European First: WAD Capital Addresses SME Succession Crisis with Three Initial Acquisitions
WAD Capital, Europe's only institutional search fund, has announced its first three acquisitions, bridging the gap between retirement-ready entrepreneurs and companies needing new leadership. The Belgian fund acquired Groupe Jordan and Mignone (both Hainaut) and Alsec (Walloon Brabant), collectively employing 240 people.
A Proud Beginning
"We are incredibly proud of these first acquisitions," says Steven Coppens, Managing Partner at WAD Capital. "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! We see an enormous pipeline of quality companies ready for their next phase. We're primarily looking at sectors where we expect significant innovations in the coming years: healthcare given the aging population, but also energy transition and digitalization."
The Ticking Time Bomb
Europe's SME sector faces a critical challenge: 47% of small and mid-sized business leaders are 60 or older, and nearly half have no concrete succession plan. The main reason? While most business owners prefer family succession, disinterest within families is equally high. Without succession, even financially healthy companies often face closure as the only solution.
"Europe has 24 million SMEs employing 100 million people and responsible for 65% of European GDP," explains Alain Brossé, Managing Partner at WAD Capital. "They are the main engines of our economy. Each year, around 450,000 SMEs in Europe seek new owners, primarily because current owners are retiring. 150,000 of these companies struggle to find a buyer. This represents a significant opportunity for strategic acquisitions."
Entrepreneurship Through Acquisition Model
WAD Capital operates on the Entrepreneurship Through Acquisition (search fund) model, with a rigorous selection and support process:
Selection Process:
750+ entrepreneurial candidates evaluated annually
Proven executives selected who are ready to build on strong foundations
Currently: 15 CEOs-in-residence (CIRs)
Target: 25 CEOs total
Data-Driven Approach:
Proprietary software analyzes 60,000 relevant companies annually
Talent team contacts 1,500 companies
500 companies reviewed in detail
30 investment cases ultimately developed
Target Profile:
€1-5M EBITDA companies
Fragmented sectors with proven track records
Support Structure: Each CEO benefits from a structured board of five experts with complementary skills, ensuring collective guidance, strategic growth, and innovation to optimally prepare CEOs for success.
Proven Track Record
"The Stanford search fund model has proven its profitability since the 1980s with an average IRR of 35.2% over the last 30 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
"We believe in partnerships where sellers remain involved after the acquisition, both financially and emotionally," says Alain Brossé. "Their experience and involvement are crucial for continuity and growth. Financially, we employ a disciplined and balanced approach, adapted to each situation, with a thoughtful combination of proprietary capital, partial reinvestment by the seller, and appropriate external financing."
The Three Acquisitions
Groupe Jordan (part of international group Kaeron)
Location: Hainaut
Sector: HVAC player
Closed: October 22, 2025
Goal: Become national HVAC leader in Belgium's fragmented but growing market
New CEO: Frédéric Schilling
2024 EBITDA: €1.3M
Alsec (part of Omnisecur Group)
Location: Walloon Brabant
Sector: Security
Closed: November 14, 2025
Goal: Expert platform for integrating fire safety and security companies, driven by growing fire safety legislation
New CEO: Steven Bourgeois
2024 EBITDA: €0.5M
Mignone (part of NexVolta project)
Location: Hainaut
Sector: Construction
Closed: November 20, 2025
Focus: Platform for electrical installations, contracting, and new technologies
New CEO: Guy-Louis de le Vigne
EBITDA: €2.0M
Ambitious Growth Plans
First Investment Fund: €100M target, closing March 2026 (large portion already committed)
CEO Expansion: Growing to 25 CEOs-in-residence in coming months
Sector Focus: Healthcare (aging population), energy transition, and digitalization
““These first deals give us enormous confidence and energy,” Steven Coppens concludes. “We see growing demand from both business owners seeking worthy successors and experienced executives wanting to become entrepreneurs. The momentum is here. Now we continue building our platform.””
