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The Atlas Letter. Quietly considered.

A quarterly note from the partners — what we're seeing in UK and US lower-mid-market deal flow, valuation tone, sector heat, and the businesses we're choosing to back.

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Cover art for Holding the Line
29 May 2026·Margin

Holding the Line

On margin compression in the UK/US industrials sector, and the quiet rediscovery of operational discipline.

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