Q&A with Founder, Jamie Constable, celebrating 20 Years of Rcapital - how it began.

Q: Jamie Constable , can you share with us the start of Rcapital? How did it all begin?

?A: Absolutely, it's a bit of a tale. I was knee-deep in the world of accountancy, which, don't get me wrong, had its moments, but I was looking to create something more exciting. That's when I made the pivot to corporate finance. Enter Peter Ward, the perfect partner who was the opposite to me, but our combined skills were exactly what was needed however we soon realised it would be better if we could buy the companies rather than just advise which led to the launch of Rcapital.

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Q: What were some of the early challenges you faced with Rcapital?

?A: How long have you got!? We made the decision to buy up struggling businesses instead of just acting as advisors. It was a bold move when you have very little money to buy anything, but we thrive on a challenge. Our first deal was convincing Steve Murphy at Lloyds Bank to selling us the debt of a business that had just gone into default, this was April 2004. It was a tangled mess of a business based in the UK but with an operation in Italy, involving a post-production company with German owners and UK management team, who had fallen out spectacularly. But you know what they say, where there's chaos, there's opportunity and we got our first deal done in three weeks.

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Q: How did Rcapital evolve from those early days to where it stands now?

A: ?We then jumped headfirst into buying distressed businesses, snapping up Retail Profile, Alsops the architects, a few marketing agencies – we were opportunistic. We also started to build a quality team which allowed us to make more investments, turnarounds and exits - and eventually built up a private investment fund. There have been some landmark deals along the way; Little Chef, Summit, Morses and Cluttons to name a few. What truly transformed us, was building a stand-out team, enabling us to make more investments and execute successful exits. Over time, we've invested in some very attractive deals, management teams, operators and top-tier talent. We’ve also navigated through numerous crises; the Global Financial Crisis, where we had to turnaround businesses we thought we had already turnaround then the pandemic when we bought three businesses in the first three months of lockdown.

?But it's not just about the deals; our approach has matured significantly. Whilst we still thrive on finding great opportunities, a lot of our work now revolves around intricate corporate carve-outs. Yet, at our core, our essence remains unchanged - it's about exceptional people tackling complex challenges, seeing the potential in the most complex situations, and finding outcomes that benefit everyone involved.

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Q: What is your greatest achievement in the last 20 years?

What I am most proud of is the quality of the team we have built over that period, it looks very, very different than it did in the beginning.

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Q: What's next for Rcapital as you celebrate this milestone?

A: Always an exciting topic. We're doubling down on what we do best: sourcing opportunities, transforming businesses, and ultimately, creating value.

To celebrate this milestone, we will be shining a light on some of the great stories from the last 20 years. Additionally, we're planning a series of fundraising activities throughout the year, and we'd love for you to join us at these events.