SEARCH FUND · ENTREPRENEURSHIP THROUGH ACQUISITION

Committed to build.Patient enoughto do it right.

BANKES. Entrepreneurs with the ambition to acquire and operate one exceptional business, building on what already works and investing in its long-term growth.

ALEJANDRO TOGNETTI – SEARCHER & FUTURE CEO Scroll to explore
01 · SEEING THE FOREST

One search. One business.
A career built on ownership.

BANKES exists for one moment in the life of a company: when the owners who have shaped it are ready to step back and there is no one to take over. We will acquire one such Spanish business and lead it for the long term, keeping what made it successful and building what comes next.

What are we buying?
€1.5–3.5M
Target company EBITDA
How long until we know?
18–24
Months of search
What are we asking for?
€XXXk
Search capital raised
What can it return?
XX% · X.Xx
Target gross IRR · MOIC (5–7 yrs)
Understand the Business.
Get close to the people.
Own the outcome.
02 · One Entrepreneur

The story behind Bankes.

Roots in entrepreneurship

I grew up in Argentina in a family of Spanish and Italian immigrants from Galicia and Calabria, where entrepreneurship was a way of life. Watching relatives build companies from scratch taught me cash discipline, customer relationships and personal accountability that comes with ownership, long before I learned them in a classroom.

A Career built on accountability

I started my career as a young actuary in Buenos Aires, building pricing models line by line. Within a decade, I was chairing a Risk Committee and reporting directly to the Board on risk and capital for a global insurance group. Then I crossed the Atlantic and rebuilt my career in Europe. Ultimately, I help shape pricing strategy across 17 international markets for one of the world’s largest insurers. The titles changed. So did the scale of the decisions I was trusted to make.

A deliberate transition, ready for the next challenge

Entrepreneurship through acquisition isn’t a pivot away from a stalled career, it’s the natural next step for someone who has spent 15 years making the calls a business owner makes, just without owning the business. ETA is not a departure from that path. It is the next expression of it.

Alejandro Tognetti
Alejandro TognettiSearcher & Future CEO

One path,
deliberately taken.

03 · Backed by experience

Shaped across the disciplines of ownership.

~15 Years in insurance &
financial services
17 Countries under
portfolio accountability
2 Continents of operating
experience

Alejandro is an ex‑AXA, WTW, Zurich, AIG and MetLife professional, all top‑10 global insurance and consulting firms. He has nearly 15 years of international experience across insurance, financial services and consulting, advancing from quantitative roles to C‑level and regional leadership. His career combines executive accountability with advisory work, financial and risk management, commercial decision‑making, and the leadership of multidisciplinary teams across Latin America and Europe.

Throughout his consulting career, he worked closely with senior management on complex financial, regulatory and transformation projects, developing the ability to quickly understand different businesses, challenge assumptions and turn analysis into action. In subsequent executive roles, that perspective evolved from advising decision‑makers to owning outcomes, balancing growth, profitability, capital and risk while leading teams across multiple markets.

Today, this blend of consulting insight and executive responsibility underpins Bankes: the ability to assess a business rigorously, execute a transaction with specialist support, and transition effectively from investor to operator following an acquisition.

01
Executive and Leadership

C-level and regional leadership across Latin America and Europe. Board and committee exposure on consequential financial, capital and risk decisions.

02
Consulting and Advisory

Senior consulting experience across Spain and Portugal. Supporting management teams on financial reporting, IFRS, and technology transformation.

03
Finance and Transactions

Bringing meaningful M&A and due‑diligence experience, always centered on understanding performance, risk and the real value drivers behind a business.

04
Operations, Commercial & AI

Proven experience in today’s essential capabilities: pricing, portfolio performance, product, technology transformation, and predictive modelling applied to real business decisions.

Education
  • BSc in Actuarial Science
  • Bachelor of Business Administration (ADE)
  • MSc in Business Intelligence and Big Data Analytics (MiBA)
Executive education

Executive MBA

Search Fund & Entrepreneurial Acquisitions Bootcamp

Spain is not where I search.
It is where I stay.

04 · Readiness & Support

Ownership does not mean going alone.

OWNER-OPERATOR
Alejandro
Brings deep operating experience.

Owner-Operator Mindset

Proven track record building and scaling businesses while
driving operational excellence.

Acquisition Readiness

Experience managing businesses, M&A and due diligence, and a deep understanding of the Search Fund model.

Value Creator

Disciplined investor and operator focused on durable growth and attractive returns.

Trusted Partner

Collaborative leader who builds high-performance teams and strong stakeholder relationships.

Long-Term Steward

Patient, aligned, and committed to compounding value across cycles.

