2025 off to a strong start for Search Funds

With the first quarter of the year behind us, we’ve taken a closer look at the first 20 SF acquisitions completed in 2025, and the momentum is promising. Early trends suggest another robust year for the EtA ecosystem. While these are still preliminary figures (some deals remain confidential or unreported), the data already reveals interesting regional and sector dynamics. Europe takes the lead for the first time, with 9 of the 20 recorded deals. Spain stands out with 4 acquisitions, followed by activity in Italy, the UK, the Netherlands, and Germany. North America continues to be strong, with 6 acquisitions in the U.S. and 1 in Canada. Activity is also picking up in emerging regions, notably Brazil and Japan. What are buyers acquiring? Industrial companies and B2B services (especially distribution) are leading the charge. We also continue to see consistent interest in software/IT services, healthcare, and HVAC, sectors that have proven resilient and attractive for operators and investors alike. On the exit front, the year has also started well: Spain has already seen 3 successful exits, all delivering excellent returns. Additional exits were recorded in the U.S., Brazil, etc. This is a snapshot of a growing and maturing asset class, one where entrepreneurial talent and long-term capital continue to meet compelling opportunities around the world. Dive into the full Q1 2025 analysis at Search Funds News.