Ever wondered what it takes for a global Search Fund to operate, source, and close deals? Read on for a look inside how the team at Switzerland-based Novastone Capital Advisors (NCA) powers successful acquisitions.
What is NCA?
Not familiar with Search Funds? The concept is winningly simple: Search Funds are private investment funds that partner with mid-career entrepreneurs to acquire and grow companies. Funds like NCA do this by partnering with aspiring CEOs, powering their search, and ultimately guiding them through the acquisition process. It's a win-win for transitioning SMB owners who are facing succession challenges, and for Searchers who are ready to step into ownership.
The Team at the Center of It All
At the heart of that process is a team that rarely gets the spotlight but plays a starring role in every acquisition: NCA's Investment Team.
They're the ones doing the diligence, stress-testing every financial model, helping operators navigate tough conversations with sellers, and making sure every deal fits the long-term vision. Led by Taylor Perry, this team has been instrumental in closing some of NCA's most high-impact deals, including Cronus Technologies and Active PCB.
The Process Behind Every Acquisition
In a nutshell, the Investment Team's job is to assess the fit between the company, the buyer, and the broader strategy.
“We analyze potential acquisition targets to assess what their value is and how well they fit with our incoming CEOs,” says Taylor. “We then guide our incoming CEO through the process of buying a company through an LBO, which takes significant time and attention.”
It's not just about numbers. The team spends time evaluating succession dynamics, culture, and operational maturity. They're constantly asking: is this the kind of business a first-time CEO can thrive in?
When something doesn't feel right (like customer concentration, erratic earnings, or over-reliance on a single executive), the team calls it out. They'd rather walk away early than untangle a bad deal later.
Beyond the Numbers
Something else you would never guess about deal teams? Behind the scenes, a huge part of their job is to be "emotionally available." Beyond all the numbers and the spreadsheets, the team functions as everything from a brainstorming partner to "just someone the CEO can vent to."
At the end of the day, deals are stressful. Searchers can burn out. Sellers can get cold feet. Emotions run high, and NCA's Investment Team is often the steady voice that keeps things moving forward.
A recent example? In the UK, operator Dean Curran was working on two adjacent acquisitions. The first closed quickly. The second required patience. Over six months, the team helped keep the second seller engaged; navigating complexity, uncertainty, and relationship management to ultimately get the deal done.
How They Work Together
The Investment Team isn't structured like a traditional finance team. There's no rigid hierarchy, and everyone from senior leaders to associates is empowered to speak up, make suggestions, and shape the process.
“Anyone, no matter their title, can bring ideas to the table. And we actually implement those ideas,” Taylor notes.
That kind of autonomy creates faster decision-making and better collaboration. It also allows the team to flex across different types of operators and geographies. No two deals are the same, and the team treats them accordingly.
What They Look For
So what actually makes a deal attractive?
For starters, there needs to be a real succession problem. NCA is in the business of helping companies transition, not just transact. They also look for steady financials and a business model that pairs well with the searcher's skill set.
On the flip side, big red flags for Taylor's team include customer concentration, sudden revenue spikes, or founders who are too deeply embedded to step back.
In many cases, searchers get too emotionally attached to a single company. In those cases, the Investment Team acts as a buffer to help everyone stay objective and make sound long-term financial decisions.
Discipline Over Volume
One thing that's very unique to the Search Fund model is that it's okay if not every deal closes.
“Sometimes the seller goes with a higher offer,” says Taylor. “We're looking for alignment, not just willingness.”
In the past year, the team has passed on plenty of promising-looking deals that didn't meet their standards. And they've supported multiple closings that did; including some with tricky negotiations and tight timelines.
The bottom line? The point isn't to rack up deal volume. It's to build a portfolio of strong, scalable businesses with operators who are set up to succeed.
Meet the Team
NCA's Investment Team is a mix of people from all over the map, both professionally and geographically. Some got their start in banking or consulting. Others come from operations. A few have walked in the same shoes as the searchers they now support.
What brings them together is shared energy. These are people who like solving hard problems, collaborating across time zones, and playing the long game. While you won't always see them out front, every successful NCA deal has their fingerprints on it.
And that's the bigger story here. The Investment Team doesn't just support deals; they contribute to building something more enduring. As NCA expands its Operator-Led model globally, this team plays a key role in helping ensure each acquisition is positioned for long-term alignment: for the entrepreneur taking the reins, the company navigating transition, and the investors involved.
Image Credit: Novastone Capital Advisors (NCA)
This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This content is for informational purposes only and not intended to be investing advice.
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