Established private equity house investing from an active vehicle, focused on predictable cashflows. Preference for industrial & consumables distribution in wholesale & distribution 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. Integration would be staged, strengthening governance without disrupting delivery. North American buyer targeting.