dVO: “WAD Capital Completes First Three Acquisitions as Europe's Only Institutional Search Fund”
WAD Capital, the Ghent-based institutional search fund and Europe's only player of its kind, has announced its first three acquisitions in Hainaut and Walloon Brabant, marking a significant milestone in addressing the European SME succession crisis.
Three Strategic Acquisitions, 240 Employees
The firm has completed acquisitions of:
Groupe Jordan (Farciennes) - HVAC specialist, part of the Kaeron platform, acquired October 22 with ambitions to become a national player in a fragmented but growing market
Alsec (Nivelles) - Fire safety and security company from Omnisecur Group, operating in a sector driven by increasingly stringent regulations
Mignone (Manage) - Construction company joining the NexVolta project, focused on electrical installations, contracting, and new technologies
Together, these three companies employ 240 people and represent the beginning of WAD Capital's broader acquisition strategy in sectors facing significant demographic and technological changes.
Addressing the European Succession Crisis
WAD Capital's approach targets a clear market dynamic: nearly half of European business owners are 60 or older without concrete succession plans. With family succession becoming less common, even financially healthy companies risk difficulties as owners approach retirement age.
The numbers are striking: approximately 450,000 European SMEs seek new owners annually, with around 150,000 struggling to find suitable successors.
The Search Fund Model at Scale
WAD Capital's institutional approach involves:
Rigorous talent screening: Over 750 candidates evaluated annually
Data-driven deal sourcing: Proprietary software analyzes 60,000 companies per year
CEO-in-Residence program: Currently 15 experienced executives, scaling to 25
Structured process: Detailed tracking of contacts and investment files
The firm emphasizes a structural approach where sellers remain involved post-transaction, both operationally and financially. Acquisitions are financed through a combination of proprietary capital, partial reinvestment by sellers, and external financing.
Looking Ahead: €100M First Fund
WAD Capital is preparing to close its first investment fund of €100 million in March 2026, with most of the capital already committed. The three completed transactions validate the firm's model of professional guidance, data-driven selection, and sustainable growth for companies facing critical succession phases.