Integrity & Accountability

High standards, transparent communication,
and accountability in everything we do.

Search Fund Advisory
Bennu
Brings the search infrastructure.

Investor Network

Access to a curated network of search fund investors, including support throughout the fundraising process.

Sourcing Infrastructure

Proprietary databases, CRM, and targeted outreach tools to identify and engage attractive opportunities.

Talent & Execution Support

Interns and specialized talent to support deal sourcing, analysis, and value creation planning.

Coaching & Advisory

Ongoing guidance from experienced operators and search fund professionals across the search process.

Transaction Support

Dedicated support from transaction and debt advisory
experts during due diligence and acquisition execution.

Equity Gap Support

Assistance in attracting additional acquisition investors if needed, leveraging the Bennu network.

Ongoing support throughout
the entire search process.

Bankes retains entrepreneurial ownership and judgment. Bennu provides the search infrastructure and removes friction from many of the non-core aspects of the search. From investor access and fundraising support to market intelligence, transaction advisory and acquisition execution, the platform allows me to focus more of my time on where entrepreneurial judgment creates the most value: identifying opportunities, building relationships and making investment decisions. This support extends from deal sourcing and evaluation to acquisition structuring, financing and post-acquisition governance. The result is a model that combines entrepreneurial independence with institutional-grade resources, enhancing execution capacity without compromising ownership or accountability.

Aligned objective

One successful acquisition.

The relationship is organised around identifying and completing the right transaction, not maximising activity for its own sake.

Complementary roles

Searcher executes. Platform enables.

Bankes remains accountable for judgment and ownership while Bennu absorbs repeatable process load and adds specialist capability.

Greater capacity

More time on what only the Searcher can do.

Infrastructure, capital connectivity and execution support concentrate attention on owners, opportunities, conviction and long-term value creation.

Before starting the search,
I studied the journey.

Search Fund & Entrepreneurial Acquisitions · IESE Business School
05 · INVESTMENT OVERVIEW

Capital for the search.
Alignment for the acquisition.

Bankes is structured around the traditional two-stage search fund model: initial capital funds a focused, full-time search; acquisition capital is raised only when the right business has been identified and underwritten.

Target search capital€522kIllustrative draft
Investor units12€43.5k per unit
Search period24months maximum
Step-up50%search capital premium
Investor alignment
01

Search capital earns a step-up.

To compensate foundational investors for taking search-stage risk, the illustrative structure assumes that each €1.00 invested in the search converts into €1.50 of securities in the acquired company, pari passu with acquisition capital.

02

Investors keep the right to follow on.

Initial investors receive a pro-rata right — not an obligation — to participate in the equity financing of the eventual acquisition. Using the reference structure, the indicative follow-on range is €200k–€800k per search unit.

03

Capital is staged around conviction.

The search round funds origination, analysis and the search infrastructure. The substantially larger acquisition cheque is committed only after a specific company has passed diligence and investors can assess the transaction on its merits.

Illustrative search budget
24-month search€522,000
Use of proceedsY1Y2Total
Principal salary€140k€140k€280k
Social security€35k€35k€70k
Due diligence & advisory—€40k€40k
Legal€25k€25k€50k
Interns / analysts€12k€12k€24k
Travel & food€8k€12k€20k
Office rental€8.4k€8.4k€16.8k
Database€5k€5k€10k
Contingency€2.45k€2.45k€4.9k
Accounting & tax€3.15k€3.15k€6.3k
Total€239k€283k€522k
Why the structure works

One commitment today.
One investment decision later.

Search phase. A finite pool of capital buys time, focus and independence to search for one exceptional company rather than forcing a transaction.

Acquisition phase. Investors see the actual target, diligence and capital structure before deciding whether to deploy follow-on equity.

Spain is an established search market. IESE counted 67 first-time funds launched in Spain in the international dataset through 2023 — the highest country total in the study.

Illustrative draft based on the reference presentation supplied for this working session. Bankes terms, budget and legal structure remain to be defined and should not be treated as an offering.

06 · WHAT WE LOOK FOR

What makes a business worth pursuing.
Investment thesis.

At BANKES, every opportunity is judged through a five-pillar framework, built to answer the questions an investor asks of any acquisition. Why would a good business be for sale? Is its market worth being in for a full cycle? Is the company genuinely good, and can it be bought at a sensible price? Can we make it more valuable? And will it generate the cash to support the acquisition, even in a downside case? Each pillar weighs what makes a business attractive against what could go wrong. The criteria we set within them are our thesis: our view of which companies are worth owning. Before we search, we test it: do enough of these companies exist in Spain today?

