Is an approach from Stonehouse Corporation 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 Stonehouse Corporation?

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 Stonehouse Corporation 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 Stonehouse Corporation?

If you’ve been approached

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

Who they are, in short

Stonehouse Corporation is a Melbourne-based, AFSL-licensed permanent-capital acquirer founded in 2012 by Charles Jennings, built on long-term ownership rather than a fixed-life fund. Charlie Munger became a personal investor in the firm in 2022, comparing it to the Berkshire Hathaway model. Capital comes from LP partnerships structured to run to 2052 and is currently closed to new investors, with more than $150 million AUD committed. It holds three current businesses across horse transport, outdoor cooling products and commercial horticulture: Goldners Horse Transport, EvaKool and Prestige Plants.

Read the full profile of Stonehouse Corporation

What they look for

Stonehouse looks for majority-to-100% ownership of established, industry-agnostic operating businesses in Australia and New Zealand, with a stated preference for full ownership. Its published financial floor is $5 million in minimum historical EBIT, mainly for standalone platform acquisitions, though smaller bolt-ons are also considered. Equity cheque size runs from $10 million to unlimited. It considers strong-cash-flow businesses, family successions, underperforming or balance-sheet-challenged situations, and opportunistic deals such as disputes or carve-outs. Stonehouse does not publish target revenue, ARR or enterprise-value thresholds.

Sector focus: Industry agnostic. Will consider businesses with good market positions, excellent customer experience and strong free cash flow; family business successions; operationally underperforming or balance-sheet-challenged businesses; and opportunistic situations (disputes, turnarounds, restructures, carve-outs).
Geography: Australia and New Zealand (Australasia); all target operating businesses.
Ownership: Permanent ownership / business stewardship model. Post-acquisition, subsidiaries operate autonomously; a small HQ team acts as an engaged but unobtrusive partner to management. Does not resell or rebrand acquisitions.
Majority or minority: Majority ownership required (51-100%), with an explicit preference for 100% acquisitions.
Platform or bolt-on: Primarily acquires standalone platform businesses above the EBIT floor; will also consider smaller bolt-on acquisitions below that floor.
Target EBITDA: Minimum historical earnings of $5 million EBIT (source states EBIT specifically, not EBITDA), or smaller bolt-ons considered below that floor.
Investment size: Equity investment from $10 million to unlimited.
Capital model: Permanent/evergreen capital raised from long-duration LP partnerships (structured to extend to 2052), not a fixed-life PE fund; partners, team and subsidiaries also co-invest opportunistically; currently closed to new investors.
Hold period: Permanent / indefinite; explicitly states it sells 'to another business owner, not someone looking to profit on resale' and 'stewards businesses for the long-term' with no predetermined exit horizon.
Capital: More than $150,000,000-$155,000,000 AUD in committed capital (fact sheet states '>$150m ... plus scope for much larger deals'; who-we-are page states 'more than $155,000,000 AUD'); Limited Partners collectively represent well over $100B AUD in investible assets (educational endowments, family offices, charitable organisations and business leaders in Australia, the UK and the US).
Founder ownership: Founded in Melbourne in 2012 by Charles (Charlie) Jennings. Current team (per Who We Are page) includes Charlie Jennings, Mark Johnson, Kavan Threadgold, Shannon Reardon, Matt Rhodes-Kropf, Natalie Nugent and Brent Fuller. Exact equity ownership split between founder/team/LPs is not publicly disclosed.

How they run acquisitions

Stonehouse describes a permanent-ownership operating model rather than a staged transaction process: once acquired, businesses keep operating under existing management, with a small head-office team acting as an engaged but unobtrusive partner. It states it sells only 'to another business owner, not someone looking to profit on resale' and holds acquisitions with no predetermined exit horizon. Stonehouse does not publish a diligence checklist, signing timetable or step-by-step transaction process.

Reading the approach

Not every approach means the same thing. A financial buyer 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 Stonehouse Corporation 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 Stonehouse Corporation?: 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 Stonehouse Corporation 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.