Sectors we focus on
A hotel is a complex operating environment. Behind it sits a large B2B layer of products, services and specialist capabilities that the industry depends on every day. These categories look like separate industries on paper. In practice they often serve the same customers.
We describe this layer as hospitality infrastructure, because it defines the market from the customer’s perspective rather than by industrial classification. That distinction matters: two businesses classified in entirely different sectors may have far more commercial adjacency than their industry codes suggest, simply because they sell into the same properties.
What sits behind every hotel
Hospitality supplies and consumables
Guest amenities, room products, disposables and the recurring consumable categories that hotels reorder continuously. Businesses here typically combine product sourcing with reliable fulfilment and deep account knowledge. The value usually sits less in any individual product than in the breadth of the range, the reliability of supply and the number of properties that order without thinking about it.
Hotel textiles and laundry services
Bed linen, towelling, table linen, workwear and the laundry and rental services around them. Capital intensity, service reliability and route density make this a structurally interesting category: it is difficult to enter, difficult to serve badly for long, and rewards operators who have built density in a region.
Hygiene and professional cleaning
Cleaning chemicals, dispensing systems, hygiene programmes and the technical service that supports them. Recurring demand, specification expertise and installed dispensing equipment create durable customer relationships. Switching supplier here is rarely just a purchasing decision; it is an operational one.
FF&E and operating equipment
Furniture, fixtures, equipment, commercial kitchen and refrigeration, and the project capability required to specify, deliver and install them. These businesses are more project-driven than the consumable categories, which makes references, technical competence and delivery discipline the competitive advantage.
Technical and specialist services
Maintenance, technical systems, energy management and specialist contracting for hospitality properties. Response time and property knowledge are the product. A supplier who can be on site tomorrow with an engineer who already knows the building is worth more than a cheaper alternative that cannot.
Procurement and distribution
Distributors, procurement specialists and multi-category suppliers whose value sits in customer access, logistics and category breadth rather than in a single product. These businesses are often the most interesting from a regional perspective, because their customer network can carry more than it currently does.
Adjacent hospitality infrastructure
Packaging, waste solutions, workwear, and other recurring operational categories that sit inside the same customer relationship. On paper these belong to different industries. In practice they are bought by the same people, in the same building, sometimes on the same day.
Where we look
Our focus is Central and Eastern Europe: Poland, Czechia, Slovakia, Hungary, Romania, Austria, Slovenia, Croatia, Bulgaria and the surrounding markets, with selective interest in adjacent Western European businesses where they connect naturally to the region.
We think about this geography as a customer footprint rather than a list of countries. Hospitality operators increasingly work across these markets; the question that interests us is where their suppliers could usefully do the same.
The characteristics we find most interesting
Across all of these categories the characteristics we find most interesting are consistent.
That constraint is often succession. Sometimes it is management bandwidth, geography, product breadth, systems, or access to capital and specialist capability. A business that is already doing everything it could possibly do, perfectly, is a fine company but a less interesting partner.
Established businesses, honest structures
Enterprise value. That is a guide rather than a rule, and we are always open to a conversation where the fit is strong.
Established, not start-ups or turnarounds
We are interested in established businesses rather than start-ups or turnarounds. In practice that usually means a company with a trading history measured in years rather than months, a stable customer base, and an operating result that reflects a business rather than a hope.
Structures that can work
What matters more than the percentage is whether the arrangement is honest and workable for everyone from the beginning.