In our latest Quick Fire, we chat with ECI’s Investment Associate, Ludvig Hamilton, about his journey into private equity, the skills he’s honed since joining, and his dream life as Ash Ketchum.
Q: You’ve been at ECI for six months now. Has it been as expected?
My experience at ECI has been exactly what I hoped for. From my first interactions during the interview process, I could tell the culture here was something else, and that impression has only been reinforced since joining.
There’s a strong sense of collaboration, no sharp elbows, and a shared mindset of winning and losing as a team. Everyone is a real team player, and that’s been one of the standout aspects of my time here.
Q: With a background spanning investment banking and corporate finance, what skills have been the most valuable in your role at ECI?
Coming from the sell side, I was already familiar with many of the skills used in investment banking and corporate finance, but the way they’re applied on the buy side is quite different. Understanding how to construct and assess a buy side investment case with rigour has been a big and exciting shift for me. The process behind actually "legally" investing in a business, moving the money, and structuring transactions efficiently, has been a big learning experience.
I joined ECI just as they were executing four deals, so it was a real baptism of fire. It was fantastic to be able to dive straight in and support the Croud team.
Q: You’ve studied and worked internationally, how has that shaped your perspective?
Studying and working in different countries has given me useful perspectives and helped me adapt to different ways of working and communicating. I was born and raised in Sweden, but I’ve also spent time abroad, studying in Canterbury, UK, during high school, doing an internship in Zurich in 2015, and later living in Paris for half a year.
It gives you a more sensitive barometer for cultural nuances. One thing I’ve particularly noticed from living and working abroad is how people express themselves differently. In the UK, I’ve found that people choose their words very carefully. Other places can be much more direct, so you have to adjust to both, that can be very important.
Q: What excites you most about working with ambitious business leaders?
I find it really rewarding to see people succeed, whether that’s a management team I’m working with or my own team. I personally find success motivating, and I love seeing people rewarded for the outcomes they’ve worked hard to achieve. I feel that’s one of the best things about the industry. You’re part of the journey, helping shape plans and seeing them turn into real growth
Q: Any predictions for the European M&A market in 2025?
Looking at the Nordics, the last couple of years people have been cautious due to economic uncertainty, and that cautious approach has carried into 2025. Because of this, I expect the first half of the year to be fairly slow in terms of deal activity.
That said, there are growing signs that things are starting to pick up. Many LPs are looking for liquidity and with many private equity portfolios reaching maturity, I think the pressure to exit is building. Many investors have seemingly been holding off, but eventually, deals will need to happen. So, like the UK, I expect deal flow to improve in the second half of 2025, with 2026 looking stronger. I’ve noticed a clear increase in deal pitches, so I would expect market activity to be picking up towards the back end of the year.
Quick Fire with Ludvig:
If you could swap lives with anyone for a day, who would it be?
Ash Ketchum, would be fun to be a Pokémon trainer roaming the wild in search of new Pokémons.
What’s one food you could eat every day and never get bored?
It has to be a hamburger. There’s so much flexibility, whether it’s a classic cheeseburger, something loaded with toppings, or an entirely new flavour combination. There’s always a way to keep it interesting.
If you could visit any country you haven’t been to yet, where would it be?
Argentina has been on my list for a long time. I’d love to explore Patagonia and hike through the landscapes. It’s one of those trips I know I have to do at least once.
What’s your go-to way to unwind after a busy day?
Not the most exciting answer, but I love working out to clear my head and then cooking a proper meal. My go-to dish is bulgur wheat with coriander, served with boneless chicken legs cooked in honey and soy. Finished with a topping of Greek yoghurt.
Insights
13/03/2025
Read Time: Min
“Quick Fire” with Ludvig Hamilton
TOPICS:
Ludvig Hamilton
International Women's Day on 8th March is a global celebration of the social, economic, and cultural achievements of women. This year's theme, 'Accelerating Action', focusses on driving progress towards gender equality and inclusivity. To celebrate the day, we asked our portfolio and some of the ECI team to share the initiatives they've put in place to help make a difference.
