-year hold that we write down before we wire anything.
$4.2bn
committed capital across four funds
31
platform investments since 2009
11
realised, at a 2.7× gross average
6.4 yrs
median hold — longer than the industry
The firm
Boring companies, held properly, compound.
Halveridge was founded in 2009 by two industrials bankers who had watched good businesses sold four years too early. Everything the firm does since has been an argument with that impatience.
We take control, or a minority with real governance. We take two board seats and turn up eleven times a year. And we underwrite one thesis per company — if the memo needs three, we did not understand the business well enough to own it.
Mandate
Published, so you can rule us out in thirty seconds.
Portfolio
Five current platforms.
Ferrolane Systems
Industrial software
Maintenance scheduling for mid-market manufacturers — the system the plant floor actually opens at 6am.
2021 · Control, 71%
Northbeam Clinical
Healthcare services
Twenty-two outpatient infusion suites across the south-east, built one lease at a time rather than by acquisition.
2022 · Control, 64%
Cartwell Rail
Industrial software
Freight-car telemetry. The only minority position we hold with two board seats, which is why we hold it.
2020 · Minority, 34%
Ledgerline
Financial infrastructure
Reconciliation software for insurance brokers — deeply unglamorous, contractually sticky, and mispriced when we bought it.
2023 · Control, 80%
Verity Sterile
Healthcare services
Compounding pharmacy serving 340 hospitals. Bought from a founder who stayed and still runs it.
2024 · Control, 68%
Enquiries
If it fits the mandate, you will hear back within five working days.
If it does not, you will hear that too, with the reason. A firm that never says no wastes more of your time than one that says it quickly.