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Could you tell us about your early career as a lawyer and entrepreneur? What inspired you to transition from law to entrepreneurship? How did you first come across the concept of SF, and what motivated you to pursue this path, especially given the initial skepticism?
Since the age of 18, I have been clear about my long-term ambition to become an entrepreneur. Leading projects and teams has always been my primary source of motivation. Entrepreneurship runs in my family: my father is an industrial entrepreneur in plastic injection, my mother is a social entrepreneur in cultural heritage, and my brother is a tech entrepreneur. This “can-do” mindset is deeply ingrained in our family ethos.
However, given my background in humanities since middle school, I decided the best path forward was to first study law and build a foundation as a business lawyer, then transition into management through an MBA at a top-tier institution. After seven years of professional experience as an M&A lawyer at Uría Menéndez, a renowned international law firm, coupled with roles as an assistant to the Secretary of State for Justice and a member of the restructuring team at Barclays Bank, I enrolled in IESE Business School’s full-time bilingual MBA program in Barcelona to pivot into management and entrepreneurship.
Although I had been involved for many years in my family’s wine business, I recognized the need for additional managerial experience before embarking on my entrepreneurial journey. During the MBA, I actively pursued opportunities in private equity, consulting, and finance. I interned at a Portuguese private equity firm and reached the final round of interviews at BCG. However, I failed that interview—a humbling experience. Missing out on the Japan track with my MBA colleagues due to the BCG interview turned out to be a blessing in disguise. Staying in Barcelona allowed me to attend the intensive search fund course taught by Professor Peter Kelly from Stanford University.
After the first class, I knew: “This is it. This is what I want to do.” The search fund model appealed to me for several reasons: the opportunity to learn from experienced investors, the ability to acquire an established and resilient business rather than starting one from scratch, the chance to step into the role of a young CEO, a compelling equity package, and the financial stability of a salary during the search phase.
In 2016, Portugal wasn’t widely known for SFs. What unique challenges did you face in establishing the country’s first SF, and how did you overcome them? Who supported your search?
Initially, I sought advice from my IESE professors, Peter Kelly and Rob Johnson. Both were supportive—albeit prudent—and introduced me to other search fund investors and entrepreneurs, helping me begin building my network within the community. At the time, Portugal was a challenging proposition for investors. There were no prior search fund projects in the country, which meant no proof of concept. Additionally, Portugal’s small economy limited the pool of suitable targets within the search fund range, while private equity firms were competing for the same companies. The smaller market size also made it difficult to find scalable, niche service businesses.
Compounding these challenges, Portugal was still under the shadow of the 2011 European sovereign debt crisis. In 2016, the country was under financial supervision by the IMF, ECB, and European Commission, raising concerns among international investors about the debt market and the safety of doing business there.
Being a native Spanish speaker, I structured my search as an Iberian project, with a focus on Portugal. This approach allowed me to secure Spanish investors as local backers, which in turn boosted confidence among international and Portuguese investors alike.
I was fortunate to receive support from a distinguished group of investors who are now pillars of the search fund community, including Rob Johnson, Simon Webster, Will Thorndike, Relay, Pacific Lake, Jürgen Rilling, and JB46 through Jorge Maortua, among others. In Portugal, my primary investor was João Coelho Borges, an experienced private equity professional whose involvement was crucial to my project. It was a true privilege to benefit from the guidance of such an impressive group of individuals. Even those who ultimately did not invest in Project To Be contributed valuable insights, and I remain deeply grateful for the opportunity to work alongside such talented and wise individuals.
3/ Once you began searching, what criteria did you set for an ideal business to acquire, and what ultimately led you to launch Project To Be?
I focused on the key search fund criteria, such as: history of profitability, recurring revenue, growth potential, and a defensible business model. However, finding businesses that fit these criteria in Portugal proved challenging due to the country’s small economy and limited number of scalable service businesses. I screened hundreds of companies and signed several LOIs.
Midway through the search—about a year and a half in—I was just two weeks away from signing an SPA with a software company in the medical education sector when the deal fell apart. Anticipating such risks from the outset, I had begun developing alternative “Plan B” projects, such as greenfields and build-ups, which could be leveraged on the search fund model if I couldn’t secure the right acquisition or if a deal collapsed late in the process. To refine these ideas, I analyzed the portfolios from U.S. funds of funds to identify business models that could succeed in Portugal. This process led me to the concept of a build-up in early education, which ultimately became Project To Be. By the time my primary deal fell through—nearly two years into the search—I had a well-developed Plan B. I had already signed multiple LOIs and prepared an Information Memorandum to present to investors.
When I pitched the idea of Project To Be to my core investors, the response was very positive. As a result, Plan B became Plan A, and Project To Be was officially launched.
4/ The timing of your acquisition coincided with the onset of the COVID-19 pandemic. Could you share the difficulties this brought and how you navigated those initial challenges?
I closed the first three deals in Q1 2020, just before the onset of Covid-19. The pandemic hit immediately after the acquisitions, severely disrupting our operations and financials during the first two years of Project To Be. As CEO, my first critical decision was to lay off most employees and close the schools due to the lockdowns.
Despite these challenges, the pandemic accelerated our transformation to digital and online learning. Within two weeks, the schools adapted to teaching via Zoom and shifted all internal and external communications to digital platforms. This rapid transition was both demanding and transformative.
Stepping into the CEO role for the first time, managing and integrating three companies simultaneously, and navigating the unprecedented challenges of Covid steepened my learning curve as a leader. Although the pandemic fundamentally altered my business plan, it was a defining experience filled with valuable lessons.
5/ Project To Be adopted a buy-and-build strategy, acquiring and integrating six schools. What have been the keys to successfully integrating these institutions and driving their growth? How much has the company grown in terms of revenue, EBITDA, and team size?
