Is an approach from Peppermint Capital 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 Peppermint Capital?

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 Peppermint Capital 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 Peppermint Capital?

If you’ve been approached

Peppermint Capital 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 Peppermint Capital is, how to read the signals, and the practical moves that keep your options open.

Who they are, in short

Peppermint Capital is a Sydney-headquartered, founder-led principal investor established in 2007 by Gavin Nicholas, a chartered accountant who previously worked at PwC. Peppermint says he was previously a partner at London mid-market private equity firm Invex Capital. Nicholas remains on the current management team alongside John Groppoli and Huey Liew. The firm acquires, grows and divests private, mid-sized Australian businesses valued between AU$1m and AU$10m enterprise value, partnering with business owners, family offices and, on occasion, listed companies seeking mandated acquisitions. Its mandate is industry-agnostic, spanning past deal types in healthcare distribution, medical equipment servicing, facilities maintenance, manufacturing, HVAC, IT managed services, media, OH&S software and industrial supply. Peppermint's own site names no specific portfolio companies.

Read the full profile of Peppermint Capital

What they look for

Peppermint targets private Australian businesses valued between AU$1m and AU$10m enterprise value, under an industry-agnostic mandate favouring established, well-run companies with potential for synergies or growth. It does not publish target revenue, EBITDA or cheque-size figures. Its ownership stance is deal-dependent: a full-exit acquisition, an equity-partner stake offering full or partial capital release, or a fee-free advisory role taking no equity at all. As an equity partner it typically works toward a 2-5 year hold before a trade-sale exit, backing incentivised management with equity. It also runs a platform strategy, considering ad hoc bolt-on acquisitions to build scale ahead of exit. AUM and committed capital are not publicly disclosed.

Sector focus: Industry-agnostic / generalist mandate: 'not sector specific, with a focus on established well run businesses where there is potential for synergies and / or significant growth and improvement.' Past deal types span healthcare distribution, medical equipment services, facilities maintenance, manufacturing, HVAC, IT managed services, media, OH&S software and industrial supply.
Geography: Australia. Offices in Sydney and Perth; a London office is maintained for international mandates, but target businesses are described throughout as Australian.
Ownership: Flexible, deal-dependent principal-investor style: acts as an equity partner (structuring deals to suit each shareholder, including a 'full exit, or an opportunity to unlock part of their shareholding') on smaller businesses building toward a 2-5 year exit, or as an unpaid advisory/exit partner taking no equity stake on businesses that have already reached critical mass. Backs incentivised management with 'skin in the game.'
Majority or minority: No fixed majority/minority stated; explicitly flexible per transaction, ranging from full-exit acquisitions and equity-partner stakes ('full or partial capital release') to purely advisory engagements with no equity taken at all.
Platform or bolt-on: Platform-style buy-and-build: backs a platform business and its growth strategy, with 'potential smaller bolt on acquisitions in the sector also considered on an ad hoc basis' to build critical mass ahead of exit.
Enterprise value: AU$1m - AU$10m enterprise value.
Capital model: Principal-investor model backed by its own shareholders and funding partners (including family offices), not a traditional fixed-life LP fund; also executes mandated acquisitions on behalf of local and international listed entities.
Hold period: Typically 2-5 years (2-5 year horizon for the equity-partner track; 3-5 year time frame described on the Private Equity Australia page) before exit, usually via trade sale to a larger trade or listed acquirer.
Founder ownership: Founder-led: established in 2007 by Gavin Nicholas (Chartered Accountant; formerly PwC and a partner at London mid-market PE firm Invex Capital), who remains part of the current management team alongside John Groppoli and Huey Liew.

How they run acquisitions

Peppermint's team identifies acquisition opportunities through industry research, its own networks and direct approaches, then assesses and values the business before preparing an offer and developing a deal structure. It positions the business for sale, assists in negotiations with potential acquirers, and can introduce debt or equity institutions where needed. Due diligence and project management follow, including oversight of the legal and accounting professionals involved — whether the transaction is self-initiated or run under mandate for a local or international listed company. Public materials do not describe a diligence checklist, transaction timetable, or stage-by-stage process from initial approach through to close. Sellers can reach Peppermint through the contact details published on its own website.

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 Peppermint Capital 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 Peppermint Capital?: 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 Peppermint Capital 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.