ASCARI

Who we work with

What we look for

An Italian B2B company with a solid history of profitability, a founder motivated to transition, and room to grow under new leadership. Concretely: revenues between €5 and €25 million, EBITDA above €2 million with at least 15% margin, three or more years of profitable operations, and a majority stake for sale (over 70%). No startups. No turnarounds. No aggressive cycles.

Sectors

Open to any sector.

We evaluate targets in any industry that meets our financial criteria. That said, a few fit the Search Fund model particularly well — these are the four we follow most closely.

B2B Software & IT Services
Recurring revenue, asset-light models, beneficiaries of the digital transition.
Healthcare & Life Sciences
Non-cyclical demand, favourable demographics, high regulatory barriers.
Niche B2B Manufacturing
Specialized supply chains with pricing power and defensible after-market revenue.
Nutraceuticals & Wellness
High margins, non-cyclical demand, secular tailwind toward prevention.
Panoramic skyline of Lucca with medieval red rooftops and walls

Where we operate

The Lucca-Bologna-Milan corridor.

Central and North-West Italy: Tuscany, Emilia-Romagna, Marche, Umbria, Liguria. The Lucca-Bologna-Milan axis enables rapid in-person meetings.

Not sure your company is a fit? Reach out — let's figure it out together.

Write to Matteo