Primary Capital Partners
Primary Capital Partners LLP is a London-headquartered UK private equity firm founded in 1994, with a second office in Manchester, backing management buy-outs and buy-ins of UK lower-mid-market businesses with enterprise values of around GBP 20m to GBP 100m. It has raised four institutional funds since 1995, the latest being Primary IV which closed in 2014 at GBP 227.5m. Authorised and regulated by the UK Financial Conduct Authority under firm reference number 658747.
Key facts
Recent exits
Coverage notes
4 funds tracked, 17 portfolio companies (5 active · 12 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
17 companiesFunds & portfolio
Every fund Primary Capital Partners has raised, with its portfolio companies. Hand-checked from public filings.
Primary IVSmall-Mid Buyout2014 · 12yr€266M5 active · 4 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services |  UK | 2019 | |
| Business Services | UK | 2023 | |
| Industrials | UK | 2019 | |
| Business Services | UK | 2014 | |
| Business Services | UK | 2018 |
UK· Entry 2019UK· Entry 2023UK· Entry 2019UK· Entry 2014UK· Entry 2018Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Education | UK | 2018 | 2022 | Trade Sale | – | ||
| Industrials | UK | 2017 | 2025 | Trade Sale | – | ||
| Business Services | UK | 2017 | 2022 | Trade Sale | – | ||
| Consumer | UK | 2021 | 2023 | Trade Sale | – |
Primary IIISmall-Mid Buyout2006 · 20yr€234M0 active · 4 realized
Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | UK | 2010 | 2014 | Trade Sale | – | ||
| Software | UK | 2012 | 2016 | Trade Sale | – | ||
| Industrials | UK | 2008 | 2013 | Trade Sale | – | ||
| Consumer | UK | 2008 | 2015 | Trade Sale | – |
Primary IISmall-Mid Buyout2002 · 24yr€117M0 active · 1 realized
Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | UK | 2005 | 2013 | Secondary | – |
Primary ISmall-Mid Buyout1995 · 31yr€71M0 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | UK | 2000 | 2008 | Secondary | – | ||
| Industrials | UK | 1998 | 2005 | Trade Sale | – | ||
| Business Services | UK | 1998 | 2006 | Trade Sale | – |
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About Primary Capital Partners
Primary Capital Partners is a UK lower mid-market private equity firm with approximately £300 million of assets under management as of December 2024 (Primary IV closed at £227.5 million above target, plus prior funds), headquartered in London. The firm was founded in 1994 as a partner-owned independent platform (Primary Capital LLP) with 30 plus years of specialist focus on UK lower mid-market B2B businesses and a management-team partnership investment model.
Investment thesis
Primary Capital deploys capital through four flagship funds (Primary I, II, III at $349 million, IV at £227.5 million), targeting lower mid-market buyouts, MBOs and growth equity for UK companies valued £20-100 million in enterprise value. Sector focus spans business services, technology and software, healthcare services, industrial services and specialist distribution, with deal flow originated from the established management-team partnership network. Geographic deployment is UK-exclusive, reflecting the platform's specialist lower mid-market thesis.
Recent activity
Recent realised exits include specialty materials and labelling (Metamark, February 2025). Recent acquisitions include business services and corporate travel (Diversity Travel follow-on growth, 2024) plus portfolio bolt-on activity at Metamark (Fleet Design). The platform continues active deployment across the UK lower mid-market B2B specialism. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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