While change doesn't happen overnight, real progress comes from continuously building the right initiatives, structures, and conversations that help drive businesses forward. From employee-led communities and leadership-driven change to meaningful training and workplace policies, these actions are driving real impact:
Claire Williams, COO at Ciphr
"One of the most impactful initiatives we've introduced at Ciphr is Ciphers, our employee-led group designed to create a safe, supportive, and collaborative space for women.
Through Ciphers, women can openly discuss key topics like health, personal safety, and workplace challenges, all in a setting that encourages confidence, teamwork, and meaningful conversations. What makes it so powerful is that it's driven by the group's own members, creating a space where everyone has a voice and, more importantly, is heard.
Beyond the support and shared experiences, what stands out most is the action it generates. Every challenge raised is met with compassion and, in true female style, always ends with an action plan. It has been a joy to watch and be part of this community, seeing it drive positive change and personal growth every day."
Fiona Moore, Head of ESG at ECI
"The fuel that drives action on gender equality is senior buy-in. At ECI, this is a topic led by, and important to, the Managing Partners and that means initiatives are promoted and embedded from the top. That includes individuals from that senior team helping to design our DEI strategy, undertaking training around key topics, and being part of internal discussions and assessments tracking ECI against Level20 frameworks.
The private equity gender balance is not where one would hope, and that includes at ECI, particularly when aligned with seniority, so we know there is still a long way to go to make further progress. However, this being a collective journey that we are on, rather than the remit of the ESG or HR team, makes a fundamental difference to successful change."
Debbie Martin, HR Manager at Peoplesafe
"Creating a more inclusive workplace is about taking real, everyday actions that make a difference. At Peoplesafe, we view DEI with utmost importance and believe training is the best way to drive positive change. To support this, all employees receive DEI training as part of their onboarding process, while managers receive additional unconscious bias and sexual harassment training. We also actively promote inclusivity by being Menopause Friendly employer, providing sanitary stations in our toilets, and ensuring equal pay for equal work through annual pay audits.
This commitment is reflected in our Great Place to Work scores, with 96% of employees feeling treated fairly regardless of gender and 94% feeling welcomed when they joined the company. But gender equality is an ongoing journey, not something that changes overnight. That's why we're working on developing a formal DEI strategy to capture our current efforts and drive continued progress, including initiatives that challenge and reshape attitudes towards women."
Tamsin Webster, Head of People at ECI
"I am really behind this year's theme of 'accelerate action', emphasising the urgency of making faster, more effective strides toward gender equality. Covid 19 saw a step backwards in many areas and it is my sincere hope that I personally and we collectively can implement meaningful change towards equal pay, opportunities and representation.
There's strong evidence that goal setting, and transparency and accountability around those goals, achieves results. We see this in the FTSE Women Leaders Review, with women board members in the FTSE 350 now at 43%, up from only 9.5% in 2011. Broadening this approach across a wider spectrum of business is strongly recommended. Goal setting needs to sit alongside proven strategies such as building inclusive cultures, ensuring recruitment strategies are in place to access diverse candidates, and that there is a focus on developing all talent to fulfil their full potential. It is the role of HR and senior leaders to proactively challenge the unconscious biases that may be holding women back."
Wendy Swash, COO at Moneypenny
"Creating an inclusive workplace starts with listening, which is exactly what we've found at Moneypenny. Real progress on gender equality and inclusivity comes from truly listening, not just hearing, but understanding and acting on what people are telling us.
Our unique structure creates and nurtures a culture where everyone's voice matters and ideas can be shared freely. This openness has shaped our training programs and employee groups, ensuring they're meaningful and reflect what our people actually need.
Because when employees feel heard and valued, they feel empowered to grow, and that's how we accelerate action."
Insights
07/03/2025
Read Time: Min
Accelerating action on International Women’s Day
ECI has supported its portfolio to make 80+ acquisitions, which means we’ve seen the power of an effective acquisition strategy. We’ve previously discussed the importance of the right M&A strategy, but the M&A market is highly competitive. How do you turn that strategy into successful execution? The ECI Origination Team, who are on hand to support management teams throughout the entire life cycle of acquisitions, and our portfolio, share the top five secrets they’ve learned.
