Subscribe to unlock this article
Thanks for your support.
Founded by friends and operators Luke Grob and Tom Fry, who bring decades of experience in scaling companies and leading transformations, LT Heritage Partners’ mission is to carry forward exceptional UK businesses with care, integrity, and ambition. They are backed by a committed consortium of SME operators and investors, including Orca Equity Partners, Vonzeo Capital, Pina Capital, Lineage, Moonbase Capital, Spectra Investments, ONEtoONE Asset Management, Itaca Capital Partners, Ryton Equity, Nidum Capital, Victoriam Equity, 2nd Act Partners, Legacy Partners, and Bietou Capital.
Luke is an experienced entrepreneur and operator who has built and scaled businesses from early-stage startups to global enterprises. He has held senior leadership roles including CEO, COO, and Head of Growth, and was part of the founding team at HelloFresh UK, where he helped grow the business to over £150M in revenue ahead of its $3B IPO. He has led teams of up to 300 people, redesigned supply chains, improved margins, and built high-performance cultures. He later led European expansion at REEF Technology, scaling operations across multiple markets, and served as CEO of Skrmiish, where he raised £4M and grew the platform to over one million downloads. He is also an active advisor to founders and teams in technology and consumer businesses.
Tom is a mechanical engineer and strategy consultant with extensive experience driving value across engineering, operations, and strategy roles. He has worked on projects ranging from early-stage ventures to FTSE 100 and Fortune 500 companies. As a Principal at Boston Consulting Group, he led large-scale transformation programs that generated over £500M in value. Previously, he managed complex engineering and construction mega-projects at Fives Group, overseeing teams of up to 80 site personnel for industrial process plants, and served as a Principal Engineer at Cambridge Consultants, where he developed and manufactured innovative products including industrial sensors, robotic platforms, and consumer devices. He is also the co-founder of Immaterial Labs and is passionate about combining hands-on operational expertise with strategic insight to unlock growth.
They are looking to invest in well-established UK-based businesses with strong fundamentals, resilient margins, and motivated owners seeking succession. Their focus is on sectors where they have operational expertise and markets with durable demand, recurring revenues, and long-term growth potential, including critical infrastructure (water treatment, energy distribution, essential utilities), B2B maintenance and services (industrial maintenance, facility services, equipment servicing), niche manufacturing (specialized components, industrial supplies, parts and consumables), and healthcare and assistive equipment (medical devices, healthcare services, assistive technologies). Ideal companies have £5–25M in revenue, £1–5M EBITDA, a loyal customer base, a strong culture and team, a trading history of at least five years, and consistent growth of 5% or more.
