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Who is Spark Equity?

Spark Equity is a private equity firm based in Australia.

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Firm facts

Spark Equity

Type
private equity firm
Headquarters
Australia
LinkedIn
Company page
Industries
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How they work

Spark Equity is a Melbourne-based permanent-capital platform that acquires and permanently holds profitable Australian industrial manufacturing businesses, with no fixed fund life or forced exit timeline. Founded and led by Will Strange, it currently owns and operates two co-located businesses, Ultralift Australia and Westberg Sheetmetal, from a shared Heidelberg West, Victoria facility, and is evaluating further platform verticals within industrial manufacturing.

Sector focus
Profitable, established Australian industrial manufacturing businesses -- sheet metal fabrication, laser cutting, precision machining, engineering services and adjacent industrial trades -- explicitly excluding distressed businesses, early-stage startups, retail and technology.
Geography
Victoria preferred (Melbourne's industrial precincts, including Dandenong, Bayswater, Sunshine, Campbellfield, Laverton and Thomastown); Queensland is a secondary focus; NSW is also considered.
Ownership
Full/majority acquisition with direct hands-on operation -- Spark Equity takes over and runs the business itself (reports being '100% Operator-Led') rather than holding a passive minority stake.
Majority or minority
Majority/full ownership; the firm takes operating control on day one of completion.
Platform or bolt-on
Both: pursues platform acquisitions (paid 4x-5.5x EBITDA) and bolt-on acquisitions (paid 3x-4.5x EBITDA). Its first platform is sheet metal fabrication (Westberg Sheetmetal co-located with Ultralift Australia); additional platform verticals within industrial manufacturing are under evaluation, and the firm sought private-credit partners in Sep 2025 to fund a roll-up acquisition in the sheet-metal-fabrication sector.
Target revenue
Typically $3M-$20M revenue.
Target EBITDA
$500,000-$3,000,000+ EBITDA.
Capital model
Permanent-capital platform with no fixed fund life. Structured as Spark 1 Co Pty Ltd plus the Spark Legacy Capital unit trust, which raises capital from wholesale investors under s761G of the Corporations Act 2001 (Cth) with a stated 8% p.a. preferred return and semi-annual distributions. The firm also seeks private-credit/debt funding partners to support roll-up acquisitions.
Hold period
Indefinite / permanent -- explicitly no exit timeline, fund clock or forced sale.
Founder ownership
Founder-led: Will Strange is Founder & CEO and, per his own LinkedIn announcement (26 Nov 2023), personally purchased Ultralift Australia and Westberg Sheetmetal; the platform additionally raises capital from wholesale investors through the Spark Legacy Capital unit trust.

Their portfolio

  • SectorTV lift mechanisms / audio-visual mounting manufacturing
    What they doDesigns, manufactures and distributes premium motorised TV lift mechanisms, projector lifts and outdoor TV enclosures for residential and commercial installations, serving AV integrators, architects and builders across Australia and internationally from its Heidelberg West, Melbourne facility.
  • SectorPrecision sheet metal fabrication
    What they doPrecision sheet-metal fabrication company operating from Heidelberg West, Melbourne, providing laser cutting, CNC folding, welding and assembly for builders, OEMs, architects and product companies; co-located with sister company Ultralift Australia to share overhead, equipment and people.

Sources

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