Partnerships,
not transactions.

A growing portfolio of high growth small and medium businesses. Each partnership is focused on building long-term value alongside the team.

Realised investments.

What happened, and what we did. Ordered by the date we first invested, most recent first.

Shopper
Retail out-of-home media
Invested Feb 2017  ·  Exited Sep 2022

Coverage grew from one hundred to four hundred and thirty shopping centres, with exclusive media assets and proprietary data no competitor could easily replicate. Sold to Woolworths.

Read the case study →
Birch & Waite
Premium sauces, dressings and desserts
Invested Feb 2018  ·  Partially realised 2024

Fortitude partnered with chief executive Paul O’Brien to continue the legacy built by the founders. The investment was partially realised in 2024, with Quadrant Private Equity brought on as a partner. Fortitude remains a minority shareholder.

Read the case study →
Hospital Pharmacy Services
Outsourced hospital pharmacy services
Invested Mar 2015  ·  Exited May 2017

Market share in the core private hospital market grew from thirty-five to forty-three per cent, with expansion into IVF, day surgery and hospital in the home, and robotic dispensing installed in four major pharmacies. Sold to EBOS.

Read the case study →
Machines4U
Online industrial machinery marketplace
Invested Oct 2023  ·  Exited Nov 2025

A management buy-in to accelerate growth and launch a transactional service alongside the classifieds model. Sold to Carsales.

Read the case study →
Better Medical
General practice clinics
Invested Jun 2017  ·  Exited 2021

Grew from six clinics to thirty-five and from thirty GPs to more than two hundred, through a dedicated acquisition team, a professional management team and a clinical advisory framework. Sold to Livingbridge.

Read the case study →
Quality Foods & Beverages
Food and beverage distribution
Invested Feb 2017  ·  Exited Dec 2021

A buy and build across South East Queensland and northern New South Wales, with twelve acquisitions, a new purpose-built warehouse and a strengthened finance function. Sold to Superior Food Group.

Read the case study →
Readify
Application development and IT services
Invested Aug 2013  ·  Exited Jun 2016

A buy and build in a fragmented sector, backed by developers recognised as Microsoft Partner of the Year, with a chief financial officer and second tier management installed. Sold to Telstra.

Read the case study →
GM Hotels
Hotels and hospitality
Invested Jul 2015  ·  Exited 2023

A portfolio of pubs held through changing gaming regulation and the pandemic, with excess land realised, venues upgraded and freehold acquired at two leasehold sites. Sold to a mix of buyers.

Read the case study →
Foundation Early Learning
Early learning centres
Invested Jul 2014  ·  Exited Jun 2018

A buy-and-build of early learning centres which grew to a national portfolio of thirty-two centres. Sold to Busy Bees.

Read the case study →
Digital Lifecycle Group
IT cost management consulting and software
Invested Mar 2018  ·  Exited May 2024

A founder partnership deal to pursue M&A led growth. The business was heavily impacted by the COVID-19 pandemic. Sold to Teleresult.

Read the case study →

Thinking about a partner for the next chapter?

Whether you are seeking additional capital, assistance with leadership succession, governance or acquisitions, or preparedness for an eventual exit, if we may be a fit for your business we would love to have a conversation.

Prototype  ·  Fortitude v1.6.0