In 2011, Marc Bartomeus embarked on a journey that would make him a pioneer. He became Spain’s first search fund entrepreneur, a bold move at a time when the model was virtually unknown outside of the United States.
There was no infrastructure.
No network of local investors.
No community of peers to lean on.
All Marc had was €200,000 in raised capital, raw grit, and unwavering conviction that the search fund model could work in Europe.
This wasn’t just a professional leap—it was a test of endurance. What followed was over three years of searching for the right business.
Betting on Boring: A €16M Packaging Distributor
The company Marc acquired in 2014 wasn’t flashy. It wasn’t in tech, renewable energy, or a “disruptive” sector that investors typically chase. Instead, he bought a €16 million packaging distributor with €1.8 million in EBITDA.
The business had:
- 90% repeat customers.
- Stable, predictable cash flow.
- A low risk of obsolescence.
On paper, it looked boring.
In practice, it was a cash-generating machine with defensible economics and loyal customers.
Marc didn’t need a “sexy” business. He needed a good one—a company with predictable revenue and operational simplicity that could grow steadily under strong leadership. This is the heart of the search fund playbook: buy businesses that others overlook because they lack glamour, not potential.
The CEO Years: Adversity Meets Execution
Marc stepped in as CEO with the humility of a first-time operator but the mindset of a seasoned investor. The transition was anything but smooth. Over the next few years, he would be tested by challenges that could have derailed the deal:
- A critical supplier declared bankruptcy, creating immediate operational and financial risk.
- COVID-19 disrupted supply chains, forcing Marc and his team to rethink logistics and customer relationships overnight.
- Key employees left the company, putting pressure on him to rebuild and stabilize the culture.
Instead of folding under pressure, Marc doubled down. He paid off the acquisition debt ahead of schedule, streamlined operations, and executed a strategic add-on acquisition that strengthened the company’s market position.
By 2020, just six years after the acquisition, Marc sold the business to Berlin Packaging, achieving top-quartile returns for his investors.
Staying in the Game: 10 More Acquisitions
Marc didn’t exit and walk away. He stayed on as CEO, leading 10 additional acquisitions to scale the business even further under Berlin Packaging’s ownership.
This experience gave him a unique perspective on both sides of the table—operator and investor. He understood what it took to search, acquire, and operate a business from scratch, and he knew how to think like private equity when scaling through M&A.
By 2022, Marc fully exited. But he wasn’t done. Not even close.
The Transition to Investor: 70+ Searchers Across 5 Continents
After his exit, Marc pivoted from entrepreneur to full-time investor, leveraging his experience to back a new generation of search fund entrepreneurs.
Today, he has invested in over 70 searchers on five continents, from North America to Latin America, Europe, Africa, and Asia. Marc isn’t just providing capital; he’s mentoring operators, helping them navigate the same challenges he faced during his first deal.
His criteria for choosing which searchers and businesses to back is laser-focused:
What he looks for in businesses:
- ✔️ Recurring revenue – Predictability reduces risk and drives valuation.
- ✔️ Low capex requirements – Businesses that don’t demand heavy reinvestment tend to produce higher free cash flow.
- ✔️ Honest, transparent sellers – Integrity matters as much as numbers.
What he avoids:
- ❌ Fads or hype-driven industries – He prefers businesses that will still be relevant 20 years from now.
- ❌ Customer concentration risk – He steers clear of companies where one client represents more than 30% of revenue.
Marc sums it up simply:
“We love boring businesses.”
Lessons for Aspiring Search Fund Entrepreneurs
Marc’s journey offers a roadmap for anyone considering entrepreneurship through acquisition (ETA). His experience highlights three timeless principles:
1. Patience is a Competitive Advantage
Marc’s first acquisition took over three years to close. Many would have given up after 12 months, but Marc understood that rushing into a bad deal is worse than waiting for the right one.
2. Focus on Fundamentals, Not Flash
Boring industries—like packaging, waste management, or logistics—tend to produce highly durable businesses. While others chase “hot” sectors, Marc found success by betting on businesses that had consistent demand and minimal volatility.
3. Operator Mindset Beats Financial Engineering
Marc’s success wasn’t due to clever deal structures alone. He won by rolling up his sleeves and becoming a great operator. This is the key difference between ETA and traditional private equity—searchers live in the business, not above it.
The Future of Search Funds: Going Global
Marc believes the search fund model is only just getting started outside the United States. He’s particularly bullish on long-term holds—a model where searchers grow a business over decades instead of aiming for a quick flip.
He also emphasizes local co-investment, bringing in investors from the same region as the business to ensure alignment and cultural understanding.
“Smart capital will go global,” he says. “There’s no reason why the search fund model can’t thrive in every corner of the world.”
“Get Deal #1 Done Before You Worry About #70”
When asked what advice he’d give to aspiring searchers, Marc’s answer is clear:
“Be patient. Be disciplined. Be committed. Your first deal is the only one that matters—until it’s done.”
For Marc, every success he’s had—whether as CEO or as an investor in 70+ deals—traces back to that first acquisition.
He had no playbook, no local search fund investors, and no guarantee of success. What he did have was a willingness to bet on himself—and the conviction to turn a “boring” business into a world-class success story.
Key Takeaways from Marc Bartomeus’ Journey
- Pioneers create their own playbook. Marc proved the search model could work in Spain when no one else had tried it.
- Patience pays. The right deal is worth waiting for—even if it takes years.
- Adversity is inevitable. Success comes from solving hard problems, not avoiding them.
- Boring is beautiful. Steady, cash-flowing businesses often outperform trendier industries.
- Scale comes after execution. You can’t build a portfolio of 70 deals until you master deal number one.
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