Souter Investments

Souter Investments Limited is a private equity firm specializing in middle market and buyout investments. The firm does not invest in start ups, alcohol, gambling, tobacco or armaments. It makes investments in all the sectors. The firm focuses its investments in the United Kingdom, except in the transport sector, where it will consider opportunities globally in Non-United Kingdom based companies. The firm prefers equity stake between 4% and 98% in its portfolio companies and has a relaxed exit strategy and holds many of the investments for years. The firm invests through its own personal capital. Souter Investments Limited was founded in 2006 and is based in Edinburgh, United Kingdom with an additional office at Perth, United Kingdom.

John Berthinussen


Stuart Callion

Investment Manager

Calum Cusiter


Andy Macfie


Scott Mackenzie

Investment Manager

Maurice Shamash

Investment Manager

29 past transactions

OneSearch Direct

Private Equity Round in 2007
OneSearch Direct is the UK’s largest local search data company. The Company provides property search information including planning information, coal reports and rights of access to conveyancers completing English property transactions

Broadway Partners Ltd

Private Equity Round in 2018
Broadway is pioneering the commercial use of line of sight radio and TV WhiteSpace radio to connect remote rural communities. Using radio spectrum made available by the shift from analogue to digital TV, the technology is uniquely capable in the challenging geographies that are typical of rural areas, where trees, hills and low population densities typically preclude the use of conventional radio or fibre solutions.

Global Risk Partners Limited

Private Equity Round in 2013
Global Risk Partners Limited (GRP) is an investment vehicle aimed at insurance brokers and managing general agents trading in the UK retail and global, specialty insurance markets.
The Virgin Group is a leading international branded investment company and one of the world's most recognized and respected brands. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors ranging from mobile telephony and media to transportation, travel, financial services, hotels, health and fitness, as well as renewable technologies and space tourism. Virgin has created more than 400 branded companies worldwide, employing approximately 50,000 people, in 29 countries. Its Global branded revenues in 2010 exceeded £11.5 billion (approx. US$18.5 billion).

Mana Coach Services

Acquisition in 2007
Mana Coach Services is the second largest urban, commuter, school and charter bus operator in Wellington, New Zealand’s capital and second largest public transport market. The longest standing investment in Souter Investment’s InMotion Group, Mana Coach operates a fleet of around 100 buses, carrying over 4 million passengers per annum. The business serves the Newlands, Porirua, Kapiti Coast and CBD areas of Wellington from three depots.

Baywater Healthcare

Acquisition in 2013
Baywater Healthcare Ltd. provides homecare services to patients with long term conditions. It offers home oxygen therapy, telehealth, sleep apnoea, ventilation, nebulizer therapy, resuscitation, and safety advice services. The company was founded in 2013 and is based in Crewe, United Kingdom. Baywater Healthcare Ltd. is a former subsidiary of Air Products & Chemicals Inc. As of January 12, 2018, Baywater Healthcare Ltd. operates as a subsidiary of Bastide Le Confort Médical SA.

Mobius Life Limited

Acquisition in 2014
Mobius Life Limited provides unit-linked life insurance services for institutional pension schemes, advisers, trustees of institutional pension funds, life insurance companies, individual clients, and asset managers in the United Kingdom. It offers investment administration, creation of blended and white-labelled funds, trigger monitoring, transition management, and pension scheme reporting; and investment platform, DC pension, DB pension, and asset manager solutions. Mobius Life Limited was formerly known as Investment Solutions Limited and changed its name to Mobius Life Limited in February 2014. The company was incorporated in 1995 and is based in London, United Kingdom. Mobius Life Limited is a former subsidiary of Alexander Forbes Limited.

Howick & Eastern Buses

Acquisition in 2008
Howick & Eastern Buses is an urban, commuter, school and charter bus operator based in East Auckland, New Zealand. Part of Souter Investment’s InMotion Group, Howick & Eastern operates a modern and high quality fleet of over 170 buses serving over 6 million passengers per annum.


Seed Round in 2014
ManaBus is an internet based intercity express coach operator offering great value travel to 128 destinations.

Winn Solicitors Limited

Private Equity Round in 2013
Winn Solicitors Limited provides accident claims and accident compensation services in the United Kingdom. It specializes in handling claims for road accidents, including whiplash, car accident, taxi driver, passenger, cyclist, motorcyclist, commercial vehicle, young driver, pedestrian accident, and deaf or hard of hearing road traffic accident compensation claims. The company also provides claims for accidents at work, such as office, industrial, factory, and construction. In addition, it offers accident management services. The company was founded in 2002 and is based in Newcastle-Upon-Tyne, United Kingdom.

Stone Group

Acquisition in 2019
Stone Group is an IT provider to the public sector.

Venture Round in 2017 are a market leader in providing coach and minibus transport services in the UK and now in over 100 cities around the provides transport for all occasions to the B2B and B2C markets from shuttles to European Tours. Their unrivalled network of 18,000+ vehicles based at more than 4,000 depots means they are perfectly placed to provide transportation for even the largest contracts and events.


Private Equity Round in 2019
DivideBuy offers Interest-Free Credit through our Retail Partners. A fast application process with an immediate decision means you can choose to Spread the Cost of your purchase with no hidden charges. Your one DivideBuy account can be used across our diverse range of Retail Partners.


Venture Round in 2009
Neoss is founded on the passion and inspiration of individuals, clinicians, academics and engineers - all seeking to create a better future for patients. It’s this passion that helps them put together a system above all others, a system you can trust and a system that makes a connection which stays forever. The foundations of their system can be seen in forty years of provenance in the rapidly evolving world of dental implants. They are proud to be at the forefront of this evolution with a system that challenges traditional conventions through the simplicity of having just one platform. Coupled with this rich heritage of experience comes their strong affiliations with some of the worlds leading medical device companies and a unique research and development pipeline that creates timeless technologies.