1. Smart use of technology
Technology can be a supercharger for buy-and-build strategies. Research is often done manually, involving extensive data collection, which is then managed in a spreadsheet alongside an M&A pipeline (and sometimes left to gather dust!). This kind of work is ideal for automation. But what does that look like in practice? Skyler ver Bruggen explains how Amplifind™360 helps portfolio companies manage their M&A pipeline more effectively.
“Amplifind™360 is designed to help our portfolio companies track and manage their pipeline of targets while also enriching their data from market mapping. It’s not a sourcing tool, but rather a way to provide valuable insights.
Managing an M&A pipeline in Excel can be inefficient as data quickly becomes outdated, and collaboration is difficult. With Amplifind™360, we’ve created a platform that makes this process far more seamless and interactive. It enables real-time collaboration, keeps information structured and accessible, and ensures that companies have a clearer, data-driven view of their opportunities. We’ve seen that moving to a more dynamic system like this is a step up for our portfolio companies and has helped make their M&A processes more efficient.”
2. Win strategies
Once you know your top targets, how do you change your strategy to effectively win the deal? Skyler ver Bruggen, Director in ECI’s Origination Team, not only thinks through these strategies for ECI’s own pipeline, but also works closely with management teams to think through effective strategies. She comments:
“Firstly, your win strategy may differ between ‘on market’ and ‘off market’ acquisitions. This will influence the speed at which you’ll have to move, and the competitive dynamics. In both cases, it’s important to think about the different stakeholders. One thing I’ve found is that it’s important to give yourself some space outside the usual deal conversations to do this, and make room for some ‘blue sky thinking.’ The relationship is key. Who are the most important stakeholders and how well do you know them? If there are gaps, how can you do more? Then think about what motivates each of the stakeholders before putting forward an offer. Will your offer meet those motivations? Understanding your M&A pipeline as a whole also plays a role. How important this acquisition is to your growth strategy? If it has scarcity value or brings a product or capability you need, that will influence what price you can pay to win.”
3. Effectively unlocking targets
Everyone loves the idea of an off-market deal - it's often seen as the ideal outcome. But in reality, that's not always possible. Paul Burton, Chief Strategy Officer at Commify, explains why long-term relationship-building is the key to success in M&A:
"Everyone loves off-market deals - that’s always the nirvana. But let's be practical; it's not always possible. You can't force someone to sell if they’re not ready, so for us, it's really about building long-term relationships.
Whether a deal ends up being off-market or turns into a more structured sale process, the best outcomes come from identifying a business early, developing trust with the owners, and not being pushy. That relationship-building is crucial. This might be my day job, but for most business owners, selling their company is a once-in-a-lifetime decision and far outside their comfort zone. Having that empathy, showing them you're the right partner, and being their preferred buyer when the time is right puts you in the best position - no matter what the process looks like.”
4. Incorporating culture
When assessing an acquisition target, cultural fit is one of the hardest and most crucial factors to evaluate. A well-aligned culture makes integration smoother, while a mismatch can create long-term challenges. Andrew Collis, CFO at Moneypenny, shares his perspective on why cultural alignment and communication are key:
“Having a clear plan is essential to ensure everyone is aligned. If management is staying, it's really important that they buy into that plan. If you want them to stick around, they need to feel involved. Listen to them, respect their ideas, and recognise that they know the business better than anyone.
Another big lesson we've learned is the importance of winning the hearts and minds of the staff who are staying. Take the time to engage with them, explain what joining a larger group means, why the business was acquired, and what opportunities it creates for them. Whether it's career progression, stability, or new resources, helping them understand the bigger picture makes a real difference. It's something we've focused on more over time, and it's been a key part of making integrations successful.”
5. Integration
So, you have a hit! You have successfully made the acquisition. Now the hard work starts. Effective buy and build is all about integration and having a repeatable and scalable process. As CFO at Moneypenny, Andrew Collis has overseen four strategic acquisitions since our investment. How has he put successful integration at the heart of M&A?
“For successful integration, communicating a clear plan is key. This should cover everything from communications to staff, communications to customers, system migration, technology, and bank accounts. Each item within the plan should have a clear owner. Regular project communication is vital as the plan is executed. There will be bumps in the road along the way but having regular project meetings will allow any issues to be resolved effectively and as a team. At the end of the integration assess its success against the criteria initially laid out in the business case, and finally take forward and document the learnings for the next acquisition (as there will be learnings!)”
