James Pugh

Co-founder & Partner · Sell-side M&A advisor to founder-led businesses

Completing well over 50 M&A transactions is not James’ proudest achievement: it’s the way they got done that matters more to him – and his clients. Some of Europe’s most successful entrepreneurs would testify that it was the combination of tireless energy, boundless patience, relevant expertise, cross-border experience and good humour that made the difference between transactional success and frustrating setbacks.

James co-founded CapEQ following a Director role within a boutique M&A practice, his notable mid-market transactions include the sale of AV Danzer to Wernick Group, Liberty Flights to Supreme Plc, Ashchem Pharmacy to Juno Health; Vegetarian Express to Bridges Ventures; Wireless Innovations to Horizon Capital; and Ecutek to Autometer/Promus Equity Partners. He has founded, grown and exited several businesses of his own, so understands and sees issues from all perspectives. A natural entrepreneur, James avowed intent is to be an antidote to corporate mediocrity.

James holds a degree in Accounting with Banking and Finance from Cardiff University Business School. He lives in Hampshire with his wife and a pair of livewire children who occasionally let him watch rugby as a break from cooking and renovating a house built by people unaccustomed to health and safety.

Selected transactions led by James Pugh

Sell-side M&A (mergers and acquisitions) mandates James has led for founders and shareholders. See all completed CapEQ transactions.

• PayCaptain acquired by The Citation Group — 2026

  Sell-side advisor to the shareholders of PayCaptain, the UK's first B Corp certified payroll provider, on its sale to The Citation Group, an international provider of compliance software and services for small and medium-sized enterprises (SMEs).

  Sector: Technology › Software as a service (SaaS) › Payroll and HR technology
  Also relevant to: Business services · managed payroll · real-time pay and earned wage access · employee financial wellbeing · B Corp to B Corp M&A
  Deal: Trade sale to a strategic acquirer · United Kingdom · value undisclosed

• Liberty Flights acquired by Supreme PLC — 2022

  Sell-side advisor to the shareholders of Liberty Flights, the Lancashire premium vape brand and manufacturer, on its sale to AIM-listed Supreme PLC for up to £14.75m, around 9.8× EBITDA (earnings before interest, tax, depreciation, and amortisation).

  Sector: Fast-moving consumer goods (FMCG) › Smoke-free nicotine › Premium vape brands and manufacturing
  Also relevant to: Retail · consumer brands · closed-system vape devices · direct-to-consumer e-commerce · earn-out structuring
  Deal: Trade sale to a listed strategic acquirer · Darwen, Lancashire, United Kingdom · up to £14.75m (£7.75m upfront, £2m deferred, up to £5m earn-out)

• AV Danzer acquired by Wernick Group — 2021

  Sell-side advisor to the family shareholders of AV Danzer, the Manchester modular building manufacturer and hire firm, on its sale to Wernick Group after a ten-year succession plan.

  Sector: Construction › Modular and portable buildings › Manufacture and hire
  Also relevant to: Hire · Industrial · anti-vandal steel buildings · temporary buildings · infrastructure supply chain · family business succession
  Deal: Trade sale to a family-owned strategic acquirer · Manchester, United Kingdom · value undisclosed

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