In this edition of Search Fund Squared, we’re spotlighting a bold searcher duo we’re proud to support: Pierre Nicolet and Baptiste Guez.
As the search fund model gains momentum across Europe, French-speaking markets are stepping into the spotlight. Pierre and Baptiste are leading the charge, focused primarily on France, but also exploring opportunities in Belgium and Switzerland.
Together, they bring a powerful mix of entrepreneurial hustle and strategic consulting know-how. With grit, vision, and a sharp eye for opportunity, they’re on a mission to acquire and scale a standout business in the region.
We sat down with the duo to unpack their journey, strategy, and what’s next.
Moonbase Capital: Pierre and Baptiste, can you share your professional background and how it led you to establish a search fund together? What specific skills or experiences from your past careers do you believe are essential for your future success acquiring and running a company?
Pierre and Baptiste:We’ve each built up complementary skill sets through consulting at EY, private equity at Goldman Sachs, and leadership roles while building our start-up Kol. Our backgrounds combine entrepreneurial problem-solving, operational efficiency, and financial skills that are essential for identifying and running a successful business.
We decided that acquiring a company was the most attractive path for our next entrepreneurial move, and the search fund model stood out for combining both financing and mentorship from top-tier industry investors.
Moonbase Capital: What motivated you to pursue the search fund model over other forms of private equity or entrepreneurship? How do you see this model offering unique advantages?
Pierre and Baptiste: The search fund model appealed to us because it blends entrepreneurship with active ownership, allowing us to be directly involved in the company’s day-to-day growth. Unlike traditional private equity, we aren’t looking to cycle investments rapidly; instead, we aim to acquire and develop a business for the long run. This hands-on approach infuses more of an entrepreneurial approach that is more natural and attractive to us, ultimately leading to more value creation.
Moonbase Capital: What criteria do you use to identify potential target companies? Are there specific industries or regions you focus on (France or also Belgium, Switzerland?) – and why?
Pierre and Baptiste:We target fast growing, profitable companies that demonstrate strong customer loyalty, clear market positioning, and solid leadership teams.
While France is our home base, we also consider Belgium and Switzerland due to cultural, linguistic similarities, factors that can streamline acquisition and integration. These regions often feature family-owned or founder-led businesses in need of a long-term successor, making them prime for a search fund approach.
Moonbase Capital: How has your experience searching been so far? What role does networking play in your search process, and how do you leverage your network to find opportunities?
Pierre and Baptiste: Our search has been insightful: establishing trust and credibility is key with both brokers and company owners, especially for off-market deals. Networking is pivotal, we target industry associations, alumni groups, and personal referrals to uncover opportunities.
Solid relationships often lead to discussions that go beyond mere financials, opening the door to more genuine partnerships. By focusing on meaningful connections, we differentiate ourselves and gain access to proprietary deal flow.
Moonbase Capital: The French market is highly brokered – do you guys work with brokers? What’s your advice with regards to brokers for other searchers embarking on the search journey in France?
Pierre and Baptiste: Yes, we do engage brokers (250 registered to our database to date), especially since many French owners rely on them for transaction support. Our best advice is to cultivate strong, transparent relationships with brokers; demonstrate seriousness and credibility to become a trusted partner. At the same time, maintain a direct sourcing approach so we do not depend solely on intermediaries. A balanced strategy ensures a broader funnel of potential targets.
Moonbase Capital: Given the growing interest in search funds in France, what opportunities and challenges do you see in this market? How do you think the French market differs from others, and how do you plan to capitalize on these differences?
Pierre and Baptiste: France remains less saturated than markets like the US or UK, offering a unique window for searchers to establish themselves. However, the broker-centric culture and limited familiarity with search funds can pose hurdles. We see this as an opportunity to educate sellers on the benefits of partnering with searchers who bring both capital and operational expertise. By being early movers and fostering strong local relationships, we plan to stand out and capture quality deals.
Moonbase Capital: What are your long-term plans for the companies you acquire? How do you envision growing these businesses, and what strategies do you have in place for eventual exit?
Pierre and Baptiste:Post-acquisition, we focus on sustainable growth, streamlining operations, expanding product lines, and exploring add-on acquisitions. Our goal is to professionalize each company, boosting its market presence and resilience. For eventual exit, we stay flexible: a strategic buyer or private equity partner could be appropriate down the road, but we prioritize building long-term value for all stakeholders. We would be also very excited about the opportunity to stay onboard the business and offer liquidity to investors through shares-buyback.
