Established private equity house investing from an active vehicle, focused on predictable cashflows. Preference for franchise & multi-unit operators in consumer, e-commerce & multi-site where governance is strong and reporting stands up to diligence. Investor is currently in fund with committed capital for near term execution. Previous acquisitions include buy and build programmes in established sectors, supported by operating partners. Open to deferred consideration where retention and performance measures are objective and measurable. Looking for a practical handover with sensible seller support where required. North American buyer targeting.