Five-pillar framework.
Pillar 1

Market and industry attractiveness

Is its market worth being in for a full cycle?

A good company in a weak market rarely becomes a good investment: the business must sit in an industry worth owning for many years, not just today.

We require
Essentialor recurring demand
Full cycleResilience through the cycle
LowSubstitution risk, including AI
Risk controlled

Market risk. Cyclical, regulatory and technological disruption, including AI.

Does the opportunity exist? From universe to expected deals

Our investment thesis is the hypothesis we test before searching: which companies are worth owning, and why.

of the previous step
of the universe
Definition

High-Potential Acquirable Companies (HPAC)

140HPAC in the base scenario · 80% range 86–227

HPACs are the estimated population of Spanish SMEs that meet Bankes’s financial, operational and strategic acquisition criteria. Identified through a structured screening funnel, they combine an EBITDA of €1.5–3.5 million with attractive business fundamentals assessed across five pillars: industry attractiveness, business quality, scalability, cash generation and debt capacity, and ownership succession.
HPAC is not a list of identified acquisition targets, but a model-derived estimate of the underlying pool of businesses potentially suitable for a search fund acquisition, before accounting for transaction timing and seller willingness to transact.

07 · How we find it

Finding one business worth owning.
Search strategy.

The ivesment thesis tells us what is worth owning; the profile tells us exactly what to look for. The search then turns a broad market into a focused set of owner conversations. The strategy is built on three convictions: the best companies are found, not offered; discipline matters more than volume; and every conversation should make the next one better. The result is a search that is systematic in method, adaptive in focus and patient enough to wait for the right business.

What we are searching for

An HPAC established, profitable Spanish SME, owner-managed and facing a succession with no successor in place. It operates in a resilient niche with essential or recurring demand, consistently earns strong margins, turns its profit into cash, runs without its owner day to day, and has clear room to grow. Acquired at a disciplined entry price.

Is it the right size, and does it make real money?

€1.5–3.5MEBITDA
€10–25MRevenue
≥ 15%EBITDA margin
≥ 50%Cash conversion of EBITDA
≥ 10 yrsOperating history
Stable+Revenue, last 3 years

Outside the mandate. Turnarounds · start-ups or businesses without an EBITDA track record · finance, real estate, energy, agriculture and extractive activities · asset-heavy businesses · dependence on a single customer or supplier · businesses where the owner is the product · significant existing debt.

How we reach the owners

Most good businesses never come to market, so we go to their owners. Four complementary channels give us access to them. How much proactive effort each one receives depends on where a company sits on the four-quadrant map, but no channel is ever closed, and every opportunity is measured against the same profile.

↑ HPAC likelihoodSearch depth →
Channel 1

Proprietary outreach

Thesis-driven targeting and direct contact with owners: letters, calls and email, before any sale process.

Leads in Core hunting ground. Elsewhere it supports selectively or stays open: opportunities through this channel are always welcome.

LeadSupportOpen
Lead origination approach

Core hunting ground – Proactive and systematic

Foundation · Bankes origination engine. Company databases, CRM, analyst support and market intelligence power all four channels, so the search is systematic rather than opportunistic.

Narrowing the search

Volume creates access; discipline decides where we spend time. BANKEScommits to approaching 3,000 owners over the search. Every one of them passes the same three filters, screening before contact, qualification in conversation and risk-led diligence before any offer, until one business remains.

  1. Learn
  2. Refine
  3. Prioritise
  4. Repeat

Every owner conversation is market intelligence. What we learn updates which sectors and regions come first, and the five-pillar model is re-run with what the search reveals, so targeting improves as the search progresses.

Trust before transaction

For an owner handing over what they have shaped, choosing a buyer is about more than price. Three values guide how Bankes earns that trust, each turned into commitments an owner can check.

01
Will you do what you say?

Integrity

We say what we mean, and we do what we say.

What it looks like
  • Confidentiality from the first conversation
  • Intentions, backers and plans stated upfront
  • Every commitment written down and kept
What we never do

We never renegotiate after a letter of intent unless diligence finds something material.

02
Can you take the business forward?

Capability

We bring the judgement, the backing and the capital to buy well and lead well.

What it looks like
  • Executive experience in pricing, risk and capital
  • Experienced investors behind every offer
  • Financing lined up before exclusivity
What we never do

We never ask for exclusivity without the capital to close.

03
Do you care about what matters to me?

Benevolence

We act in the interests of the company and its people, not only our own.

What it looks like
  • The name, the team and the place are kept
  • Customers and suppliers protected through the transition
  • A transition agreed at the owner’s pace
What we never do

We never treat the company’s people as a cost to cut after closing.

We earn the owner’s trust before we ask to become the company’s next owner.

