How WAD Capital’s model tackles Europe’s €7T succession gap

There's roughly €7 trillion in enterprise value at risk of disappearing from the European economy because of a looming succession crisis. If we don't solve that, the impact will be massive.

Christopher Tournis Gamble, Managing Partner at WAD Capital, doesn't mince words when describing the challenge facing European SMEs. Thousands of profitable businesses, built over decades by founders now ready to step away, face an uncertain future. Many push 30% EBITDA margins, yet remain invisible to startup-focused media and overlooked by traditional private equity.

WAD Capital was built to fill that gap.

A new kind of operator-led private equity

WAD Capital operates what looks like a scaled-up search fund, but with a critical difference. The firm brings in talented operators as CEOs-in-Residence, each developing a sector thesis and running a targeted company search. Unlike the traditional solo search model, WAD runs in cohorts of eight operators searching simultaneously, with centralized equity, pooled capital, and shared learnings.

The results speak for themselves. While a typical search takes 24-36 months, WAD's first cohort achieved results in 9-12 months. The approach also transforms the seller experience. Instead of fielding calls from investment bankers or generic buyers, business owners speak directly with experienced operators who understand their challenges and respect their legacy.

"The founder is often the one who built this business from the ground up. They want to see it thrive, and they only sell when they believe in the next operator."

Leadership reimagined

What does it take to become a CEO-in-Residence? Leadership and grit, above all. WAD looks for candidates with at least 10 years of experience, deep P&L responsibility, and the pattern recognition that comes from consulting, family offices, or even military service.

But credentials alone aren't enough. The lone-wolf CEO model no longer works. WAD seeks compassion, collaboration, and humility in its leaders. The ability to step into a company that's been running the same way for 40 years and lead change rather than impose it.

Many candidates come from high-paying positions and accept temporary salary reductions during the search phase. That's their skin in the game, their commitment to the mission.

Thesis-driven sourcing at scale

WAD screens over 60,000 companies monthly using public financial records and pattern-matching across multiple EU data sources. The game-changer is legislation requiring every EU country to maintain a public business register. Belgium leads the way with tools like Open The Box, making large-scale, thesis-driven sourcing possible.

The firm targets fragmentation (no player with more than 15% market share), EBITDA between €1-4 million, strong recurring revenue, and signs of founder transition such as rising reserves or declining management involvement. Sometimes it's not age driving the sale, but capacity. A founder who built a business from age 18 might simply want time with their family.

Technology meets relationship-driven deals

Once a target company is identified, due diligence begins. But these aren't €100 million deals. They're smaller, faster, and deeply relationship-driven. Traditional diligence approaches don't scale at this level. Dropping €300,000 on due diligence for a €2 million equity deal makes no economic sense.

That's why WAD Capital partnered with Emma Legal. With sellers often unadvised and unprepared, Emma offers a phased, AI-powered approach: spin up a virtual data room, run pre-engagement scans, flag risks early, then deepen the diligence as the deal progresses. The technology enables WAD to move faster without compromising quality, supporting deals where the seller never even imagined selling.

The emotional side of succession

Christopher understands the seller's perspective intimately. Years ago, he sold his own tech company. "We didn't sell because we didn't believe in it. We sold it to make it bigger." That empathy runs deep in WAD's model. Founders aren't just exiting; they often stay on as minority partners, mentors, or advisors.

His advice for founders considering succession:

Don't buy your house through your company. It delays deals by months and creates unnecessary complexity.

Start stepping back. Founders embedded in day-to-day sales make it harder to prove the business can survive without them.

Document everything. Every process, every step. Walk the factory floor with your phone and record it.

His vision? Every business maintains a live data room, always ready, updated monthly

Playing the long game

Christopher once received a short email offering to buy his previous fund's stake in AirTrunk for $400 million. "I thought it was a scam." It wasn't. Within weeks, the deal was real and the funds were wired.

But today, he's playing a different game. "In VC, you're allocating capital. In buyouts, you own it. And if I'm going to own it, I want a picture of every screw...at least twice."

That attention to detail, combined with empathy for founders and technology-enabled speed, is how WAD Capital is redefining entrepreneurship through acquisition and preserving Europe's wealth creation engine, one succession at a time.