Grupo Santa Marta › Co-Investors
For Searchers & Co-Investors

The Co-Investor That
Earns Its Seat

We don't just fill a line on your cap table. Santa Marta brings operator-first board presence, permanent capital, and deep Spanish market knowledge to every deal we're part of — whether you're a searcher building your syndicate or a family office looking for hands-on co-investors in Spain.

Bring Santa Marta In
Grupo Santa Marta Co-Investors boardroom
35.1%
Aggregate IRR — Stanford 2024
60+
Completed acquisitions in Spain — IESE 2024
#2
Spain globally — IESE 2024
The Opportunity

Why Search Funds in Spain?

Spain's combination of a massive SMB succession gap, lower acquisition multiples than the US, and IESE's institutional backing has created one of the most compelling search fund ecosystems outside North America.

Structural Succession Gap

Over 85% of Spanish companies are family-owned. Less than 30% have a succession plan. The generational handover creates a steady pipeline of quality acquisition targets at fair prices throughout the decade.

Attractive Entry Multiples

Spanish SMB acquisitions typically close at 4–6× EBITDA — meaningfully below the 6–9× range common in the US market. Less institutional competition means better entry points and more negotiating leverage for prepared operators.

Proven Track Record

Spain has surpassed 60 completed search fund acquisitions over 11 years per IESE data. The ecosystem has progressed from proof-of-concept to a mature asset class with institutional backing, specialist investors, and an active alumni network.

Top-Tier Operator Pipeline

Spanish and LatAm professionals with degrees from IESE, IE, LBS, INSEAD, Booth, Wharton, and HBS are increasingly choosing the acquisition path. The talent quality of the searcher cohort continues to rise.

Stable, Cash-Generative Targets

Search funds target established businesses with €1M–€5M in EBITDA, loyal customer bases, recurring revenues, and limited technology disruption risk — the opposite of venture bets.

LatAm Gateway Premium

Spain serves as the natural gateway for Latin American expansion. Operators with dual cultural fluency can build businesses that operate across both markets — a structural advantage unavailable to purely US-focused funds.

Performance Data

What the Research Shows

From the Stanford 2024 Search Fund Study and the IESE International Search Fund Study 2024 — the two most comprehensive datasets available on the asset class.

Metric Result Source
Aggregate pre-tax IRR 35.1% Stanford 2024
International search funds tracked 320+ in 40+ countries IESE 2024
Spain's global market position #2 (after USA) IESE 2024
Completed acquisitions in Spain 60+ IESE 2024
What We Bring

More Than Capital. An Operator in the Room.

Most co-investors show up for board meetings. We show up for everything else too — the credit committee pushback, the earn-out negotiation, the sector introduction that unblocks a deal. Here's what Santa Marta adds to every cap table we join.

Why Searchers Choose Us

A searcher's investor syndicate shapes how the business is governed for years. Capital is easy to find. Investors who have actually run companies, know Spanish banks, and stay engaged after closing — that's what moves the needle. Santa Marta fills that role: permanent capital, operator mindset, no fund clock.

Add Us to Your Cap Table
Why Grupo Santa Marta

Operator-First. Permanent Capital. No Fund Constraints.

Most search fund investors are financial capital providers. We are operators first — our principals have personally run PE-backed businesses, negotiated with bank credit committees, managed seller transitions, and built leadership teams in Spanish SMBs.

That operational depth changes how we engage. We do not just write a check and attend a board meeting. We sit with operators when the credit committee pushes back. We help structure the seller earn-out. We make the introduction to the sector expert who unblocks a deal.

  • No fund clock — we hold as long as value is compounding
  • Operator-led board presence on every investment
  • Deep network of individual co-investors in Spain
  • Direct access to Spanish bank financing relationships
  • Spanish and LatAm market expertise
  • Concentrated, selective portfolio — we do not over-diversify
  • Transatlantic ETA network through Mosaic ETA in the US
Start a conversation
Common Questions

Frequently Asked Questions

Why would I want Santa Marta in my cap table?
Because operator co-investors are rare. Most capital in Spanish search fund syndicates is financial — managers, family offices, former consultants. Santa Marta brings principals who have actually run PE-backed Spanish businesses: we've sat in front of credit committees, navigated seller earn-outs, and built leadership teams in Spanish SMBs. That means when things get hard — and they always do — you have an investor who knows what to do, not one who calls to ask for a management report.
How involved is Santa Marta after the acquisition closes?
We take an active board role and stay engaged through the operational build-out. We are not a passive capital provider. That means showing up for the difficult conversations — with the management team, the bank, the seller — not just the annual review. Our principals are available directly, not through an intermediary.
What type of deals does Santa Marta typically join?
Spanish and LatAm-facing SMB acquisitions with €1M–€5M in EBITDA, strong market position, and an operator we believe in. We focus on industrial, services, and infrastructure-adjacent businesses — sectors where operational experience creates a real edge. We evaluate 40–60 opportunities per year and close 1–2 investments.
What is a co-investor in a search fund?
A co-investor invests directly alongside a lead investor in a specific acquisition. In search funds, co-investors participate at two stages: (1) the search phase — funding the searcher's salary and costs for 1–2 years — and (2) the acquisition phase — contributing equity to purchase the target. Co-investors receive minority shareholder rights proportional to their investment, including financial reporting, governance protections, and participation in exit proceeds.
What returns have Spanish search fund co-investors historically earned?
The Stanford 2024 Search Fund Study reports aggregate pre-tax IRR of 35.1% across the full asset class. Spanish market data from IESE shows comparable results. Individual deal outcomes vary significantly — the top-quartile of deals substantially outperform the median.
What governance rights do co-investors receive?
All co-investors receive quarterly financial reporting, annual board updates, tag-along rights, and pro-rata rights on follow-on rounds. Lead investors take formal board seats. The exact governance structure is documented in the shareholders agreement signed at closing.
How long is the typical holding period?
Typical holding periods are 5–10 years. Search fund investments are illiquid private equity — there is no public market. As a permanent capital investor, Santa Marta does not impose a fund exit mandate. We hold as long as the business continues to compound value, and shareholder agreements include drag-along and tag-along provisions that protect all investors in exit scenarios.
Build Your Syndicate

Looking for Hands-On Capital in Spain?

If you're a searcher building your syndicate or a deal lead looking for an operator co-investor in Spain, we'd like to understand your deal. We move quickly and bring more than a check to the table.

Bring Santa Marta In