Performance turnaround specialists

We turnaround underperforming businesses. We partner with management and shareholders to achieve significantly higher profit and enterprise value. We invest our own capital so that our interests are aligned with yours.

Our partnership approach

Our business: Treehouse partners with management and shareholders to generate significantly higher profit and enterprise value by improving operational performance.

Businesses we partner with: We work with industrial businesses where performance is dependent on how people, plant and equipment work together. We look for businesses with $100m-$300m in revenue and market value $10m-$100m, predominantly operating in Australia or NZ with more than 5 years operating history. We look for some intrinsic and defensible value in assets, network, customers, technical expertise, IP, brand or goodwill. We work with publicly listed and privately owned businesses.

We are not the right partner for: Businesses where recovery requires blue sky growth, new market entry, delivery of unproven technology or IP, big changes in market dynamics or regulatory environment, or commodity price recovery. We do not work with start-ups or early stage ventures.

Our investment partners: We partner with the existing shareholders of the businesses we work with to achieve higher returns on their invested capital. We also partner with private equity firms, family offices, active fund managers, and superannuation funds to invest in businesses with potential for significantly higher enterprise value.

Aligned incentives: We align our incentives with management, shareholders and our investment partners. We can co-invest with our own capital, or structure fees so that we only get paid on success. We typically only work with businesses where management has an investment in the business.

Operational turnaround approach: Our approach to turnaround is operational and hands on. We do not do consulting and slides packs. We change the way the business operates every day. We are there to help your management team significantly increase profit and enterprise value, and that is what we measure our success on. A successful turnaround usually needs an Operating Partner team to support the board and executive leadership team to develop and execute the turnaround plan.

We target significantly higher profit: We work with businesses where we believe profit can be improved >30% over 2 to 3 years with shareholder support, good leadership, in existing markets, with identifiable initiatives, using disciplined turnaround methodology, supported by our Operating Partners.

Attractive risk-adjusted returns: We work with businesses where enterprise value is typically <3x earnings and <25% of 3-year historic high. We target >3x money-on-money returns for shareholders, management team and our Operating Partners.

Meet the Operating Partners

Gus Wells

Managing Operating Partner

Gus partners with investors and management to turnaround underperforming businesses. Over 30 years experience improving performance in industrial and resource businesses in Australia, New Zealand, Papua New Guinea, Indonesia and the UK.
+61 422 801 411
gus.wells@treehouseoperating.partners
James Brummer-Taylor

Managing Operating Partner

James has over 15 years experience working with leadership teams improving business performance in manufacturing, agriculture, energy and infrastructure businesses, and in private equity portfolio companies. James has worked extensively with businesses in Australia and New Zealand, as well as businesses in Singapore, Malaysia and Indonesia.
+61 430 099 983
Luke O'Regan

Operating Partner
Luke has over 20 years of experience in operational improvement and senior line management including Operations Manager for a high-hazard industrial complex and Ore Supply Director for nickel laterite business. Luke has worked with businesses in Australia, New Caledonia, Indonesia, the Philippines, Papua New Guinea, West Africa, Middle East and South Africa.
+61 467 561 046
Sarah Pohlen

Operating Partner
Sarah works with management teams to improve business performance by bringing clarity, structure and execution discipline to underperforming or stalled organisations. She has deep experience translating strategy into practical operating changes and delivery momentum where results, not reports, matter.
Vitaly Dolgov

Operating Partner

Vitaly has over 15 years experience improving profitability in challenging operating environments in construction, mining, transportation, IT, oil & gas, metal processing, and heavy manufacturing businesses. He’s worked with businesses in Australia, Russia, Malaysia, the Philippines, Canada, Papua New Guinea, Kazakhstan, the Ukraine, and Sweden.
+61 467 537 177