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You were the first female searcher in Switzerland and chose a self-funded model. What led you to pursue the ETA path, and what were the biggest challenges early on?
I first learned about the Search Fund model in 2016 and closely followed its early adoption in France, starting with Bruno Lea’s acquisition of Haas. I was immediately drawn to the model, though the typical business size (€10–20M in EV) felt too large for me at the time. I was also hesitant about interacting with many investors while being deeply hands-on with the company I would acquire.
I liked the idea of being my own boss and owning 100% of a smaller company, allowing me to grow it according to my own timeline and values. That’s why I opted for a self-funded, independent model.
My experience at Uber was fundamental in shaping this path. As an operations manager in Geneva, focusing on partner driver acquisition and retention, I saw firsthand how some local SMEs were thriving. Later, building a customer service center of 100 employees in just four months gave me the confidence that I could lead my own company.
When I left Uber, I set a six-month limit to find the right company and chose a brokered route to keep the search focused and efficient. Early challenges included a lack of network and narrow search criteria—I was concentrating on two Swiss cantons and service companies. I spent the first two months building my network and raising awareness of my profile through a blog.
What specifically attracted you to the Swiss manufacturer Deppeler, and how did you structure the acquisition?
Four months into my search, I was focused on two main targets and ultimately chose Deppeler, a Swiss manufacturer renowned for its high-quality dental instruments and 85-year history. Key factors were the company’s strong work culture and the owners’ commitment to a smooth transition, in addition to the stability of the dental sector, which is growing yet conservative.
The company’s size exceeded my initial expectations, so I structured the acquisition in two steps: first purchasing a portion of the capital, with a commitment to acquire the remaining shares within three to five years. This structure incentivized me to improve performance and finance the second purchase solely with debt. The previous owners also pledged ongoing support during the transition to ensure operational continuity.
In total, the acquisition was financed with 30% quasi-equity (mainly personal debt from friends and family) and 70% senior debt.
Once you acquired the company, what were your top priorities during the first 12 months as CEO?
My top priorities were team stability and operational continuity. I took over in August 2019, shortly before COVID-19 forced a three-month manufacturing shutdown.
Thanks to strong stockpiles of raw materials and finished goods, deliveries continued uninterrupted during the shutdown. Demand for manual instruments actually surged due to health authorities’ guidelines limiting aerosol-generating treatments.
Once production resumed, the team quickly ramped up output to meet client demand, reflecting high employee engagement and operational agility. This period reinforced the importance of maintaining inventory buffers despite associated costs, giving us a competitive edge over rivals facing shortages.
You led a significant operational, organizational, and digital transformation. Which initiatives had the greatest impact on margins and long-term competitiveness? What were the key leadership lessons you learned from running the company?
Operational upgrades, customer focus, and digital tools were key to boosting productivity and competitiveness. For example, implementing ODOO ERP replaced manual inventory counts and production forecasting, significantly increasing operational efficiency.
Introducing KPIs and transparency around company performance motivated employees, especially on the manufacturing floor, making them more accountable and productive.
We also launched distributor key account management and training programs, which drove sales of strategic products, expanded international markets, and accelerated entry into key markets. Building a network of dentists as opinion leaders created a competitive advantage through direct brand advocacy and product innovations tailored to specific workflows.
The main leadership lessons I learned include the value of humility and authenticity, avoiding hasty changes (Michel Rollin’s book on the first 100 days was particularly insightful), and communicating transparently with the team.
Can you walk us through the exit process in 2025 and how you approached the business transfer to the new owners and management? Looking back, what were the main value-creation levers that made the sale successful?
The exit process began in late 2024 with a competitive sale. We ultimately selected a buyer experienced in the dental sector who supported a light-touch transition.
I would advise operators to engage early with potential buyers, this builds familiarity and helps them envision a future alliance.
The buyer’s “evergreen,” hands-off ownership model aligned with the company’s growth philosophy. They also accepted a key internal employee as the new director, ensuring continuity and a smooth transition.
Key value-creation levers that enabled us to achieve a >40% IRR included:
- Sales growth through brand modernization, geographic expansion, new products, and new sales channels
- Operational efficiencies driven by process digitalization and data visibility
Finally, achieving B Corp certification underscored strong business fundamentals and social responsibility, adding to the company’s long-term value.
In parallel with your role as CEO, you became an investor in several search funds and participated in acquisitions. Could you tell us more about your portfolio? How did your experience as an operator shape you as an investor?
Alongside my husband, who works in private equity, we started investing in searchers’ projects in 2020 across France, Germany, and Italy. We are also LPs in several funds. To date, we have backed 12 searchers and reinvested in four companies, including Sharp Tools and Alfavet.
Our focus is Europe, and our approach is complementary: I focus on selecting searchers, while he concentrates on analyzing and making investment decisions in the companies, so you essentially get two perspectives for half a ticket!
Being an operator makes me a different kind of investor. I understand the challenges of running a business, so I prioritize company success and employee well-being over short-term financial returns. I dedicate time to mentoring searchers, whether in deal negotiation or operating their companies.
What differences do you see between being on the “searcher/operator” side versus the “investor” side of the table? What key characteristics do you look for in a searcher when deciding whether to back them?
The main difference is perspective. As an operator, the company consumes most of your time and energy. As an investor, you step back and remain hands-off unless the company starts heading in the wrong direction. Operators could benefit from reaching out more proactively to leverage their experience in the investment space.
When selecting searchers, I look for candidates who have managed teams of less-qualified workers and understand SME human dynamics, it’s very different from consulting or private equity. I favor searchers from modest backgrounds who demonstrate hard work, empathy, and care, traits that drive operational success.
I also prefer duos, as they mitigate the loneliness and pressure often experienced by solo searchers.
