14 months
Average search until an accepted LOI
Services / Search funds
Search funds: from search to acquisition. Origination, analysis and closing.
We support searchers and investors across the full cycle: search thesis, off-market origination, valuation, negotiation with the owner and closing. We also advise owners approached by a search fund.
EUR 1M – 4M
Typical EBITDA of a search fund target
1
Acquisition: the whole search targets a single company
Who we help
Three sides of the same transaction.
The search fund model brings together an operator who wants to buy and run a company, investors funding the search and an owner looking for succession. We work with all three profiles.
Searchers
Off-market target origination, owner access, valuation, offer structure and support through due diligence and closing.
Owners
If a search fund has shown interest in your company: independent valuation, a clear reading of the offer and negotiation protecting price, team and legacy.
Investors
Opportunity analysis, valuation challenge and financial and tax due diligence before committing capital to the acquisition.
Process
A disciplined funnel down to a single acquisition.
The search works like a professional buy-side process: clear criteria, direct contact with owners and rigorous analysis of a few finalists.
Weeks 1–4
Thesis and criteria
Sector, size, geography and company profile that fits the searcher and their investors.
Months 2–8
Origination
Universe mapping, qualification and direct, confidential approach to owners.
Months 8–12
Analysis and offer
Valuation, deal structure and letter of intent with the finalists.
Months 12–14
Due diligence and closing
Financial, tax and legal verification, financing and the sale and purchase agreement.
FAQ
Frequently asked questions.
What is a search fund?
An investment vehicle in which an operator (the searcher), backed by investors, spends one to two years looking for a single company to acquire and run personally. It is an increasingly common succession route in the Spanish mid-market.
Which companies fit a search fund?
Profitable, stable companies, typically with EBITDA between EUR 1M and 4M, limited day-to-day dependence on the founder and a reason to sell linked to succession or retirement.
Why sell to a search fund?
The searcher buys to run the company for the long term, not to integrate it or flip it. For many founders it is the option that best protects team, brand and continuity, with an orderly transition.
How long does a search take?
The average search until an accepted LOI is around 14 months, and full closing usually happens between months 12 and 24 depending on due diligence and financing.
Shall we bring this down to your case? Let's talk with data.
Tell us the transaction context and we will prepare a first confidential view with clear next steps.
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