Search Fund Candidates

We back a small number of highly motivated individuals as buy-in candidates with the following characteristics:

career experience

• a track record of success, including operating successfully within the proposed search sector as divisional managing director or equivalent
• creation of substantial value for company owners, although without necessarily seeing the rewards of this personally
• recent experience in building, leading and managing a team to achieve operating objectives
• relevant experience of successfully making an acquisition

personal characteristics

• single-minded determination to acquire or establish own venture and willingness to spend two years during initial process if necessary
• self-starter with ability to recover quickly from setbacks
• willingness to share risk and reward with external investors with inclusive style that is likely to encourage active investor participation towards goals
• clear strategic vision for the chosen industry and a practical plan as to how to exploit opportunities in the sector

industry background

• good population of target companies that may be responsive to an approach and a network of contacts that will facilitate personal introductions
• target companies with characteristics that make them attractive to lenders and investors, including good growth prospects, cash generation, and the opportunity to work towards a profitable exit

If you are interested in raising a search fund to support you through the acquisition search process, you should:

• prepare a cv, focusing particularly on the situations where you have created value for business owners
• develop your acquisition strategy with consideration of your experience, the dynamics of the market that you are operating in, and an assessment of how many target companies fit the acquisition criteria; and
• call or email us for an initial discussion

If we believe you will be successful, and we could work together, then we will make a financial proposal for the funding of the search vehicle and also indicate the type of investment we may wish to make when you conclude a satisfactory deal. This will be set out in a terms sheet. If this is acceptable then we would perhaps introduce you to a few of our potential investing partners, with a view to establishing whether all parties are confident that a working relationship could be developed. In addition, we will reference you with a leading headhunting firm.

Based on all of the above, we will:

• jointly produce a Search Fund Placing Memorandum, summarising your career, strategy, funding requirement, references and terms that we have agreed
• circulate the memorandum to a small number of potential search fund partners that we have identified
• following confirmation of investor participation, execute a legal limited partnership agreement. You will also enter into an employment contract with the partnership

timing

We would expect the above process to take anywhere from 4-6 weeks, depending on how far you have developed your thinking and strategy when you first contact us.

You will now be in the position where you can commence full time acquisition search with the support of Pioneer Capital and some powerful investing partners.