08 · The Search Fund Model

Five stages, from fundraising to exit.

01

Fundraising

Duration — replace.

02

Sourcing & analysis

Duration — replace.

03

Transaction & funding

Duration — replace.

04

Operating & scaling

Duration — replace.

05

Exit

Duration — replace.

Appendix · Preferred business models

Four business models, in full.
Why each fits, and what we look for.

A1
Business Process Outsourcing & Professional Services
CNAE 82 and 69 · Adjacent CNAE 63

Outsourced administrative, document-management, contact-centre, collections, accounting, tax, payroll and legal services that companies rely on to run their operations and meet their obligations.

We target established Spanish SMEs embedded in their clients’ day-to-day workflows. Attractive businesses combine long-standing B2B relationships, standardised delivery, limited capital requirements and room to raise productivity through process discipline and technology.

QuadrantCore hunting ground
Origination approachProactive and systematic
ChannelsProprietary outreach (calls, e-mail) · industry ecosystem (sector events)
Model positionRelative HPAC likelihood 3.7× (82) · 1.2× (69)
Why this profile fits the search fund model
Embedded, repeat relationships

Services built into clients’ monthly routines—bookkeeping, payroll, document flows, customer contact—generate repeat revenue and high retention.

Compliance-driven demand

Tax, labour and regulatory obligations create non-discretionary demand that persists through the cycle.

Asset-light delivery

People and processes, not machinery, drive delivery: low maintenance investment supports cash conversion and acquisition debt service.

Productivity and technology upside

Workflow standardisation and automation can lift margins; we favour firms where expertise and accountability—not routine data entry—define the service.

Fragmented market, natural add-ons

Thousands of local firms create room for selective acquisitions, new service lines and geographic expansion.

What the ideal acquisition candidate looks like
CustomersSMEs, mid-market companies, corporate departments, professional firms
RevenueMonthly fees, service agreements, repeat processing volumes
Business modelOutsourced back-office, professional and information services
Competitive advantageProcess know-how, client embeddedness, reliability, specialist expertise
OperationsDocumented workflows, second-line managers, limited founder dependence
Growth leversCross-selling, automation, vertical specialisation, add-on acquisitions
Financial profile€1.5–3.5m EBITDA, margin of at least 15%, minimal CapEx, strong cash conversion
Back to section 07
A2
Technical & Industrial Asset Services
CNAE 71, 33 and 77 · Adjacent CNAE 28

Testing, inspection, technical engineering, repair, installation and rental services that keep customers’ machinery, equipment and facilities running, safe and compliant.

We target established Spanish SMEs serving industrial and infrastructure customers across the life of their assets. Attractive businesses combine regulation- or uptime-driven demand, a loyal installed customer base, skilled technical teams and manageable investment needs.

QuadrantCore hunting ground
Origination approachProactive and systematic
ChannelsProprietary outreach (calls, e-mail) · industry ecosystem (industrial clusters)
Model positionRelative HPAC likelihood 1.4× (71) · 1.1× (33) · 3.9× (77)
Why this profile fits the search fund model
Mission-critical demand

Customers pay to avoid downtime, safety incidents and regulatory breaches—demand linked to operations, not discretionary projects.

Recurring service cycles

Periodic inspections, maintenance contracts, repairs and rental agreements repeat throughout an asset’s life.

Technical differentiation

Accreditations, equipment know-how and response capability protect relationships and pricing.

Proven consolidation appetite

Strategic buyers are actively building national networks in Spain—Kiloutou’s 2025 acquisition of Mavyal, a 1987 regional rental company with 45 employees, is the archetype.

Density and cross-selling

Regional route density, adjacent services and add-on acquisitions can lift utilisation and margins.

What the ideal acquisition candidate looks like
CustomersManufacturers, construction and infrastructure operators, utilities, regulated facilities
RevenueInspection programmes, maintenance contracts, repairs, rental agreements
Business modelTechnical services, testing and inspection, equipment repair and rental
Competitive advantageAccreditations, installed-base relationships, coverage and response time
OperationsSkilled technicians, field-service management, transferable know-how
Growth leversService contracts, geographic density, adjacent disciplines, add-ons
Financial profile€1.5–3.5m EBITDA, margin of at least 15%, maintenance CapEx compatible with debt service
Back to section 07
A3
Specialised Electrical & Electronic Equipment
CNAE 27 and 26

Niche manufacturers of engineered electrical and electronic products—control and switchgear, power electronics, sensors, metering, specialised lighting and cabling—serving industrial, energy and infrastructure customers.

