SpringWater · Search funds
We provide long-term capital for acquisition entrepreneurs
Alongside our direct strategy in software, we back entrepreneurs stepping into the CEO seat via acquisition in European small businesses — with patient capital and hands-on support.
Why search funds
A new generation of owners
Across Europe, thousands of successful businesses are approaching an ownership transition, often without a natural successor.
We believe acquisition entrepreneurs are uniquely positioned to take these businesses forward — bringing committed ownership, fresh ambition and a long-term perspective.
That is also why we like the search fund model. At its best, it puts an entrepreneur at the centre of a business for the long term. We back people we believe in with patient capital, practical support and an entrepreneurial network that has built businesses before.
Entrepreneurs backing entrepreneurs
SpringWater is backed by people who have built and led businesses themselves. We know that acquiring a company is only the beginning — and that the relationship between a searcher and their investors can last for a decade or more.
We invest across the traditional search fund lifecycle
We back traditional search funds across Europe. We fund 12–24 months of full-time searching, aimed at acquiring one profitable company — and you stepping in as CEO.
Search capital
12–24 months of full-time searching, funded properly.
Acquisition capital
Equity at close, as lead or alongside a syndicate.
Equity gaps
The last piece that gets a good deal over the line.
Who we back
Entrepreneurs ready to own and lead
What we look for
Clear criteria, fast answers
Company size
Typically €1–5m EBITDA
Ticket size
€50k to €10m
Geography
Europe-first
Sectors
Agnostic*
Profile
Stable, profitable businesses with clear growth levers
Terms
Standard search fund terms. Search capital converts into acquisition equity at a step-up, with a pro-rata right to invest at close
* Software thesis or opportunity? You get more from us
Deeper support from our direct strategy and more flexibility on structure. And one promise upfront: we will never compete with you — the company you source in software is yours.
Why us
Helping during the search and long after close
We are an active acquirer of European software companies, not just a fund that writes cheques. Our team has sourced, valued, negotiated and closed transactions as advisers and as principals. So when you're in diligence, negotiating the SPA or planning your first 100 days, you work with people who've done it before.
Searching
We built SpringWater's software origination engine from scratch — defining a searchable universe, sourcing and enriching target data, building direct-to-founder relationships. We help searchers set theirs up well.
Due diligence
Advisor relationships and hands-on experience to lean on through the acquisition phase.
Operating
Our ecosystem brings real operating depth in the areas that decide outcomes after close.
- GTM and marketing-led growth
- B2B sales — from SMB to enterprise
- AI capability and automation
- Customer support at scale
- Payments and related infrastructure
- M&A and roll-up execution
Exiting
We help you select the right advisors and position the company for a successful exit.
Talk to us
If you are raising, or have identified a specific opportunity, we would like to hear from you early.
What to send us
Raising search capital: your investor deck or PPM, including CV(s), search thesis (sectors, geography, size), budget and timeline, and investors committed so far.
Have a deal: teaser or CIM, including three years of financials, proposed structure with sources and uses, the equity you need and timeline to close.