Writing

How buyers value services businesses, from someone who spent twenty years running them. Fund administration, corporate services, people, transformation and sponsor strategy.

1. 30 September 2026. One Sponsor, Three Bets. Permira’s investments in Tricor, Alter Domus and JTC, read as a sequence: the same bet in fund administration and corporate services, repriced three times.
2. 9 September 2026. Buyers Can Model the Revenue. They Can’t Model Who Stays.. Every metric in a services business is produced by a person. Why people risk is the part of a deal buyers worry about most and discuss least.
3. 1 September 2026. The Last Mile: Why Transformation Plans Die at the Office Door. Why transformation plans written at the centre fail in the offices that have to run them, and why buyers pay only for what has landed.
4. 25 August 2026. What Eighteen Months on the Buy Side Taught Me About Services Businesses. What eighteen months advising private equity buyers taught a former operator about how services businesses are really valued.

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