Sustainable Growth

We create and build high-quality, scalable businesses for organic growth.

Our businesses occupy strong positions in their key markets and products. Operating in fragmented markets, the Group still has very low market share.

This means that we can grow by focusing on core developed markets and products, both organically and by acquisition, without being distracted elsewhere at higher risk.

By seeking to grow the Group through expanding our addressable markets and diversifying, we increase our resilience.

Structural market trends in our existing end markets also play an important role in sustaining our growth over the long term.

Significant growth runway

Significant Market Opportunity

  • Under-penetrated in large developed economies.
  • Expanding addressable market = adjacent product categories.
  • Fragmented market = significant acquisition opportunity


  • Diversify revenue streams, particularly in structural growth end segments.
  • Route to Market Core Competency development.
  • Executing the business model at scale: Core Competencies; Talent, Technology and Facility.

Group Portfolio Focus

  • Focus on scalable businesses in each Sector.
  • Developing management structure to sustain scale.
  • Disciplined approach to acquisitions and disposals.

Acquisitions to accelerate organic growth

Acquisitions are an integral part of our strategy, with a focus on acquiring high-quality, value-add businesses to accelerate organic growth.

Fragmented markets offer many opportunities and our strong balance sheet gives us flexibility to reinvest.

2021: a record year for acquisitions

During 2021 we invested £456m in ten strategically important acquisitions to accelerate our growth; we remain disciplined in our approach to acquisitions and have an active pipeline.

Acquisitions: exciting potential, focused and disciplined approach

Key target attributes

  • Value-add servicing, high gross margins.
  • Accessing organic growth with scale potential.
  • Capable, established management teams.

How we add value

  • Investment in underlying growth.
  • Careful cross-selling.
  • Management expertise, sharing of best practice.
  • Some scale/integration benefits.

Strategic/disciplined approach

  • Portfolio focus on scalable businesses.
  • Structured market mapping and relationship building.
  • Strong focus on ROATCE.
Acquisitions to accelerate growth: Windy City Wire (“WCW”)


  • A leading value-add distributor of premium quality, low voltage cable. Acquired in October 2020 for consideration of £348m.

Compelling strategic rationale

  • Strong fit with our model: scalable platform with strong growth prospects, outstanding track record, attractive returns and highcalibre management team who have remained with the business.
  • Expanded presence in the US, a key industrial market, and strengthened position in Controls with a core product we understand.

Outperforming post-acquisition

  • 2021 underlying revenue growth 26% and operating margin expansion, driven by market share gains and strong leverage from a well invested platform. Business settled into the Group and delivering on huge potential, outperforming our acquisition case on revenue, profit and ROATCE.

Exciting growth prospects

  • Extremely well placed to capture growth technology-enabled sectors – data centres, distributed antenna systems (“DAS”).
  • Regional expansion in lower penetrated regions in the US.
  • Cross-selling opportunities into Europe and Canada.