The US is more advanced on ETA vs EU in terms of absolute search funds, history, and education. Across institutional support, the U.S. ecosystem is denser: at least 9 business schools publicly offer dedicated ETA/search-fund courses or hubs (HBS, Booth, Kellogg, Wharton, etc.), 3+ major school-anchored conferences run annually (Booth-Kellogg, HBS, Wharton), numerous student clubs operate year-round, and there’s a deeper layer of accelerators (e.g., SFA, bETA) plus financing via SBA 7(a) commonly used for acquisitions. Europe is catching up with at least 8 schools offering formal courses/centers (IESE, INSEAD, LBS, ESADE, IE, Oxford, RSM, HEC), 1–2 anchor conferences (IESE; INSEAD), active clubs, and emerging operator programs (NCA, WAD).

The most recent example comes from Italy. In August 2025, Euronextʼs ELITE platform launched a strategic initiative to strengthen the Italian ETA ecosystem, in partnership with Intesa Sanpaolo, POLIMI Graduate School of Management, and SDA Bocconi. This effort is designed to support searchers across the entire lifecycle from sourcing deals and acquiring SMEs, to operating and scaling them post-transaction. The ELITE network will also connect entrepreneurs with banks, advisors, and investors, making deal execution smoother and succession transitions more credible.

Academic partners play a central role. POLIMI has already launched Italyʼs first EtA Observatory, while SDA Bocconi is weaving ETA into its curriculum and executive education programs. The initiative also brings in capital support via Intesa Sanpaoloʼs Banca dei Territori, embedding ETA into the local financing landscape.

Contrast this with Spain, where IESE Business School has been the pioneer in Europe. IESE runs the International Search Fund Conference, publishes the International Search Fund Study, and has trained many of the continentʼs leading searchers. IESEʼs role shows how academic credibility and structured education can accelerate ecosystem depth and investor trust.

Germany, however, remains an outlier. Despite its massive SME base, the famed Mittelstand, it lacks an IESE- or ELITE-style anchor. Without coordinated academic and institutional involvement, German ETA activity is smaller and more fragmented than in Spain or Italy. UnternehmerTUM recently launched an ETA Hub in Munich to foster external succession and acquisition-based entrepreneurship, but these efforts are yet in early stages.

Education doesnʼt just provide skills; it provides legitimacy. In markets where sellers are cautious about new buyer models, having institutional backing from IESE, Bocconi, or ELITE can help searchers build trust, access capital, and compete with private equity on more than just price.

DACH/ especially Germany, needs to act. We see a first positive start in Munich, yet schools such as WHU, EBS, and others can still be even more active. Feel free to get in touch to discuss the model.

The surge of capital into search funds has turned into a bubble, with too much money chasing too few quality SMBs. Competitive auctions, 18–24 month search clocks, and overpaying at 7x EBITDA often lead to cultural breakdowns and post- close failures. True success lies in patience, humility, and disciplined operating skill, not dealmaking speed. The smartest investors are backing gritty operators who can build trust and stability after the frenzy cools.

Poland-based Lynx Trail Capital, founded by Michał Łukasz Kamiński and

Constantin Marek has acquired ICEA S.A., a leading Polish digital marketing agency specializing in SEO and SEM. Founded in 2007, ICEA generated PLN 37M in revenue and PLN 11M in EBITDA in 2024. The transaction was financed with support from mBank and backed by investors including Constance Gachowski, Amarant Capital, and Legacy Partners.

Austria-based ASPEON Partners, founded by Anton Stockert-Seilern and Stephan Pöll, has acquired AlpinEnergie, a leading Austrian B2B energy brokerage serving SMEs. In 2024, AlpinEnergie generated ~€15M in revenue with EBITDA exceeding €4M, operating an asset-light model via 100+ independent brokers supported by a proprietary CRM. The transaction was financed with ~60–70% leverage, with equity participation from Istria Capital, Moonbase Capital, and other private investors.

Grant Hensel, who started 10 companies (7 failed, 2 sold, 1 scaled), explains why he switched to buying boring, profitable businesses and now backs self-funded searchers via Entrepreneurial Capital. He covers how he bought a marketing agency (found on Flippa), the day-1/90-day playbook (install EOS, weekly scorecard), and his four screens: low concentration, low capex, low cyclicality, and a history of profits. He also explains why heʼs roll-up-skeptical, favoring single-asset cash flow.

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