Splitstone Capital

About Splitstone Capital

Splitstone Capital LLP is a London-based private equity firm specialising in complex corporate carve-outs. The firm publicly launched on 10 January 2025, headquartered in London. It was co-founded by Peter Foxwood (formerly Peter Wood, Managing Director at AURELIUS) as Managing Partner, in partnership with Steven Clark, founder of Omni Advisory Limited, the London-based multi-asset manager whose committed capital and resources anchor the platform. The firm has communicated over GBP 100 million of capital available to invest at launch, committed by its strategic partnership with the Omni group of companies rather than raised through a traditional blind-pool LP fundraising. Assets under management as of December 2024 were nil as the firm had not formally launched. The structure is an LLP advising one or more captive investment vehicles rather than a discrete fund family. The firm has built out its team in 2026 with the appointments of Gavin Duke as Portfolio Director and Marcus Shadbolt as Investment Partner. The firm identity is squarely as a UK and Ireland mid-market complexity specialist.

Investment thesis

Splitstone Capital pursues corporate carve-out private equity focused on complexity, targeting non-core divisions of larger groups where the friction of separation, ESG transition, operational turnaround or under-margined trading creates pricing dislocation. The firm explicitly targets businesses that other carve-out buyers find too messy: mature-market end-markets, sub-15-percent EBITDA margins, separation overhead, incomplete management teams and intricate customer or supplier dependencies are stated entry conditions rather than deal-breakers. Sector focus is tightly defined as industrials (manufacturing, packaging, chemicals, metals, recycling) and business services (industrial services, distribution, logistics). Geography is UK and Ireland-headquartered businesses though the firm reserves the right to follow international divisions of those parents. Target company profile is GBP 20 million to GBP 100 million-plus of annual revenue and enterprise values up to GBP 400 million with equity cheques up to GBP 20 million per transaction and a typical hold period of three to seven years. The capital base is over GBP 100 million committed by Omni Advisory and the Omni group of companies, removing the time-pressure of a traditional fund and letting the firm pursue messy slower carve-outs. Value creation rests on the founders carve-out playbook, operational improvements, ESG transition leadership and management team completion.

Recent activity

Recent investments include Ecobat Resources UK Limited in industrials and circular economy and battery recycling (2025, acquisition agreement announced October 2025, completed 1 December 2025, comprising the Matlock battery recycling site and Welwyn Garden City lead sheet mill, rebranded as HJ Enthoven and British Lead post-completion). This is the firm only disclosed primary investment to date and represents the entirety of the deployed portfolio. No exits have been recorded given the firm January 2025 launch and a typical three-to-seven-year hold profile. The intentional pace and complexity orientation mean the public deal log is and is likely to remain short relative to a generalist mid-market fund. The Ecobat carve-out is the inaugural deployment and is structured as a transformational play (rename, ESG transition, operational separation). Detailed buyer names and multiple data available on Pro at €29/month.