We target established Spanish SMEs holding a defensible position in a specific product niche. Attractive businesses combine specification-driven customer relationships, certified products, export potential and exposure to electrification and the energy transition, without dependence on a single large customer.

QuadrantNiche opportunities
Origination approachTargeted and relationship-led
ChannelsProprietary outreach (targeted company lists) · industry ecosystem (industry associations) · referrals (distributor and engineering networks)
Model positionRelative HPAC likelihood 1.4× (27) · 1.9× (26)
Why this profile fits the search fund model
Electrification tailwind

Grid upgrades, renewables, automation and energy efficiency sustain long-term demand for electrical and electronic components.

Engineered, certified products

Technical standards, certifications and design know-how create barriers to entry and reduce price competition.

Specification lock-in

Once designed into a customer’s systems, products are costly to replace, supporting repeat orders.

Export and distribution levers

Niche products often travel well: new geographies and distributors extend growth beyond Spain.

Overlooked by searchers

Few companies, but well above the national HPAC average and no recent Spanish search-fund acquisitions—room for a thesis-led approach.

What the ideal acquisition candidate looks like
CustomersOEMs, installers, utilities, industrial and infrastructure operators
RevenueRepeat product orders, framework agreements, aftermarket and spare parts
Business modelDesign and manufacture of engineered niche products
Competitive advantageCertifications, engineering capability, customer specifications
OperationsTechnical second line, documented processes, diversified supply base
Growth leversExports, new product variants, distribution partnerships, add-ons
Financial profile€1.5–3.5m EBITDA, margin of at least 15%, manageable inventory and CapEx
Back to section 07
A4
Technical Building Services
CNAE 43 · Add-on sources in CNAE 81

Installation and maintenance of building systems—HVAC and refrigeration, electrical installations, fire protection, plumbing and energy-efficiency upgrades—for commercial, industrial and residential properties.

We target the larger, established installers in a highly fragmented market: companies with a meaningful share of maintenance and service contracts, certified technical teams and a diversified customer base. Most firms in the activity are too small for our criteria, so screening on size and recurring revenue comes first.

QuadrantSelective screening
Origination approachScreen first, open to opportunities
ChannelsIntermediaries (M&A advisors) · referrals (manufacturer installer networks)
Model positionRelative HPAC likelihood 0.5× (43) — deep market, most firms below our size threshold
Why this profile fits the search fund model
Regulation-driven maintenance

Mandatory inspections and maintenance of fire, electrical and climate systems create recurring service revenue.

Energy-efficiency tailwind

Decarbonisation, building renovation and heat-pump adoption support multi-year demand.

Fragmentation and buy-and-build

A deep pool of small installers offers add-on acquisitions, route density and procurement savings.

Proven search-fund appeal

Several Spanish searchers acquired installers in 2024–26—evidence of transferability, and a reason to compete through referrals rather than broad outreach.

Capital-light operations

Service-led delivery with modest fixed assets supports cash conversion when project exposure is controlled.

What the ideal acquisition candidate looks like
CustomersProperty managers, industrial and commercial facilities, public buildings, residential communities
RevenueMaintenance contracts, inspections, repairs, selective installation projects
Business modelTechnical installation and maintenance services
Competitive advantageCertifications, response capability, maintenance portfolio, manufacturer relationships
OperationsCertified technicians, field-service management, limited founder dependence
Growth leversMaintenance share, cross-selling, regional density, add-on acquisitions
Financial profile€1.5–3.5m EBITDA, margin of at least 15%, limited project and working-capital risk
Back to section 07

CNAE references are sourcing anchors, not exhaustive definitions or endorsements of entire divisions. Every candidate must independently satisfy the Bankes investment criteria: €1.5–3.5m EBITDA, an EBITDA margin of at least 15%, ten or more years of operating history, cash generation compatible with a disciplined acquisition structure, and an owner ready to transfer the business. Profile priorities remain subject to company-level financial and qualitative due diligence.

Source: Bankes HPAC Division Positioning v3, calibrated to Bankes PYME Market Mapping v0.9.1; INE Estadística Estructural de Empresas 2024 (division × size), INE DIRCE 2025 (company counts, age, growth); Spanish search-fund acquisitions 2024–26 (press and advisor announcements). 66 of 88 CNAE divisions positioned; 22 outside the model universe or thesis scope. Likelihood = share of companies with 10–249 employees in the division that qualify as high-potential acquirable companies, relative to the national average; depth = the division’s share of the modelled opportunity. Gross operating surplus is used as an EBITDA proxy and tangible investment as a maintenance-capex proxy; CNAE-2009 divisions mapped to the model’s sections. Modelled relative indicators—not identified targets, deal counts or probabilities of closing an acquisition.