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In mid-2024, private equity firm Ethos Partners celebrated the one-year anniversary of Ethos Search Capital (ESC), its division led by Jo Cockburn and Sandy Farmer, focused on supporting aspiring entrepreneurs in sourcing, acquiring, and growing SMEs across Europe.
Between 2022 and 2024, ESC backed 9 acquisitions with nearly €30M in equity funding. Of the capital invested in searcher-led acquisitions, 62% was allocated to the UK (Water Direct, Forza, Saepio, and Garner Osborne), 12% to France (JD2M), 9% to Italy (Elti), and another 9% to Portugal (Effisus), while Germany (Dedicom) and Spain (TodoExtintor/Seguretat SM Alcarràs) each accounted for 4%. At the time of acquisition, these businesses had an average EBITDA of £3.5M, a 28% EBITDA margin, and 30% annual growth rates—highlighting the strong value proposition offered to business owners facing succession challenges.
After nearly a decade of working together, Sandy Farmer, Jo Cockburn, Scott Bannerman, and Pascal Wittet have completed a buyout of ESC to launch Orca Equity Partners, marking the start of their own entrepreneurial journey. Orca retains the same mission: to partner with Europe’s most ambitious SF entrepreneurs and support them in acquiring and scaling high-potential SMEs.
Between ESC and now Orca Equity Partners, the team has backed 42 searchers across multiple countries—including the UK, Germany, Spain, Italy, France, Portugal, Ireland, and the Netherlands. Among the most recent are: Soclofi, Covadonga Capital Partners, Renovatio, Eolo Capital, Agoga Capital Partners, Gaman Succession, Cneo Partners, Ashington Capital, Sailly Transmission, Tasman Succession, and Ayete Partners.