Private Equity Round in 2015
Nutrisure was founded in 2006 in Bath, England, by Martin Kemp, who remains a substantial shareholder. The company has grown rapidly to become the leading supplier of superfoods across Europe. Superfoods are products, such as acai and cacao, which are highly sought for providing antioxidants, nutrients, minerals, or vitamins. Nutrisure wholesales these superfoods, including a line of ayurvedic herbs, in powdered and liquid form along with prepared products under the Naturya brand.

Istanbul Deniz Otobusleri

Acquisition in 2011
Istanbul Deniz Otobusleri (“IDO”) is a ferry company that provides public transport to the people of Istanbul and the wider region surrounding the Sea of Marmara. IDO is one of the largest passenger ferry operators in the world, carrying over 48 million passengers and 10 million vehicles each year, whilst operating over 50 passenger and vehicle ferries.

Canotec Ltd.

Private Equity Round in 2018
DMC Canotec is a provider of managed print and document management services. our core values of simplicity, innovation and excellence have helped us grow into one of the largest, most advanced suppliers of document management solutions in Europe.

Alexander Dennis Limited

Acquisition in 2004
Alexander Dennis Limited (ADL) is the UK’s leading bus and coach manufacturer, employing around 2,000 people at facilities in the UK, continental Asia and North America. The fastest growing bus and coach builder in Western Europe, ADL encompasses three famous and successful marques – Alexander, Dennis and Plaxton. ADL produces a wide range of innovative and fuel efficient, low floor single and double deck buses, plus a full portfolio of coaches, welfare and mini vehicles. ADL products offer real operator, passenger and environment benefits, all backed by an unswerving commitment to world class customer support.

Argent Energy

Acquisition in 2009
Argent Energy specialises in producing clean, green, road fuel (Biodiesel) from the by-products of other industries, such as tallow, waste derived from the sewers and used cooking oil. Argent Energy pioneered large scale commercial biodiesel production in the UK when it started production at its state of the art plant near Motherwell and now delivers up to 50 million litres (45,000 tonnes) of high quality biodiesel a year.

East Lothian Developments

Private Equity Round in 2014
East Lothian Developments is a 120 acre development site in Wallyford, East Lothian. The development has secured planning permission for the construction of 1,450 new homes, which will include a new primary school, making it one of the largest current residential developments in Scotland. The site is well suited to commuters with easy access to the A1 and a main line train station in Wallyford with a journey time of just 15 minutes to the centre of Edinburgh. Oy

Private Equity Round in 2014 Oy operates intercity express coaches in Finland. It offers city to city travel services. The company also provides parcel services. It also provide booking facility through website. Oy was formerly known as Onnibus Oy and changed its name to Oy in May 2014. The company was founded in 2011 and is headquartered in Tampere, Finland. As of October 4, 2018, Oy operates as a subsidiary of Koiviston Auto Oy.
The Virgin Group is a leading international branded investment company and one of the world's most recognized and respected brands. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors ranging from mobile telephony and media to transportation, travel, financial services, hotels, health and fitness, as well as renewable technologies and space tourism. Virgin has created more than 400 branded companies worldwide, employing approximately 50,000 people, in 29 countries. Its Global branded revenues in 2010 exceeded £11.5 billion (approx. US$18.5 billion).

Reesby Rotorua

Acquisition in 2015
Reesby Rotorua is a New Zealand tour coach supplier. Our head office is located in Rotorua with bases in Auckland & Christchurch. Our aim is to have the most professional drivers and safest buses to ensure your travel arrangements are hassle free and enjoyable. Reesby Rotorua is part of the New Zealand based InMotion Group who have 340 buses and 19 ferries carrying around 16 million passengers in New Zealand annually. We are proud to achieve the Qualmark Silver award for our tourism business under the new Sustainable Tourism Business criteria. Reesby Rotorua was the first New Zealand urban bus company to receive this Qualmark accreditation.

Fullers Group

Acquisition in 2009
Fullers Group operates commuter services and tourism experiences.


Private Equity Round in 2017
TWMA is a global provider of integrated drilling and environmental solutions to the onshore and offshore oil and gas industry. Founded in 2000, TWMA employs over 500 people across its business to help its international clients meet and surpass the demands of legislation by reducing the environmental impact and improving the safety of drilling and associated activities via a single provider solution to manage waste materials throughout the full project life cycle - from exploration to decommissioning.

First Scottish Group Limited

Acquisition in 2009
First Scottish is independent firm of professional searchers, delivering a comprehensive suite of fast and accurate search services, primarily for the residential and commercial property markets.

AMA (New Town)

Private Equity Round in 2014
AMA is an innovative Edinburgh based property development company with a track record of developing residential, commercial, apart-hotel and student residences of high quality design and workmanship, always complimenting the existing architecture and enhancing the environment in which they were created.

Ashtead Technology Ltd

Private Equity Round in 2016
Ashtead Technology Rentals provides integrated equipment solutions for subsea and onshore monitoring and inspection sectors. The company rents geophysical and hydrographic, metocean, non-destructive testing, positioning, ROV survey sensors, ROV tooling, subsea inspection and diving, and visual inspection equipment, as well as environmental, health, and safety equipment; and sells a range of new and ex-rental equipment. It also offers offshore personnel to offer expert guidance and support for mobilizations and for the maintenance of equipment onshore and offshore; and asset management, cable molding and connectors, calibration, custom engineered solutions, repair & maintenance, system integration, and training services.