Frequently Asked Questions

Valmaris is an entrepreneur-led investment company. We are founders, investors and entrepreneurs with extensive experience in private equity, M&A, financing and operational management.

We invest our own capital and work alongside Searchers, CEOs and management teams with genuine enthusiasm and personal commitment to build and develop successful companies for the long term.

Valmaris invests its own capital in mid-sized companies, Search Funds and ETA transactions, as well as buy-and-build and roll-up strategies.

We focus on profitable, well-positioned businesses with development potential and on Searchers, CEOs and management teams with whom we can build and develop companies over the long term.

“Entrepreneurs Backing Entrepreneurs” describes how we invest and work with our partners.

We do not see ourselves as purely financial investors, but as active entrepreneurial partners. Beyond capital, we contribute experience, operational expertise, our network and, above all, personal commitment. We genuinely enjoy working closely with Searchers and CEOs to build and develop companies together – as pragmatic, committed partners on equal footing.

The capital invested by Valmaris comes from our founders and partners.

This gives us real skin in the game and means we invest alongside our Searchers, CEOs and co-investors. This direct alignment of interests allows us to make independent, long-term and entrepreneurial investment decisions.

We combine the flexibility of a private investor with the experience and firepower of a professional investment team.

As we invest our own capital, we are not bound by fixed investment criteria or fund restrictions. This gives us flexibility with regard to investment size, holding period, geography, sectors and transaction structures.

At the same time, we have the experience and resources to actively support Searchers, CEOs and portfolio companies as board members well beyond the transaction itself. Our decisions are driven by the long-term value of an investment rather than by a predefined fund cycle.

Valmaris invests on a deal-by-deal basis in carefully selected opportunities. These include Search Funds, Entrepreneurship through Acquisition, direct investments in medium-sized companies, Buy & Build strategies and roll-ups. When the entrepreneur and the opportunity meet our expectations, we make decisions quickly and professionally.

We invest flexibly based on the specific opportunity. In the Search Fund space, we support founders during their initial search phase as well as with significant capital contributions for the subsequent acquisition financing (equity gaps). For direct investments, we focus on established, mid-sized companies. We have the firepower of a fund but the flexibility of a private investor.

Beyond capital, we contribute transaction experience, operational expertise and a strong network.

Our partners work closely with Searchers and CEOs as active sparring partners and regularly take on responsibilities as board members and advisors. We support our companies and their leaders across acquisitions, financing, strategic questions, growth initiatives and challenging situations.

Our partners have served on more than 17 Search Fund boards and advisory boards, bringing this experience to the long-term support of our Searchers and CEOs.

Valmaris supports entrepreneurs and management teams worldwide, with a focus on Europe, in pursuing entrepreneurial succession solutions and growth opportunities. We invest where the entrepreneur, the company and the opportunity fit our long-term and partnership-oriented investment approach.

A Search Fund is an investment model that enables ambitious entrepreneurs to become the owners and CEOs of an established small or medium-sized company. The model provides an alternative path into entrepreneurship alongside founding a start-up or pursuing a traditional career in a large corporation or in consulting.

Entrepreneurship through Acquisition, or ETA, describes the path into entrepreneurship through acquiring and operationally managing an existing company. Rather than starting from scratch, the entrepreneur takes over an established business model and develops it over the long term as its owner and CEO.

One or two entrepreneurs, known as Searchers, initially raise equity from a group of experienced investors. This capital finances a focused search, typically lasting around two years, for a suitable company. Following successful due diligence, the acquisition is financed and the Searcher assumes operational management of the business.

A Funded Searcher raises capital from investors upfront to cover the costs of the two-year search phase (salary, travel, databases) in exchange for a right of first refusal on the acquisition. A Self-Funded Searcher finances the search phase independently and approaches investors only after a specific target company has been identified.

A Search Fund typically goes through five phases: fundraising for the search, searching for a suitable company, acquiring the company, actively managing the business and, eventually, a potential exit. Investors support the Searcher throughout the process with capital, experience and their network.

Searchers look for attractive, healthy and profitable companies. Particularly suitable businesses have recurring revenues, loyal customers, a strong market position and clear growth potential. They are often active in fragmented markets and face an unresolved succession situation.

Search Fund investors initially finance the search for a company and may later participate in financing the acquisition. In addition, they support Searchers as mentors, board members and sparring partners, contributing entrepreneurial experience, strategic guidance and a relevant network.

The model traditionally includes a performance-based equity incentive for the Searcher. Typically, the Searcher can earn up to 20-25% of the equity in the acquired company, vested over specific milestones such as transaction closing, tenure, and achieving return targets for the investors.

Following the acquisition, the Searcher assumes operational management of the company as its CEO. The objective is to develop the business with entrepreneurial drive, achieve profitable growth and create sustainable value over the long term.

The Search Fund model can provide a solution for medium-sized companies without an internal or family successor. A new generation of entrepreneurial owners assumes responsibility, continues to manage the company and safeguards its long-term development.

The values of the Search Fund model align with our entrepreneurial investment approach. Long-term orientation, sustainability, trust, transparency and close partnership reflect our philosophy of “Entrepreneurs Backing Entrepreneurs”. In addition to capital, we actively contribute experience, operational expertise and our network.

Valmaris invests in selected Search Funds and ETA transactions. We can support entrepreneurs during the search phase, the acquisition of an attractive target, the financing of equity gaps and subsequent capital measures. We invest our own capital and see ourselves as a long-term entrepreneurial partner.