Insights
06/03/2025
Skyler ver Bruggen
Read Time: Min
5 secrets to effective M&A
In 2020, ECI developed Amplifind™, our AI tool that uses proprietary data to source, prioritise and assess leads. Now we have rolled out our new Amplifind™360 platform to our portfolio, providing them a cloud-based platform to drive efficiency, visibility and collaboration across their M&A pipeline. We ask Suzanne Pike, Origination Team Partner, how it fuels teams’ M&A ambitions:
Q: What is Amplifind™360, and how is it different from ECI's Amplifind™ product?
Amplifind™360 is a cloud-based platform designed to help our portfolio companies streamline their M&A processes and improve visibility and collaboration. Unlike the original Amplifind™ tool, which we use internally, this platform gives portfolio M&A teams the ability to track and assess global targets with ease, leveraging AI and automation to provide clear, digestible firmographic data.
Simply put, Amplifind™360 is about making M&A more efficient, giving our portfolio companies the tools they need to move faster, work smarter, and stay ahead of the market.
Q: How are our management teams able to use it to drive growth?
The platform provides unique firmographic data on acquisition targets across Europe and the US, offering a competitive edge by surfacing insights that might otherwise be difficult to uncover. By leveraging proprietary AI-powered data, our teams can effectively prioritise their M&A pipelines, ensuring they focus their time and resources on the best opportunities.
Beyond data, Amplifind™360 is designed for collaboration. It enables real-time engagement with the ECI team from anywhere, allowing deals to move forward faster and more smoothly. Whether it’s assessing a target, sharing insights, or refining a strategy, management teams can stay connected and aligned throughout the entire M&A process.
Q: What value do management teams get out of it?
One of the biggest advantages of Amplifind™360 is that it’s completely free for our portfolio companies to use, replacing spreadsheets that can slow down collaboration. Instead of working from disconnected documents, teams can now access live, dynamic data from anywhere.
M&A is a major value driver for our portfolio, so the platform ensures our teams can focus on the right target prospects earlier in the process. With all the right data sources surfaced in one place, in a format that’s easy to digest, it allows for smarter decision-making and more effective pipeline management. The result? More effective and efficient M&A across the businesses we back.
Q: Is it a unique product in the PE market?
Yes, Amplifind™360 is truly unique in the private equity market because we built it from the ground up rather than relying on an off-the-shelf solution. We designed it to work seamlessly with ECI’s proprietary data, business processes, subsector theses, and investment criteria. It was important to us that we didn’t have to adjust our approach to fit the technology. Instead, we created a system that supports how we already work.
Another key difference is that Amplifind™360 is owned by us, meaning we can give our management teams direct access to collaborate in real time rather than forcing them to work with static data offline.
The platform is also modular by design, making it flexible and adaptable as data, AI, and our business priorities evolve. From company insights and AI-powered lead sourcing to dynamic portfolio tools, Amplifind™360 offers a tailored solution that goes beyond what’s typically available in standard market tools.
Q: How have you worked with new data providers/partners to create a best-in-class product?
We’ve built an extensive network of data and technology professionals, both within our industry and beyond, who we regularly consult to help refine and improve Amplifind™360. This ongoing collaboration ensures we stay at the forefront of data, AI, and M&A technology.
We worked with our Growth Specialists to help shape the strategy behind the platform, helping us fine-tune how it supports our investment approach. We’re also working closely with the Applied AI team at Manchester University, exploring how advanced Natural Language Processing (NLP) can help us score companies against our subsector theses more effectively.
On the data side, we’ve recently migrated to Valu8, expanding our geographic coverage to key regions like the Nordics, DACH, and Benelux. By continuously investing in our partnerships, we ensure that Amplifind™360 remains a cutting-edge tool for our portfolio companies.
Q: How has the main Amplifind™ tool evolved since it was first launched at ECI?
When we first developed Amplifind™ in 2020, it was a machine learning tool with a supporting UI, designed to help our Origination Team source, prioritise and assess leads more effectively.
Since then, we’ve come a long way. Today, Amplifind™ has evolved into the data and AI engine that powers the full spectrum of origination activity, not just for ECI, but also for our portfolio companies.
