Freeman Capital — Portfolio Cockpit
Flagship Buyout Fund · Pipeline · Covenants · Commercial Performance
Updated: 31 May 2026
● LIVE · synthetic
● LIVE · synthetic
Portfolio value (est.)
£2304m
▲ 1.96x MOIC illustrative
LTM revenue
£1335.9m
11 companies
LTM adj EBITDA
£243.9m | 18.3%
+5.5% vs budget
Net debt
£647.5m
2.65x weighted leverage
Covenant breaches
1
at 2026-03-31
Total headcount
3,519
6 🟢 4 🟡 1 🔴
Portfolio heatmap — 11 companies · click any tile to drill in
Pinnacle Fintech LtdRED
LTM revenue£45.7m
LTM adj EBITDA£2.5m
EBITDA vs budget-4.7%
Leverage4.17x
⚠ covenant breach
View company →
Northwind Components LtdAMBER
LTM revenue£117.8m
LTM adj EBITDA£26.0m
EBITDA vs budget-4.2%
Leverage2.26x
View company →
Lumen Software LtdAMBER
LTM revenue£61.0m
LTM adj EBITDA£14.7m
EBITDA vs budget-8.1%
Leverage2.70x
View company →
Adler Pharma Services GmbHAMBER
LTM revenue£129.3m
LTM adj EBITDA£30.4m
EBITDA vs budget-7.6%
Leverage2.33x
View company →
BlueWave Energy Services LtdAMBER
LTM revenue£160.0m
LTM adj EBITDA£26.4m
EBITDA vs budget+2.6%
Leverage2.49x
submission: Late
View company →
Cromwell Logistics GroupGREEN
LTM revenue£174.2m
LTM adj EBITDA£29.2m
EBITDA vs budget-2.0%
Leverage2.12x
View company →
Saffron Retail Group LtdGREEN
LTM revenue£209.9m
LTM adj EBITDA£25.8m
EBITDA vs budget-0.1%
Leverage2.27x
View company →
Vantage HR Solutions LtdGREEN
LTM revenue£63.7m
LTM adj EBITDA£13.0m
EBITDA vs budget+8.7%
Leverage2.99x
View company →
Helvetica Instruments IncGREEN
LTM revenue£191.0m
LTM adj EBITDA£44.0m
EBITDA vs budget+7.9%
Leverage2.98x
View company →
Meadowlark Health LtdGREEN
LTM revenue£58.3m
LTM adj EBITDA£9.7m
EBITDA vs budget+6.0%
Leverage3.80x
View company →
Atlas Packaging B.V.GREEN
LTM revenue£125.1m
LTM adj EBITDA£22.2m
EBITDA vs budget-2.1%
Leverage3.37x
View company →
Finance & ops layer
Budget variance — worst first
| Company | Rev | EBITDA |
|---|---|---|
| Lumen Software Ltd | -2.4% | -8.1% |
| Adler Pharma Services GmbH | -1.7% | -7.6% |
| Pinnacle Fintech Ltd | -4.2% | -4.7% |
| Northwind Components Ltd | -1.6% | -4.2% |
| Atlas Packaging B.V. | -3.5% | -2.1% |
| Cromwell Logistics Group | +2.1% | -2.0% |
| Saffron Retail Group Ltd | -1.0% | -0.1% |
| BlueWave Energy Services Ltd | -0.3% | +2.6% |
| Meadowlark Health Ltd | -3.5% | +6.0% |
| Helvetica Instruments Inc | -3.0% | +7.9% |
| Vantage HR Solutions Ltd | -4.5% | +8.7% |
LTM actual vs budget.
Covenant headroom — tightest first
| Company | Facility | Cov. | Thr | Act | Head | Status |
|---|---|---|---|---|---|---|
| Pinnacle Fintech Ltd | Senior Term Loan | ICR | 2.50 | 2.19 | -0.31 | Breach |
| Pinnacle Fintech Ltd | Senior Term Loan | Leverage | 5.10 | 5.12 | -0.02 | Breach |
| Meadowlark Health Ltd | Senior Term Loan | ICR | 2.50 | 3.41 | +0.91 | Pass |
| Meadowlark Health Ltd | Senior Term Loan | Leverage | 4.92 | 3.89 | +1.03 | Pass |
| Meadowlark Health Ltd | Acquisition Facility | Leverage | 4.92 | 3.89 | +1.03 | Pass |
| Atlas Packaging B.V. | Senior Term Loan | ICR | 2.50 | 3.55 | +1.05 | Pass |
| Atlas Packaging B.V. | Senior Term Loan | Leverage | 5.00 | 3.56 | +1.44 | Pass |
| Atlas Packaging B.V. | Revolving Credit Facility | Leverage | 5.00 | 3.56 | +1.44 | Pass |
Leverage = Net debt / LTM adj EBITDA; ICR = EBITDA / interest.
Submission tracker
| Company | Latest | Late/draft (LTM) |
|---|---|---|
| BlueWave Energy Services Ltd | Late | 6 |
| Meadowlark Health Ltd | Final | 1 |
| Northwind Components Ltd | Final | 0 |
| Cromwell Logistics Group | Final | 0 |
| Lumen Software Ltd | Final | 0 |
| Adler Pharma Services GmbH | Final | 0 |
| Saffron Retail Group Ltd | Final | 0 |
| Vantage HR Solutions Ltd | Final | 0 |
| Helvetica Instruments Inc | Final | 0 |
| Atlas Packaging B.V. | Final | 0 |
| Pinnacle Fintech Ltd | Final | 0 |
Plus 1 fully-missing submission caught historically.
Performance & value
Adj EBITDA vs budget, by fund
Green = actual, grey = budget. GBP, LTM.
Adj EBITDA by sector
Industrials£92.2m · 38%
Healthcare£40.1m · 16%
Logistics£29.2m · 12%
Energy£26.4m · 11%
Consumer£25.8m · 11%
Software£14.7m · 6%
Business Services£13.0m · 5%
Financial Software£2.5m · 1%
Value bridge (illustrative)
Entry EV
£1458m
→
Current EV
£2304m
→
Cur. equity
£1656m
Entry multiple held; equity = EV − net debt. P3 decomposes EBITDA vs multiple vs debt paydown + adds IRR.
Data-health — the reconciliation layer, built in
Data issues to fix
12
Companies in breach (risk)
4
Rows reconciled
8,585
Checks run (R1–R7)
7
3 segment ≠ total3 payroll ≠ staff cost
1 missing submission2 FX outlier
1 duplicate period1 covenant mis-report
| Company | Exception | Period | Severity |
|---|---|---|---|
PC001 | EBITDA bridge mismatch | 2022-06-30 | High |
PC006 | Missing submission | 2023-02-28 | High |
PC002 | Duplicate period | 2021-11-30 | Medium |
PC005 | FX rate outlier | 2022-08-31 | Medium |
PC007 | Segment revenue incomplete | 2023-11-30 | High |
PC010 | Segment revenue incomplete | 2024-03-31 | High |
Separates a data problem (fix it) from a genuine business risk (escalate it). Computed live from the 5 files; exportable with the specific figures.
Auto Dash wireframe · generated by build_wireframe.py · real GBP-consolidated aggregates of the synthetic data room. P3 makes this editable in plain English and live on real data.