Belgian Investment Firm Secures €67.5 Million to Help Small Businesses Find New Leaders
Brussels, Saturday 5 September 2026
WAD Capital has raised €67.5 million, backed by the European Investment Fund, to acquire and revitalise European small businesses facing succession challenges by matching them with new leadership.
Addressing the European Succession Crisis
A structural succession crisis is quietly threatening the continuity of hundreds of thousands of small and medium-sized enterprises (SMEs) across Europe [1][2]. Many aging founders who are approaching retirement struggle to find suitable successors, jeopardising both local employment and economic stability [2]. To bridge this gap, Ghent-based investment firm WAD Capital, founded in 2023 by Christopher Tournis Gamble, Steven Coppens, and Alain Brossé, has introduced an innovative platform designed for “Entrepreneurship Through Acquisition” (ETA) [1][2]. By matching experienced, vetted managers with healthy, established SMEs, the firm ensures that viable businesses remain operational and transition smoothly into a new era of growth [2].
Institutional Backing and Capital Structure
The European Investment Fund (EIF) has anchored this initiative with a €25 million cornerstone commitment, backed by the European Commission’s InvestEU programme [1][2]. This public backing represents a significant portion of the fund’s initial closing, accounting for 37.037% of the €67.5 million raised so far [1][2]. The first close of €67.5 million secures more than half of WAD Capital’s ultimate target of €130 million, which represents 51.923% of its base goal [1][2]. Alongside institutional backing and private family investors, the managing partners of WAD Capital have personally committed 2% of the fund’s capital, aligning their interests directly with those of their investors [1][2].
A Scalable Search-Fund Model
At the core of WAD Capital’s strategy is the scaling of the traditional search-fund model—an investment vehicle that has historically delivered an average internal rate of return (IRR) of 35% over the past 30 years [1]. Rather than acting as a standard private equity fund, WAD Capital utilizes a “CEOs in Residence” cohort model [1][2]. This system prepares experienced managers to take over and modernise established companies [2]. The immediate scalability of this approach is demonstrated by WAD Capital’s rapid deployment; as of 3 September 2026, the firm completed eight acquisitions in less than a year, with another five in the final closing stages [1]. Acquired businesses include Groupe Jordan, Mignone, Alsec, HBI Tyres & Wheels, Ausloos, Euro-M, Kantoor Lardenoit, and E-Demonstrations [1].
Ambitious Targets for Growth and Legacy Modernisation
WAD Capital is targeting SMEs with an EBITDA of €1 million to €5 million, focusing specifically on sectors undergoing significant transition, such as healthcare, energy and climate transition, and business services [1]. To further accelerate its deployment, the firm plans to expand its portfolio to 25 companies by 31 December 2027 [1][2]. This expansion will be supported by a second cohort of twelve “CEOs in Residence”, ten of whom have already been confirmed [1]. Ultimately, the firm aims to reach its base target of €130 million, with a hard cap of €132.5 million, representing an additional headroom of 2.5 million euros to accommodate investor demand [1].