We’ve continuously refined the platform, upgrading our machine learning models, introducing improved criteria and scoring mechanisms, and integrating new data sources and AI tools into the UI. This means richer company insights at our fingertips, whether assessing a lead in the UK or worldwide. And with our new Microsoft Fabric data warehouse, we’re rolling out upgraded BI visualisations this month, delivering even deeper insights into our deal pipeline.
With Amplifind™360, we’ve taken these capabilities even further by introducing automated market mapping using AI agents and data APIs, helping our portfolio companies streamline their M&A activity.
Q: What is next for how ECI are using AI to optimise its own origination efforts, as well as for its portfolio on M&A?
Our next priority is the launch of the Amplifind KnowledgeBot, a Gen AI-powered tool designed to surface insights faster and more effectively. By leveraging our rich proprietary Salesforce data alongside third-party sources in our Amplifind databases, the KnowledgeBot will help us extract valuable information in real time, making it even easier to identify and assess opportunities.
Insights
06/03/2025
Suzanne Pike
Read Time: Min
Amplifind™360 Q&A
As the long nights start to draw to an end, there’s still time to enjoy a good book under a blanket. From gripping tales of resilience to a fresh perspective on decision-making, here is what the ECI team are reading this winter season:
Isabella Fox
The Nightingale by Kristin Hannah
Kristin Hannah’s The Nightingale follows two estranged French sisters navigating the Nazi occupation of France in very different ways - one quietly enduring, the other risking everything in the resistance.
Despite their differences, you can’t help but admire their resilience and be completely drawn into their journey. While it’s historical fiction, the backdrop of WWII and the brutal realities of war make it a gripping and emotional read. I found it beautifully written and incredibly moving, with characters that stayed with me long after I finished the book.
Skyler ver Bruggen
Expecting Better by Emily Oster
Recommended to me by a friend as ‘the book that tells you, you can drink alcohol while pregnant’, this was the first book I turned to when I found out I was pregnant. This ‘hook’ turned out to be an oversimplification. Expecting Better by Emily Oster is a robust analysis of the research which sits behind the many recommendations during pregnancy.
Oster is an economist by trade who teaches MBA students whether they should invest in a company (music to the PE exec’s ears…). She is well qualified to dig into the statistics but does not pretend to be medically qualified (Oster has consulted with medical professionals for that). Her goal is to provide the facts to enable the reader to make their own decisions - a breath of fresh air with all the ‘advice’ out there. As to whether you can drink during pregnancy? You’ll just have to read the book to find out...
Fiona Moore
The Coddling of the American Mind, by Greg Lukianoff and Jonathan Haidt
As a new parent and someone interested in creating inclusive spaces, I was interested to find out more about Lukianoff and Haidt's assessment as to how good intentions for keeping children and teens safe are leaving them with greater anxiety, and unprepared for the campuses and worlds of work they then go in to. Their perspective that it is more important to 'prepare the child for the road, rather than prepare the road for the child' resonated. I also appreciated their view that many of the ways that we teach people to manage depression or anxiety via cognitive behavioural therapy - i.e. the importance of not catastrophising or being charitable in our view of others rather than presuming their worst intentions - are the opposite of what teens are currently being taught. While I didn't agree with all their assessments, for example the authors saw little value in deplatforming because free speech is so important, whereas I can see that not all speech is appropriate for campuses and giving platforms to those deliberately stoking controversy is actively unhelpful, I still found there to be many useful takeaways especially when reflecting on the current trends around teen anxiety. A useful book to reflect on as to what the purpose of our role is, as parent or employer, when it comes to safety and resilience.
Jeremy Lytle
Patriot by Alexei Navalny
Patriot by Alexei Navalny is a powerful reflection on his life, resilience and unwavering fight against corruption and totalitarianism. A year after his murder in a Russian penal colony, his memoir stands as both a tribute and a call to action.
With his dark humour, he recounts his near-fatal poisoning, his decision to return to Moscow fully aware of the consequences, and his time in prison. Navalny’s story is one of extraordinary courage. His reflections from prison make for a sobering read, but his belief in a better future for Russia remains at the heart of the book.
