FDmagazine: “WAD Capital, Europe's only institutional search fund to date, has completed its first three acquisitions”
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WAD Capital, Europe's only institutional search fund to date, has completed its first three acquisitions, positioning itself as a structural solution to the growing European SME succession challenge. The three companies—Groupe Jordan, Mignone, and Alsec—collectively employ 240 people across HVAC, construction, and security sectors.
The Demographic Time Bomb
The numbers paint a stark picture: 47% of European business leaders are 60 or older, and nearly half lack concrete succession plans. For financially healthy companies, closure often becomes the only option when owners retire.
"Europe has 24 million SMEs employing hundreds of millions of people and responsible for 65% of European GDP," explains Alain Brossé, Managing Partner at WAD Capital. "Each year, around 450,000 SMEs seek new owners. 150,000 of these companies struggle to find a buyer. This represents a significant opportunity for strategic acquisitions."
The Institutional Search Fund Model
WAD Capital operates on the Entrepreneurship Through Acquisition (ETA) model, preparing experienced executives to acquire and lead companies. The fund's rigorous process includes:
Screening: 750+ entrepreneurial profiles reviewed annually
Analysis: Proprietary software analyzes 60,000 relevant companies per year
Engagement: Talent team contacts 1,500 companies
Deep dive: 500 companies reviewed in detail
Pipeline: 30 investment cases ultimately developed
The fund targets companies with €1-5M EBITDA in fragmented sectors with growth potential. Currently managing 15 CEOs-in-residence, WAD Capital plans to expand to 25 by 2026.
"The Stanford search fund model has proven its profitability since the 1980s with an average IRR of 35.2% over the past thirty years," notes Christopher Tournis Gamble, Managing Partner. "We focus on European SMEs facing succession, using a strategic and data-driven method to identify and grow promising companies."
Partnership Philosophy
WAD Capital emphasizes seller involvement post-transaction: "We believe in partnerships where sellers remain involved after the acquisition, both financially and emotionally," says Alain. Financing combines proprietary capital, seller reinvestment, and external funding.
The Three Inaugural Deals
Groupe Jordan (Hainaut)
Sector: HVAC specialist, part of Kaeron platform
Closed: October 22, 2025
New CEO: Frédéric Schilling
2024 EBITDA: €1.3M
Goal: Build national HVAC leader
Alsec (Walloon Brabant)
Sector: Safety and fire protection, part of Omnisecur Group
Closed: November 14, 2025
New CEO: Steven Bourgeois
2024 EBITDA: €0.5M
Goal: Expert platform in sector driven by stricter regulations
Mignone (Hainaut)
Sector: Construction, part of NexVolta project (electrical installations & new technologies)
Closed: November 20, 2025
New CEO: Guy-Louis de le Vigne
EBITDA: €2.0M
Growth Trajectory
WAD Capital is finalizing its first investment fund of €100 million, scheduled to close in March 2026, with most capital already committed. Platform growth will be supported by expanding to 25 CEOs-in-residence.
"We are incredibly proud of these first acquisitions," says Steven Coppens, Managing Partner. "They confirm not only the added value of the search fund model, but especially the trust entrepreneurs place in us to continue growing their life's work. This is just the beginning."
With increasing demand from both business owners and executives, WAD Capital expects to play a prominent role in reshaping the European SME landscape in the coming years. "The momentum is here. Now we continue building our platform," Steven concludes.
