Is an approach from Gresham Capital Partners an offer?

No. An approach is an expression of interest, not an offer — it commits you to nothing. Offers come much later, usually in writing as an indicative offer or term sheet, and only after both sides have chosen to engage.

Do I have to reply straight away?

No. There is no clock on your side of the conversation. A considered reply a week later reads better than a rushed one the same afternoon, and a genuine buyer will still be there. You set the pace.

Should I share my financials with Gresham Capital Partners?

Not in a first conversation. An early, low-specificity approach rarely warrants sharing numbers. If the conversation gets serious, information changes hands progressively and under a signed NDA — at a pace you control.

How do I know if Gresham Capital Partners is serious?

Read the approach itself: who sent it (a partner or CEO signals more intent than an analyst template), how specific it is about your actual product, customers, or numbers, and whether there is a concrete reason they are reaching out now. Generic praise that could have been sent to a hundred companies usually means a routine sweep.

Do I need an advisor before responding?

Not to acknowledge an email. But before sharing anything material — numbers, customer names, growth plans — a second opinion from someone whose only job is to represent you tends to pay for itself. An advisor can read the approach, tell you how much interest it really signals, and keep your options open.

What happens if I just ignore it?

Usually nothing bad — an unanswered email doesn't close any doors, and a genuinely interested buyer will follow up. What you give up is information: understanding why they reached out now can tell you a lot about how your business is being seen, even if you have no intention of selling.

← Who is Gresham Capital Partners?

If you’ve been approached

Gresham Capital Partners approached me — what now?

An acquirer reaching out can feel like a big moment, and it’s normal to be unsure what it means or how to respond. An approach is not an offer, and it doesn’t commit you to anything — it’s the start of a conversation you get to run at your own pace.

The most useful thing to do first is slow down and understand what kind of approach this actually is. The rest of this page walks through who Gresham Capital Partners is, how to read the signals, and the practical moves that keep your options open.

Who they are, in short

Gresham Capital Partners is an Australian private equity investor and a division of Gresham Partners Limited. It partners with founders, entrepreneurs and management teams in growth companies across Australia and New Zealand. The firm uses growth equity, buyouts, succession transactions, corporate carve-outs and recapitalisations.

Read the full profile of Gresham Capital Partners

What they look for

GCP invests across TMT, healthcare, services, consumer and retail, education, and industrials. It typically targets enterprise values of A$20 million to A$200 million and historical equity cheques of A$10 million to A$70 million. It prefers positive earnings or a clear path to profitability and can use minority, co-control or full-control structures. It generally excludes early-stage startups, property development, infrastructure, natural resources and public companies, except public-to-private transactions.

Sector focus: Sector-flexible, with six focus areas: TMT, healthcare, services, consumer and retail, education, and industrials; generally excludes early-stage startups, property development, infrastructure, natural resources and public companies except public-to-private deals.
Geography: Australia and New Zealand
Ownership: Growth equity, buyouts, buy-ins, succession, corporate carve-outs, recapitalisations, and equity or equity-like investments across the capital structure.
Majority or minority: Flexible structures including minority stakes; the official roster describes controlling, co-control, minority and 100% acquisitions.
Platform or bolt-on: Bolt-ons are supported, but no general numerical mandate is stated. Amarco was acquired by GCP and portfolio company Advanced Cosmeceuticals, and BCI completed three bolt-ons under GCP co-ownership.
Target EBITDA: Positive earnings or a clear visible path to profitability is preferred; no numerical EBITDA threshold is publicly stated in accessible text.
Enterprise value: Typically A$20m-A$200m
Investment size: Historical equity cheques of A$10m-A$70m, with capacity for larger investments.
Capital model: Investor network of HNWIs, business owners, entrepreneurs, Australian family offices and institutional funds; Gresham Group also invests significant balance-sheet equity.
Hold period: Average investment usually 3-5 years, with flexibility for longer periods.
Founder ownership: GCP is a division of Gresham Partners Limited. Gresham ownership is described as an enduring partnership between its principals and Wesfarmers Limited, with senior executive partners participating; exact shareholdings are not disclosed.

