Buy and Build

This week we speak with Bruno Lea on the latest episode in the ETA mini-series. Bruno launched the first traditional search fund in France in 2018, Lea transmission SAS. Since acquiring, Bruno is the current president of Haas Automation in France and Spain. He also completed his MBA at IESE  Business School and worked as an associate director of MBA admissions there. During the episode, Bruno shares how he discovered the model during his MBA and how he initially thought it was a model that could only work in the US. Bruno also talks about the challenges of finding investors in France who were not familiar with the model but managed to secure US investors who were keen on investing in the French market. Bruno also talks about deal sourcing, capital markets and operational dynamics in the French market. This is truly a fantastic conversation and a great primer for anyone considering searching or investing in France. Enjoy!

This week we speak with João Diogo Stoffel, founder of the first traditional search fund in Portugal in 2017. After the successful completion of his search in 2019, João now runs Project To Be, an organization focused on the early education sector with the aim of operating a group of Portuguese and Spanish family-oriented schools. During the episode, Joao shares his journey into the world of ETA from his time at IESE Business School. We also discuss the importance of understanding a market like Portugal (this includes culture and being able to connect with owners), how he pursued an evergreen strategy in the early education sectors after learning of the success in other markets, and the strategies he has executed on whilst running the business, which includes the first 2 years during covid.  We hope you enjoy this very insightful episode!  

This week we speak with Gautam Basu, the managing partner at True North Search. Gautam has 30 years of experience executing M&A transactions and is a Professor of Practice, a board member, and an entrepreneur in the acquisition space. In this episode, we explore ETA in the Nordics. Gautum shares his experience educating both investors and searchers on this new and exciting market. Gautam also discusses the different aspects that make the Nordics an attractive ETA region, including the demographics, the capital markets, and the industrial base. With two successful deals under his belt, he provides a unique insight. Enjoy!

This week we speak with Tobias Raeber, a former searcher and now seasoned investor and advisor. In 2013, Tobias raised the first partnered search fund in Europe, focusing on Switzerland and Germany. In this episode, we discuss the Swiss and German markets and how they compare to other ETA markets in Europe. Tobias also shares his insights and experiences fundraising in a new market without the typical MBA experience, and we also discuss his successful (partial) exit from the business he acquired in 2015. Enjoy!  

In today's episode, we welcome back Jan Simon, a well-known figure in the ETA community. Jan is the Managing Partner of Vonzeo Capital Partners and is also a lecturer and professor at various business schools. In this episode, we continue our regional mini-series by discussing the ETA/search fund market in Spain, the second-largest market for search funds outside of the US.  We start off by discussing the history of search funds in Spain. We get into other ETA models and Jan explains how market maturation leads to other ETA models developing. Jan also goes into detail as to why Spain is an attractive market for ETA. We hope you enjoy!

In this episode, Paul and Graeme are joined by Simon Webster, who raised the first search fund in the UK in the 1990s. That acquisition was an incredible success but not without its challenges. Since then, he has exited a few turnarounds and invested in over 50 search funds. He is also very involved in several key business schools across Europe as an advisor and lecturer for all things ETA. Simon shares his story of how he first learned about search funds and his thoughts on the UK market in the 90s. He also discusses the challenges and opportunities of being an entrepreneur and offers advice for those interested in the ETA journey today. Enjoy!

Luis Reyes, Managing Partner at Iberian Ventures, dives into the booming fire protection sector in Spain, explaining why it's ripe for consolidation. He reveals the benefits of rolling up smaller operations and securing acquisitions below private equity standards. The conversation touches on the unique regional dynamics, challenges in scaling, and labor supply issues in this highly specialized field. Luis shares insights on networking opportunities and the crucial role of localized customer engagement in driving success in the market.

This week we speak with Craig Brennan, founder and CEO of The Little Sports Group. Craig is building a group of companies in the sports, education and childcare sectors. After growing his first company to £1M in revenue organically, Craig acquired a competitor and doubled the size of his business overnight. Since then he has completed 7 acquisitions in the last 18 months.  In this episode, we discuss what makes the sports, education, and childcare sectors so compelling. We also discuss how Craig sources and structures deals, his insights on hiring key management, and his future plans. Enjoy the episode!

Graeme Wallis, an aspiring entrepreneur passionate about ETA and the UK ecosystem, shares his insights on pursuing a traditional search fund. He explains how he discovered search funds and why the traditional route resonated with him. The conversation dives into the differences between traditional and self-funded search funds, emphasizing the importance of community support and the role of investor relationships. They also explore motivations behind business acquisitions and the strategic nuances specific to the UK market.

This week we speak with Mike Hindi, Chairman of Green Logistics Groningen. Mike searched for his company as part of the Novastone searcher cohort and acquired his company in The Netherlands, will living in Switzerland.  In the episode, Mike discusses the importance of people and building relationships for both the operational stage and for a smooth acquisition process. Mike also discusses why he was so attracted to the business he acquired, the complexities of a cross-border transaction, and the thrills of the search. We hope you enjoy the episode as much as we did.