Matt Estep – Bosworth Capital Partners – Midwest Supplies

Basic info:

  • Fund: Bosworth Capital Partners
  • Search type: Classic search fund
  • Partnered/solo: Partnered (independent partners)
  • Stage: Exited
  • Location: Chicago, IL
  • Alma mater: Harvard (MBA), Purdue (BS)

SUMMARY

Matt Estep describes his acquisition and operation of Midwest Supplies – a seller of home brew beer products. Highlights include:

  • How to use business school to extend a search “runway”
  • How certain behaviors can waste searchers’ time
  • What stood out about Midwest Supplies when Matt first visited the company
  • Why it’s a good idea to primarily use brokers during a search
  • Life after search as a PE investor

Continue reading “Matt Estep – Bosworth Capital Partners – Midwest Supplies”

Advertisements

Nathan Dey – Saltspring Capital

Interview with Nathan Dey of Saltspring Capital

Basic info:

  • Fund: Saltspring Capital
  • Search type: Classic search fund
  • Partnered/solo: Solo
  • Stage: Search
  • Location: Chicago, IL
  • Alma mater: Chicago Booth (MBA), Michigan State (BA)

SUMMARY

Nathan Dey is a year into his national search at Chicago-based, classic search fund Saltspring Capital.

Highlights of this interview include:

  • The virtues of a solo search
  • The virtues of a self-funded search (Nathan is not self-funded)
  • How to manage seller valuation expectations

Continue reading “Nathan Dey – Saltspring Capital”

Shamus Hines – Silver Field Capital

Interview with Shamus Hines of Silver Field Capital

Basic info:

  • Fund: Silver Field Capital
  • Search type: Classic search fund
  • Partnered/solo: Solo
  • Stage: Search
  • Location: Chicago, IL
  • Alma mater: Chicago Booth (MBA), Michigan (BA)

SUMMARY

Shamus Hines is two years into his search at Chicago-based, classic search fund Silver Field Capital. Shamus is searching solo, aims to leverage his experience in SaaS and financial services, and has had several companies under LOI.

Highlights of this interview include:

  • The importance to an investor syndicate of institutional search fund investors
  • The advantages of a proprietary search
  • Downsides of fragmentation within mature industries
  • Shamus’ experience trying to buy a Registered Investment Adviser business
  • Signs that a seller isn’t really a seller
  • Red flags that commonly emerge during diligence

Continue reading “Shamus Hines – Silver Field Capital”

Erick Lesaca & Giovanni Barbat – New Orchard Capital

Interview with Erick Lesaca and Giovanni Barbat of New Orchard Capital

Basic info:

  • Fund: New Orchard Capital
  • Search type: Classic search fund
  • Partnered/solo: Partnered
  • Stage: Search
  • Location: Chicago, IL
  • Alma mater:
    • Erick: Chicago Booth (MBA), Northwestern University (MS), University of Miami (BS)
    • Giovanni: Chicago Booth (MBA), Michigan State (BA)

SUMMARY

Erick Lesaca and Giovanni Barbat are three days into their search at Chicago-based, classic search fund New Orchard Capital. The pair met at Booth’s part-time MBA program and have complimentary skill sets in operations and finance.

Highlights of this interview include:

  • How they fundraised successfully
  • What makes a complete investor syndicate
  • The costs of raising funds and setting up a fund

Continue reading “Erick Lesaca & Giovanni Barbat – New Orchard Capital”

Matthew Taylor – Gypsum Ridge Capital

Matthew Taylor of Gypsum Ridge Capital

Basic info:

  • Fund: Gypsum Ridge Capital
  • Search type: Classic search fund
  • Partnered/solo: Partnered
  • Stage: Search
  • Location: Chicago, IL
  • Alma mater: Chicago Booth (MBA), SMU (MS), Indiana University (BA)

SUMMARY

Matthew Taylor and his business partner are a year into their search at Chicago-based, classic search fund Gypsum Ridge Capital. Matthew’s a Chicago Booth grad with a predominantly military background who learned of search funds during his brief stint in private equity.

Highlights of Matthew’s interview include:

  • The importance of cohesion in LP resources and expectations
  • Off-the-beaten-path sources of acquisition targets
  • The virtues of recurring v. repeat revenue businesses

Continue reading “Matthew Taylor – Gypsum Ridge Capital”