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Sónia Vaz and Ricardo Cardoso have just founded Encruzado Partners, a SF focused on acquiring, operating, and growing a single outstanding Portuguese company over the long term. The name of their SF, “Encruzado,” is inspired by a traditional Portuguese white grape known for its fresh taste profile and longstanding heritage. In the same spirit, they aim to bring a fresh vision to a business with a solid history. They are supported by the experience and guidance of a select group of highly international and experienced investors, including Istria Capital, Forti SF Partners, Inseta, Valmaris Private Investors, TTCER, Endurance Search Partners, 9T Capital, Spectra Investments, Gallium Growth, Köllective Capital, Simon Webster, Adam Kulick, León Bartolomé, Ruiz Family Office, Marc Bartomeus, Helena Ahlström, Ivar Schmidt, Jürgen Rilling, Aldo Ferreira, and João Diogo Stoffel.
Sónia brings more than 10 years of experience across management consulting, financial services, and start-ups, where she has led transformation, digital, and customer-focused initiatives. She began her career in corporate finance at PremiValor Consulting, later joined Ageas in the pension funds area, and most recently served as a Project Leader at BCG Brasil, focusing on financial institutions and insurance. She holds an MBA from IESE.
Ricardo has built a 10+ year career across consumer goods, industrial manufacturing, and project management, leading cross-functional teams and delivering multi-million-dollar operational and innovation programs at global companies such as Atlas Copco, Procter & Gamble, and AB InBev. More recently, he has supported early-stage initiatives as a venture builder in climate, technology, and sports. He also holds an MBA from IESE.
They are seeking a single Portuguese B2B SME with EBITDA between €1.5M and €6M, gross margins above 40%, recurring or predictable revenue, and a strong culture with sustainable growth potential. The business should operate in a specialized, growing sector with favorable structural trends and have a simple, proven model supported by a track record of positive cash flow.
