Bayard Capital | Growth Investment Firm

About Bayard Capital

Bayard Capital is a growth investment firm anchored by permanent capital from the O'Reilly family office. We are high-conviction investors, concentrating on investments where we can actively add value strategically and operationally.

We have the experience, sensitivity and flexibility to partner with family or founder-led businesses and ensure the best outcomes for all stakeholders. Our flexible mandate allows us to invest in majority or minority positions, across the capital structure, and over long hold periods.

We combine extensive investing and operating experience, and we seek to take an active strategic role in each of our investments.

2002

Year founded

$800m+

Equity
deployed

Acquisitions completed
across platforms

$3.5bn

Aggregate
exit value

€10–30m

Target equity
cheques

Industrials & Software

Primary target
industries

Investment Criteria

We invest in proven businesses where our operational experience and flexibility of mandate allow us to add value.

Equity investment €10m – €30m
with capacity for larger cheques alongside other family offices

Sectors Industrials and Software

Revenue and Profitability >€10m, profitable or breakeven

Geographies Europe, US, Australasia

Ownership Majority or significant minority

Hold period 5 – 10+ years

Characteristics we look for

Family or founder-owned businesses seeking a long-term partner
Strong existing management team with opportunity for Bayard to complement operationally
Proven product-market fit with multiple levers for value creation
Industry consolidation potential through add-on acquisitions
Exclusive deals or limited sales processes

Track Record

Bayard has achieved exceptional returns by developing differentiated investment theses and taking an active role in strategic direction and management.

Bayard Capital I · 2002–2011

Landis+Gyr

Electricity Smart Metering

Exit Enterprise Value

$2.3bn

Deployed $750m+ in equity and took an active strategic and operational role to build a global leader in electricity smart metering, communications and software. Acquired and integrated 14 businesses. Sold to Toshiba Corporation in 2011.

Bayard Capital II · 2014–2021

ServiceChannel

Facilities Management SaaS

Exit Enterprise Value

$1.2bn

Invested $35m to fund ServiceChannel's next phase of growth, focused on sales & marketing and development. Took an active role in optimising pricing, expanding internationally and completing 3 add-on acquisitions. Sold to Fortive in 2021.

Bayard Capital III · 2025–Present

ÖÖD Group

Mirror glass cabins for nature hospitality

Investment

€10m+

Invested €10m+ in growth capital to expand ÖÖD's installed portfolio of mirrored cabins with exceptional outdoor hospitality operators around the world.

stayOOD.com OODhouse.com

Team

We combine investing and operating experience in public and private markets across the US, Europe and Australasia.

Cameron O'Reilly

Chairman

Founded Bayard Capital in 2002 and led the build-out of Landis+Gyr into the world's leading electricity smart metering company, serving as CEO. Founded Bayard Capital II in 2014, acquiring ServiceChannel and serving as Chairman through its $1.2bn sale to Fortive. Previously CEO of APN News & Media, where he executed 40+ acquisitions. Began career at Goldman Sachs in New York. Honours degree in PPE from Oxford.

Elliot O'Reilly

Chief Executive Officer

Formerly an investor at AEA, a global private equity firm with $18bn AUM, in New York and London. Involved in deploying $1bn+ into platform acquisitions including Polygon, Verdesian, BMS, and TricorBraun. Began career at Lazard in New York in the Industrials M&A team. BA in Economics from Yale.

Gavin O'Reilly

Operating Partner

Chairman of London-based weekly periodical, The New World. Over 30 years in Media-Entertainment including as former CEO of The Agency Group (now UTA Music), the largest independent music agency with 2,500+ artists and former CEO at LSE-listed Independent News and Media PLC. Longest serving President of WAN-IFRA — the global news publishing association. BScBA from Georgetown School of Business.

Stephen Guthrie

Chief Financial Officer

Head of the O'Reilly family office. Formerly Director at Prosperity Advisors Group, an accounting, financial and management advisory firm, from 2009–2022. Partner at UHY Haines Norton from 1991–2009 advising on valuation, tax and finance. Began career at Touche Ross. B.Econ. in Economics & Finance from Macquarie University.

Tim Miles

Vice President

Formerly an investor with AEA in London, focused on leveraged buyouts in Industrials and Business Services. Involved in deploying $600m+ of AEA funds, including acquisitions of Polygon and SCIO Automation. Began career at Deutsche Bank in London in Consumer & Retail M&A. BSc in Economics from Nottingham University.

Claudia Nicholson

Executive Assistant

Joined Bayard Capital at its inception. Previously Executive Assistant at APN News & Media from 1997 to 2000. Earlier roles at Merrill Lynch, MinterEllison and in the ministerial offices of three New South Wales Government Ministers.

Pierre Terrail, seigneur de Bayard — "le chevalier sans peur et sans reproche"

Chevalier Bayard

"Le chevalier sans peur et sans reproche"
The knight without fear and without reproach

Bayard Capital takes its name from Pierre Terrail, seigneur de Bayard (c. 1473–1524), a knight celebrated as one of the most skilful and principled commanders of 16th-century Europe.

Born into a family with a long tradition of military service, Bayard rose to legendary status through extraordinary feats of courage — from single-handedly defending a bridge against 200 Spanish soldiers to holding the town of Mézières with 1,000 men against an army of 35,000, saving France from invasion.

In an era of mercenary armies, Bayard was known for his integrity: disinterested in plunder and devoted to the highest standards of conduct. To his contemporaries, he was the faultless knight: heroic, generous, devout and kind.

His qualities of conviction, fairness and honour in the face of adversity inspire the values we seek to bring to each of our partnerships.

Contact

Get in touch

We welcome enquiries from business owners, founders and advisors.

For investment enquiries, submissions or general information, please reach out to our team.

enquiries@bayardcapital.com