Hi all! We are looking into precedent transactions from previous searchers where there was a potential play for buying two or more companies that fit the investment criteria, yet individually these companies were below the EBITDA threshold (very fragmented industry), hence buying them separately and merging them was a strategic move. Does anyone knows if such a case exists in the search fund industry? We are aware of other cases were searches pursued greenfield initiatives with strong investment thesis and investors backed them, but not aware of a consolidation strategy.

Keen to speak to anyone that can share some insight.

Many Thanks