FSP
Free Spirit Partners
  • Thesis
  • Building
  • Background
  • Contact

Operator  ·  Investor  ·  Dealmaker

Richard Dennys.
Free Spirit Partners.

Two CEO mandates. A decade of acquiring, building, and scaling digital businesses. Now doing it independently — at the moment AI is reshaping everything.

Read the thesis Get in touch →

Point of view

Where I see the opportunity

Performance marketing and affiliate businesses are being structurally repriced. AI is disrupting the list based and SEO dependent models that underpin much of this market, creating motivated sellers and compressed multiples.

Most financial buyers cannot underwrite these assets with confidence. Most operators are not positioned to buy. Free Spirit Partners sits in that gap.

The same technology disrupting these businesses creates the operational improvement opportunity. AI process reengineering applied to content, SEO infrastructure, and commercial operations can materially improve margins within 12 months of acquisition.

Performance marketing multiples have compressed materially — quality assets are available at prices that would not have been possible 24 months ago

AI native operational improvements are available to any acquirer who knows where to apply them — most sellers do not

The consolidation thesis is 2 to 3 years from being obvious to everyone — the window to act on it is now


What I am building

Acquire. Improve. Realise.

Acquiring profitable digital businesses in performance marketing, affiliate, and AI adjacent tooling. Improving them with operational expertise and AI process reengineering. Realising value into a consolidating market.

Selectively available for the right deal flow and co-investment conversations.

Target EBITDA €200k to €1.5m
Sectors Performance marketing, affiliate, SEO driven models, AI adjacent tooling
Structure Deal by deal, operator led, principal capital on every transaction
Timeline 2 to 4 year hold, exit into strategic consolidation
Target return Net IRR of 25% to 40%

Background

Game Lounge

Chief Executive Officer  ·  Acquired Meneer Casino  ·  Oversaw sale of Betting.com

Feb 2024 — Apr 2026

Webgains

Chief Executive Officer  ·  Global affiliate network  ·  Technology platform build

Apr 2016 — Dec 2023

Full profile on LinkedIn →


Contact

The right conversations

"I am selectively available for conversations around deal flow, co-investment, advisory, and the right introductions. If you have something relevant, I would like to hear from you."

Thank you. I will be in touch shortly.
Free Spirit Partners Established 2026  ·  Malta and UK  ·  freespirit.partners
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