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Dr. Thomas Buehler began his career in 1989, and over the past 35 years, he has been involved in more than 300 transactions within the succession-focused PE buyout space in Europe. He is a co-founder and chairman of the supervisory board of Afinum Management GmbH, a German mid-cap succession buyout firm, and co-founder of Rigeto, a private German small-cap succession buyout investor. Since 2013, he has transitioned into a serial investor in SFs, investing through Agirax. Headquartered in Munich, the family office expanded in 2017 with the incorporation of his daughter Victoria and his son Constantin into the team.
In the past decade, Agirax has emerged as one of the most active investors in the SF landscape, backing over 60 SFs (recent ones include Dangalena Capital, Entredos, and Quo Inversión in Spain, Cedo Capital in Poland, and LDue Capital in Italy). Agirax has participated in 25 acquisitions and is also one of the few firms in Europe that can claim to have already exited five deals.
When it comes to investment criteria, Agirax invests up to €1M per deal, with a geographical preference for European countries, particularly Southern Europe (Spain, Portugal, and Italy) and the DACH region. While they do not focus on specific industries, key factors in their investment decisions include the entrepreneurial spirit of the searcher, a clear vision for the target company, a well-defined exit strategy, and a motivated group of investors, supported by knowledgeable board members. Through their co-investment partnership with Gernot Eisinger (Geharon), they have established a strong presence in the SF space.
Victoria Buehler explains: “Over the years, we have had the privilege of meeting many highly motivated, intelligent, and driven young entrepreneurs who continue to inspire us with their passion and innovation. This fuels our dedication to giving back to the SF community. Looking ahead, we anticipate significant growth in the coming year, both in the surge of searchers and in the number of succession deals on the market. With the abundance of available capital, it will become increasingly important for both Searchers & Investors to identify personal and strategic matches that maximize value creation for all parties involved.”