Mia Smith
Flowers for Algernon by Daniel Keyes
Flowers for Algernon by Daniel Keyes is a tender and thought-provoking novel that follows Charlie Gordon, a man with an IQ of 68 who undergoes an experimental procedure to drastically increase his intelligence.
As Charlie's mental abilities soar, he gains profound insights into love, loneliness, and the nature of human connection, but his journey is not without unexpected challenges. The novel’s raw emotional depth and poignant exploration of what truly defines a meaningful life make it an unforgettable read. It’s a deeply heartfelt story that lingers long after the final page, challenging readers to consider the true value of intelligence, kindness, and human dignity.
Insights
21/02/2025
Read Time: Min
What are ECI reading? Our winter reading list
We are delighted to announce the appointment of Hamilton Matthews as Chair of Insurance Insider.
Hamilton brings a wealth of knowledge and experience in building market intelligence and data information businesses, through both executive and non-executive roles.
He was the Chief Executive Officer of Acuris, a specialist business intelligence group known for products such as Mergermarket, Debtwire, and Inframation, which cater to the global financial and corporate sectors.
He successfully led the business from its early days under Pearson’s ownership to its meteoric organic and acquisitive growth under BC Partners, culminating in a sale to ION Group, for a 5x return for its private equity owners.
Hamilton served on the board of the Financial Times and is currently the Chair of Aosphere, a legal analysis business, and on the board of WGSN, a trend forecasting and analytics company.
News
18/02/2025
Read Time: Min
Insurance Insider appoints Hamilton Matthews as Chair
Building a billion-dollar business is a journey of growth, resilience, and learning. At our 2024 Growth Summit Gurman Hundal, co-founder of MiQ, previously backed by ECI, shared valuable lessons from his personal experience.
From starting MiQ in 2010 with co-founder Lee Puri, to growing the company into a global leader in programmatic advertising with over $100 million in EBITDA, Gurman’s story offers rich insight into how to scale a business.
Here are five key lessons he shared on how the MiQ team delivered that success:
1. Diversification is key to resilience and growth
One of the most critical factors in MiQ’s success has been its focus on diversification in three key areas - geographies, client types, and product offerings – which have been essential for driving both growth and stability. By expanding into new markets, such as North America, and diversifying its client base, MiQ was able to protect itself from over-dependence on a single revenue stream or market condition.
MiQ's expansion into smaller cities in the U.S., such as Kansas City and Cleveland, proved to be highly effective. There was often more opportunity to be had in some of these US cities than in expanding into whole new countries. The lesson here is clear: Diversification should be intentional. Businesses that focus on strategic growth and carefully assess where to expand can unlock new opportunities while maintaining resilience. As MiQ’s approach demonstrates, the right markets aren’t always the most obvious ones.
2. Go big in big markets
The second major piece of advice is to go big in big markets. For MiQ, this meant fully committing to the U.S. market - the largest advertising market in the world. Gurman learned that scaling in a significant market not only drives revenue, but also builds credibility, helping the business attract larger clients, top talent and strategic partnerships.
However, succeeding in such markets requires more than just an entry, you have to commit fully. Gurman personally moved to the U.S. to spearhead MiQ’s expansion, ensuring that the company could adapt to the market's demands and seize the opportunities present. This kind of dedication was essential to make a meaningful impact.
3. Building robust operational foundations
As MiQ scaled, Gurman learned the importance of building robust operational departments. In the early stages, he and his partner Lee managed most of the operations themselves, but as the company grew, they realised the necessity of bringing in specialised teams for finance, HR, and talent management. Gurman said that, earlier in his career, he felt that to be a good CEO you also had to be a great CPO, CFO, CRO etc, but now he understands that to be a good CEO you must have really good leaders in those areas.
A strong finance team, for instance, helped MiQ manage the complexities of expanding globally while maintaining profitability. Having a well-structured finance and talent departments allowed Gurman to focus on strategic growth rather than getting bogged down in operational details.
4. The power of team and culture
Building a resilient team and maintaining a strong company culture were central to MiQ’s success. MiQ achieved an impressive 85% employee retention rate, a figure Gurman is rightly incredibly proud of. This high retention rate was due in large part to MiQ’s focus on creating an environment where top talent wanted to stay and grow with the company.