How they run acquisitions

GCP says it invests across the capital structure and can use growth equity, buyouts, buy-ins, succession transactions, carve-outs and recapitalisations. Its responsible-investment policy describes active engagement with management after investment. GCP does not publish a stage-by-stage acquisition timetable, diligence checklist or signing protocol.

Reading the approach

Not every approach means the same thing. A private equity firm might be running a wide net, or might have a specific reason to want your business. Here’s how to tell the difference.

The signal

Routine BD outreach

Genuine acquisition intent

Who sent it
Routine BD outreachAn analyst or associate, often via a generic template or LinkedIn note.
Genuine intentA partner, principal, or the platform's CEO — someone who can actually transact.
How specific it is
Routine BD outreachPraises the sector and your growth in general terms; could be sent to a hundred companies.
Genuine intentReferences your actual product, customers, or numbers — they've done real homework.
What they ask for
Routine BD outreachA quick intro call to learn more and get to know you for the future.
Genuine intentA view on whether you'd consider a transaction, and often an early sense of scale.
Their timeline
Routine BD outreachOpen-ended relationship building with no particular urgency.
Genuine intentA concrete reason they're reaching out now — a fund mandate, a thesis, a nearby deal.
Where it leads
Routine BD outreachAdded to a pipeline and periodically checked in on.
Genuine intentToward an indicative offer, diligence, and a process — if you engage.

Neither is bad, and neither is a commitment. The point is to read the approach for what it is before deciding how much time and information to give it — an early, low-specificity note rarely warrants sharing numbers, while genuine interest is worth understanding properly.

The moves that protect your position

Whatever the intent, a few simple habits keep you in control of the conversation and your information.

Reply politely and keep the door open — you lose nothing by being courteous.
Ask who they are, why now, and what stage of interest this is.
Take your time; a serious buyer will wait for a considered response.
Get your own read on what the business could be worth before discussing price.
Loop in an adviser who represents you, not the buyer, before sharing anything sensitive.

Don’t

Don't name a price first, or react to a number floated casually on a call.
Don't share detailed financials or customer data before there's an NDA and real intent.
Don't negotiate against yourself by signalling how keen — or how nervous — you are.
Don't let a single unsolicited approach turn into an exclusive, one-buyer conversation.
Don't agree to a binding timeline or exclusivity just to keep them interested.

Common questions

Is an approach from Gresham Capital Partners an offer?: No. An approach is an expression of interest, not an offer — it commits you to nothing. Offers come much later, usually in writing as an indicative offer or term sheet, and only after both sides have chosen to engage.
Do I have to reply straight away?: No. There is no clock on your side of the conversation. A considered reply a week later reads better than a rushed one the same afternoon, and a genuine buyer will still be there. You set the pace.
Should I share my financials with Gresham Capital Partners?: Not in a first conversation. An early, low-specificity approach rarely warrants sharing numbers. If the conversation gets serious, information changes hands progressively and under a signed NDA — at a pace you control.
How do I know if Gresham Capital Partners is serious?: Read the approach itself: who sent it (a partner or CEO signals more intent than an analyst template), how specific it is about your actual product, customers, or numbers, and whether there is a concrete reason they are reaching out now. Generic praise that could have been sent to a hundred companies usually means a routine sweep.
Do I need an advisor before responding?: Not to acknowledge an email. But before sharing anything material — numbers, customer names, growth plans — a second opinion from someone whose only job is to represent you tends to pay for itself. An advisor can read the approach, tell you how much interest it really signals, and keep your options open.
What happens if I just ignore it?: Usually nothing bad — an unanswered email doesn't close any doors, and a genuinely interested buyer will follow up. What you give up is information: understanding why they reached out now can tell you a lot about how your business is being seen, even if you have no intention of selling.

Want a second opinion?

If it would help to talk it through with someone whose only job is to represent you — not the buyer — that’s exactly what we do. A short, no-obligation conversation is often enough to know where you stand.

Get in touch Read the full guide: a firm approached me — what do I do?

The truth, first.

General information, not legal, financial, or tax advice. Every situation is different — talk to an adviser about yours.