Over the past five years, we have successfully acquired seven schools. In 2023, two of these schools merged, resulting in a current portfolio of six schools, serving 1,300 students and employing 240 staff members. This journey has provided invaluable insights into the challenges and complexities of a buy-and-build strategy.
A build-up strategy presents numerous financial, legal, tax, and operational hurdles. To optimize resources and taxes, we undertook two internal mergers and one refinancing within four years. These activities were extremely demanding, consuming significant time and energy while being entirely separate from the day-to-day operations of the business. The buy-and-build approach requires balancing acquisition, integration, and operation simultaneously. Each new unit added increases the complexity of the organization, and the challenges encountered in each acquisition can vary widely. It never becomes easier.
Key factors for a successful buy-and-build strategy include the right business model characteristics, a strong central team, clear strategy and culture, and effective leadership. In our case, the inherent stability of schools, their non-cyclical nature, and their recurring revenue business model provided the necessary runway for learning and implementing changes without disrupting customer relationships.
Building a central team of high-performing individuals who could lead their respective areas with independence and sound judgment was critical. We also fostered a collaborative and shared culture among our schools, which became self-regulating over time. Additionally, we developed an integration playbook to streamline the incorporation of new units, minimizing operational disruptions and preventing cultural clashes. Leadership at the individual school level was another crucial factor. Each school required an outstanding leader empowered to make decisions independently. Over-centralization risks creating a bureaucratic organization that is less efficient due to higher central costs and demotivates local teams. Striking the right balance between central oversight and local autonomy was key to our success.
Since 2020, we have achieved annual organic and inorganic revenue growth of 30%. Our goal is to reach an EBITDA of €5 to €6 million within the next three years. In my opinion, a buy-and-build journey is more suitable for a pair of searchers: one can focus on day-to-day operations while the other concentrates on M&A, legal, and financial matters.
6/ What is your current vision for Project To Be, and what are your future goals? Are you considering an exit strategy, and if so, what would you hope to see for the company’s future?
Once, a five-year-old child at one of our schools asked me what Project To Be was. To explain it simply, I used a metaphor: we are like a team of schools working collaboratively to provide better education for children, create learning opportunities for employees, and drive social impact in local communities. Just as every person in a team is unique, each school is different, but they come together to achieve common goals. This balance between a culture of collaboration and respect for the individuality and independence of each school has been a cornerstone of Project To Be’s success.
While education is widely recognized as a tool to shape the future, at Project To Be, we believe schools can make a meaningful difference today by acting as social impact agents in their local communities. Given our role in educating children, we have the attention and trust of families—a significant responsibility we aim to use wisely. By creating awareness and mobilizing our educational community, we address pressing environmental, social, and economic sustainability issues. Sustainability has been integrated into the core of our business model and strategy.
Since 2020, Project To Be schools have launched three large-scale social impact projects: ocean protection (“Be Blue”), intergenerational connection (“Be Kind”), and biodiversity conservation (“Project Earth”). Each initiative spans two school years, developed collaboratively among schools and in partnership with families, local organizations, and NGOs to maximize efficiency, scale, and impact. We also introduced a health and well-being program (“To Be Healthy”), promoting healthy nutrition and sustainable lifestyle habits for students, employees, and families. Additionally, we have significantly increased the remuneration of educational staff since 2020, while consistently improving our financial performance.
I am committed to a long-term vision and am not (personally) considering an exit in the near future. Five years is a short time in the life of a company, and my goal is to build a lasting and exceptional organization that serves as a model for sustainability practices within the search fund community while delivering great returns to investors.
I believe the search fund community should place greater emphasis on sustainability. With its immense talent and close connections to prestigious global business schools, this community is well-positioned to lead the way. Institutions like IESE and Stanford could play pivotal roles by incorporating ESG topics into their surveys and by highlighting sustainability practices in their studies. By sharing and implementing sustainability best practices, the search fund community can make a profound impact around the world.
7/ After your acquisition, four searchers have completed acquisitions in Portugal. What are your insights on Portugal’s potential in the EtA market? Do you see a shift in mindset toward this model for SME succession? Do you think Portuguese investors might raise and help develop this market?
Following the launch of Project To Be, Tiago Paixão and Leonardo Carvalho acquired Teclena, Gonzalo Carmona and Kieron Chalder acquired Jimpisoft, Helena Ahlström and Ivar Schmidt acquired Frotcom, and Miguel Costa Freire and Pablo Guerra acquired Effisus. In total, five search funds have completed acquisitions, alongside numerous add-ons. As the first searcher in Portugal, I am proud to see those who followed achieve remarkable success.
I recall that many investors were initially skeptical about Portugal due to its reputation and the perceived limitations of its economy. However, the past eight years have witnessed significant changes in the country’s reputation, fueled by its economic growth and increasing appeal as a hub for innovation and entrepreneurship.
Bringing talented young professionals into traditional SMEs is proving to be a powerful catalyst for economic transformation. We are at the beginning of a profound shift in the ETA landscape in Portugal—a movement poised to drive growth and innovation for years to come.
8/ Looking back, what advice would you offer to other entrepreneurs or searchers in Portugal who may be considering a similar path in the ETA field?
Do not take “no” as a final answer. Pursuing your ETA ambitions requires focus, resilience and adaptability. I was advised by many highly intelligent individuals not to start a search fund in Portugal because they believed it would never succeed. Yet, the results speak for themselves. While it’s essential to remain humble and seek guidance, you must also trust your vision and instincts, persevering through rejection after rejection. As Stephen A. Schwarzman, founder of Blackstone, aptly said, success often comes from having a “worthy fantasy that is in touch with reality” and “success is a combination of preparation, resilience, and the ability to stay true to your vision while adapting to change.”