One of the cornerstones of MiQ’s culture is a balance between ambition and safety. Gurman encourages his teams to take risks and make mistakes and emphasises that failure is part of the process. He built a culture where making some mistakes was not discouraged as it was seen as a positive sign of courage and innovation. Simultaneously, MiQ developed a set of "anti-values"— behaviours such as ego and territorialism that were discouraged to foster a collaborative and open working environment.
5. Preparation and diligence pay off
The final key lesson is that preparation and diligence are critical when scaling a business, especially when pursuing a capital event, such as private equity investment. MiQ spent over a year preparing for their first private equity investment from ECI, focusing on building out robust financial systems, data reporting, and internal processes.
One strategy that MiQ employed was to use a refinancing process as a "dry run" to prepare for larger future events. By treating the refinancing process as a rigorous test of their diligence capabilities, MiQ ensured that when the time came to engage with investors, their data and narratives were well-organised, leading to a faster and more successful deal process.
Preparation is not just about the numbers, it’s also about building relationships. Building strong personal relationships with potential investors, meeting face-to-face or via Zoom to understand if they were the right partners for MiQ. These personal connections, paired with strong diligence, allowed MiQ to find the right investors and scale the business alongside them.
Insights
12/02/2025
Read Time: Min
5 lessons in building a billion-dollar business
Each month, we turn the spotlight on the leadership teams in our portfolio to find out what drives them, who inspires them, and the biggest lessons they’ve learned.
This month, we chat with Jens Penny, CEO of TAG, the high-touch travel management company to the entertainment and corporate markets.
Jens has been with TAG since 2019, throughout a period of intense disruption in the travel sector, and now leads a global team of over 450, together shaping the future of travel management for entertainment and corporate clients. Jens shares what motivates him and his view on what makes a good leader:
Q: Which one rule do you expect your employees to abide by?
The principle rule I emphasise is to just do what's right. It sounds simple but in business, it's crucial that everyone is behaving in the right way, and acting in the best interests of the company. It only takes one person to push in the wrong direction to create issues, so it's vital to maintain integrity and trust. Intuitively most people know what’s right, and our job as leaders is to find people you can trust to do that.
Q: What motivates you?
I'm motivated by seeing outcomes from effort. Whether it's a business plan or a change project, witnessing the results of hard work is incredibly fulfilling. This was especially evident as we navigated through COVID and emerged stronger, and seeing the effort that went in and then led to so much new business was incredibly motivating.
Q: What are you most proud of in your career?
The TAG journey stands out. Joining the business post their first private equity investment in 2018, navigating through COVID, and then experiencing unprecedented growth and getting investment from ECI in 2024. It’s been a challenging yet fantastically rewarding journey, and it is exciting to now go again. It’s your day job so you take it for granted, and then you have a capital event and look back and think, what a lot we’ve achieved over the past six years.
Q: Who do you admire / who inspires you?
My biggest inspirations are my parents and my wife. Their guidance, values, and lessons have shaped who I am today. While there are many admirable public figures, it's the personal influences that have had the most profound impact on me.
Q: Why did you choose ECI as your investment partner?
ECI's track record of success, particularly in travel over the last couple of decades, along with their commitment and chemistry with our team, made them the right fit. They understood the dynamics of the industry from day one, and were committed from the start, which was crucial for our partnership
Q: How do you switch off from thinking about work?
Spending time with my family, walking the dog and playing golf. Golf allows me to switch off. It's a great way to disconnect from work, as your phone is out of sight, and you need to completely focus to play well. It's a great social game and it allows me to spend time outdoors without distractions.
Q: Where is the best place you've travelled to?
Having worked in travel all my life, I've been fortunate to visit many places. So, I don’t have a single favourite, for me it’s all about exploring something new, experiencing different destinations and different cultures.
Q: Favourite film?
"Some Like It Hot" has to be my favourite. I first watched it in on a family caravan holiday in the Eighties in Sweden, with Swedish subtitles! It doesn’t age and is still a very clever comedy to this day, even though I probably know every line in the film now!
Insights
11/02/2025
Read Time: Min
“In Focus” with TAG CEO, Jens Penny
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