Italian search fund targets struggling family-owned SMEs
The challenges facing Italy’s family-run businesses are severe. More than 70% of the country’s industrial base is dominated by long-standing dynasties, and over 55% of business leaders are aged 60 or older. The process of transferring ownership is essential for economic resilience, yet only about 30% of firms survive the transition to the next generation, and just 13% endure through a third leadership change.
Between 2026 and 2035, approximately 4,000 Italian small and medium-sized enterprises will need to address succession. Many of these companies, often thriving in specialized, high-value sectors, find it difficult to secure large private equity investments or align with venture capital’s rapid-growth expectations. As a result, they remain trapped in a financial deadlock.
Bussola Capital, a newly established search fund, seeks to address this gap. Founded by Ales Cambareri and Edoardo Positano, the firm specializes in acquiring B2B companies with steady cash flows, stable or increasing revenue, and minimal capital requirements. Its focus lies on asset-light businesses operating in fragmented industries, where consolidation through acquisitions could enhance value creation.
The fund’s initial fundraising effort attracted 21 investors, including Istria, Relay Investments, Vonzeo Capital, and Ambit Partners, alongside family offices and individual business angels. Legal guidance was provided by Gianni & Origoni, with Gerardo Carbonelli overseeing the process. Cambareri contributes experience from Credit Suisse and Roland Berger, while Positano previously worked at Amazon and Roland Berger on industrial projects spanning Italy and the Middle East.
Bussola Capital intends to take controlling stakes in individual Italian SMEs, assuming full operational management. Target companies will have EBITDA between €1 million and €6 million and operating margins exceeding 10%. Unlike conventional private equity, search funds concentrate on one acquisition at a time, enabling direct investor involvement in day-to-day operations.
This strategy reflects a growing trend in Italy. The number of search funds has surged from 26 in 2024 to 52 by mid-2026, according to the Politecnico di Milano’s Search Fund Observatory. More than 15 deals have already been finalized, with a success rate above 75%. The average target at closing generated €11 million in revenue and maintained an EBITDA margin near 23%, demonstrating that Italian manufacturing and services sectors remain viable, provided succession issues are resolved.
