Beyond Germany: What Searchers Need to Know About the DACH Region

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May 19, 2025

by an investor from INSEAD in Barcelona, Spain

Last week, we dove deep into search funds in Germany. However, German-speaking searchers often look beyond Germany to the wider DACH region, which includes Austria and Switzerland. Here are some numbers: - Germany: 3.1M SMEs, 55% of the workforce employed by SMEs - Austria: 358,600 SMEs, strong market for growth - Swiss SMEs: 85% of M&A activity in German-speaking Switzerland The DACH region presents huge potential for search funds, but it’s not a homogeneous space. While the language is shared, business cultures vary significantly. We revisited our interview with Anton Stockert and Stephan Pöll, co-founders of ASPEON Partners, a search fund focused on acquiring and operating businesses across the DACH region. Here, they share their valuable insights for searchers eyeing this dynamic region. Read the full piece on our blog and let me know what you think: https://moonbasecapital.com/beyond-germany-what-searchers-need-to-know-about-the-dach-region/
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Reply by a searcher
from IESE Business School in München, Deutschland
Great piece! In general, the Swiss market is very attractive as it is completely separate from the Euro area.
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Reply by a searcher
from University of St. Gallen in Berlin, Deutschland
Thank you for sharing the interview with ASPEON. I think the regional aspect is one of the most important things - trying to find an asset as a German in Austria will prove more difficult than trying to find one in Germany. With Switzerland, the difference is even bigger.
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