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Founded by Antonio Carvalho, the Swiss-based AC Capital Partners aims to provide SME owners with a thoughtful, responsible succession solution that protects their legacy while creating long-term value for all stakeholders through a search fund-led approach. He has decided to pursue a self-funded approach to remain focused and flexible, but he is open to partnering with two or three committed investors for the acquisition, mainly private investors or family offices.
Antonio is a seasoned international executive and entrepreneur with over 25 years of leadership experience across Europe, Latin America, and Asia. Originally from Lisbon, he has built a diverse and impactful career across the healthcare, MedTech, and consumer health sectors. Antonio has held senior leadership roles at global companies such as Novartis, DSM-Firmenich (iHealth), Colgate, and PepsiCo, as well as at innovative SMEs like SkinVision, SFI Health, and his own venture, Wonders MedTech. His expertise spans commercial and CDMO operations, go-to-market strategy, and brand development across both B2B and B2C environments. Antonio combines the strategic mindset of large organizations with the agility and entrepreneurial drive of smaller businesses, consistently driving value through organic growth and M&A. A Harvard Business School and Cardiff Business School alumnus, he is passionate about building collaborative teams, preserving founder legacies, and leading companies into their next phase of sustainable growth.
Antonio is currently seeking to acquire and lead a small to mid-sized healthcare business with strong fundamentals and clear growth potential. His focus is on companies with €3–25M in annual revenue and EBITDA of €0.6–5M, ideally with EBITDA margins above 15% and a loyal, stable customer base. He is particularly interested in founder-led businesses that offer essential healthcare services, such as outpatient clinics, diagnostic centers, specialty practices, or community-based pharmacies, with recurring revenues and opportunities for professionalization and regional expansion. In parallel, Antonio is exploring opportunities in healthcare-enabling technologies, including medical devices, digital health platforms, and niche B2B SaaS solutions that improve care delivery or operational efficiency. He is also actively looking at high-quality CDMOs in the nutraceutical, branded OTC, or cosmeceutical segments, especially those with strong client relationships and technical capabilities. Across all segments, he aims to build on the founder’s legacy, drive operational excellence, and support long-term value creation through strategic growth initiatives and digital transformation.
