Investing in manufacturing and industrial companies

Manufacturing companies

Current investments


Tool manufacturer
£3m sales

Kelda Showers²
New shower technology
£n/d sales

Crowdfunding platform
£n/d sales

Essex Safety Glass¹
Glass processor
£13m sales

We look, in detail, at around 100 private companies seeking investment each year. Those shown above were made by Constant Equity or Paul Moxon acting personally.  Where shown these were arranged via Connection Capital¹ or Growthdeck².

During the banking crisis and downturn, Paul provided support and challenge in the right measures and was a great help as I steered the business through an ever-changing market. He brought practical experience to the table and helped the management team to see the bigger picture. I really welcomed his counsel.

- Jeff Whiteway, CEO OfficeTeam

Previous investments

Martindale Pharma^*
Pharmaceutical manufacturing
£69m sales

Dunlop Aircraft Tyres^
Tyre manufacturing
£78m sales

OfficeTeam Group^*
Office supplies distribution
£170m sales

NSL Services Group^
Outsourced services
£156m sales

Insulation manufacturing
£85m sales

Automotive products
£47m sales

Amtico International^
Flooring manufacturing
£87m sales

Ferranti Technologies*
Defence electronics
£19m sales

Page Aerospace

Page Aerospace*
Aerospace components
£24m sales

FPS Distribution^*
Auto parts distribution
£63m sales

Insys Group^
Defence contractor
£135m sales

Puzzler Media^*
Puzzle magazines
£22m sales

The ‘Previous investments’ above were made by ABN AMRO or AAC Capital.  Paul Moxon played a key role in making those marked^, and managed, as a board director/observer, those marked*.

If your business is going through a period of change and would benefit from getting an experienced investor involved, please contact us

© Constant Equity Limited 2021 / Legal notice

Investment in private companies

What we look for


We focus on manufacturing and industrial companies: that is where we have most experience, and where we can add most value to a business.

Market position

When we are considering an investment, we look carefully at the market position of the business: we want companies differentiated by their technical skills, brand or market share.



We are looking for companies generating turnover of £2-10m and operating profit of £0.5m up to £1.5m.  We work best with established businesses: we are not startup/seed investors.

I worked with Paul for six years, over some challenging economic times. He is an accomplished financier, and had the insight to understand what made our business tick. He was supportive when required but also challenged the management team to achieve more with the business.

- Richard Pemberton, CEO Celotex

A flexible approach to funding

Growth capital

Whether for expansion or acquisition, companies often need capital to grow. As well as investment, Constant Equity can help with other growth challenges such as entering new markets, buying other businesses, or planning for management succession.

Management buy-out (MBO)

If you are a management team who has a chance to buy your business, Constant Equity can provide experience, expertise and funding to make the deal happen. We can also arrange a ‘succession buy-out’ to help retiring shareholders pass their business onto the next generation of managers.

Replacement capital

Where two or more partners in a business have different retirement plans, Constant Equity can structure a deal to help people retire, whilst supporting those remaining so that the business can flourish.


Company purchase

Where a company has a strong operational management team, Constant Equity can structure a 100% purchase. We will work alongside the management team to drive the business forward. Depending on the team’s experience and ambitions, we can arrange additional management recruits.

Special situations

Sometimes, unfortunately, a good business faces financial distress. Perhaps due to a failed customer, fraud, or the actions of a previous shareholder or director. In these circumstances Constant Equity can provide your company with an emergency investment to give some breathing space.


We are prepared to invest alongside other experienced investors where we see an attractive opportunity.  This is particularly the case in early stage or specialist situations.  In these circumstances, we prefer to mitigate risk by working with partners who have more experience of the area.

If your company is facing one of these situations, feel free to get in touch for a confidential discussion, without obligation

© Constant Equity Limited 2021 / Legal notice

Experienced private company investors

Driving profit

Companies grow best when they have smart, ambitious plans and implement them quickly.  They focus sharply on operations and sales activity, and keep a tight rein on costs and cash flow. Doing all this at once is no mean feat but the reward is strong growth, profits and cashflow. 

This approach is well-proven in large companies and private equity.  Constant Equity was launched to apply the same techniques to small and medium sized companies, to improve them and their prospects.  In the end, this makes the companies we work with more profitable, and worth more.

A personal mission

Constant Equity was set up by Paul Moxon, a seasoned private equity investor. He is a Cambridge engineering graduate and a PwC-trained Chartered Accountant. From 2000 to 2007 he worked for ABN AMRO Capital then, from 2007 to 2012, was a founder partner in AAC Capital Partners.

Paul's job was to discover and negotiate management buy out deals.  He would then act as investor director on company boards, working with the management team to develop the companies. He dealt with stakes in companies worth more than £1 billion (see our experience for more detail).

Since 2013 he has been working independently as a private company investor, and in 2016 launched Constant Equity.

Paul was always looking to the future with a clear focus on improving the value of the business. He quickly understood our growth drivers and was prepared to back me and my team with the investment needed to make it happen. I enjoyed working with him - his dry sense of humour remained intact even when discussions got heated!

- Phil May, CEO U-POL

How we build value


Two classic routes to growth are launching new products and entering new markets.  The key to success is to make clear plans and pursue them hard.

Operational improvement

This might be traditional ‘ops’ areas such as production and logistics, or tougher areas like sales management or working capital control.

Detailed analysis

Thorough commercial and financial analysis can find opportunities in pricing, product portfolio management or product profitability.

Measuring performance

Tracking performance - and new initiatives - is critical. Often it helps to slim down financial reporting to focus on what really matters.

Why we are different

We are a strategic investment partner: as well as funding, we bring a depth of experience. Perhaps this will be the catalyst for your business to embark on big growth plans.... or maybe help you reach the right judgement when you face a tough decision.

When Constant Equity invests in your company, the relationship is close and personal, and we are not driven by rigid corporate rules about process or timescales.  Our approach is simple and clear.  We invest, we help the business, and we earn our return as our investment increases in value.

If you are interested in working with us, please read our investment criteria.

© Constant Equity Limited 2021 / Legal notice

Contact us

Get in touch

If your business needs new investment, or you want a change of direction, please feel free to call us for an informal conversation.  Initial conversations and meetings are confidential and without obligation.

We are experienced in arriving at a quick view on whether we can help in a particular situation, and generally after a short meeting and some basic financial information, we can give a strong indication of our likely interest.  The earlier you contact us, and the more information you share with us, the more likely it is that we can help.

If we can’t help with your business, we will do our best to put you in touch with people who can. We have a strong network of finance providers and professional advisers.

...or call us on 01604 289880

© Constant Equity Limited / Legal notice

Constant Equity: experienced private company investors

Constant Equity, first of all a good funder

Seasoned private company investors

If your company is facing change, and you are looking for an investor who brings experience as well as funding, call Constant Equity.  We invest in UK private companies, providing funds for growth and acquisitions, or to allow owners to realise value.


As a small investor we are free to adjust our approach to suit the situation, but we work best in areas where we have strong experience.  Find out more about our investment criteria.


Careful financial and strategic analysis to drive growth and tackle the tough problems,  backed by practical experience to get the job done.  Find out more about our investment experience.

By your side

As well as funding, we get personally involved alongside company managers to provide guidance when there are tough decisions, and help drive growth and profits.  Find out more about us and how we work.

If your company would benefit from an investor who brings more than just funding, contact us to arrange a meeting, without obligation

Constant Equity, set up by Paul Moxon

© Constant Equity Limited / Legal notice