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An increasing number of entrepreneurs are moving away from the traditional search fund model, particularly in Spain, where competition has become increasingly intense. One of the latest entrants is Lilla Capital, founded by Lucas Sapiña.
The firm’s name—“L’illa” (“the island” in Valencian)—refers to a place on the banks of the Júcar River where Lucas’s grandfather built a home for his family. That simple act of choosing a place, putting down roots, and building something that endures reflects Lilla Capital’s mission: to acquire an established SME with a strong legacy and long-term potential, and to provide the time, commitment, and care needed to help it continue growing for generations.
Lucas has chosen to pursue a self-funded search, giving him greater flexibility in terms of target size and allowing him to focus exclusively on the Valencia region. Although Lilla Capital does not follow the traditional SF model, the project is already backed by several experienced mentors, and a number of family offices have expressed interest in evaluating the acquisition opportunity once the right target has been identified.
Before launching Lilla Capital, Lucas spent more than seven years in engineering and strategy consulting, advising clients at Deloitte and Accenture on strategic and operational challenges. Alongside his professional career, he has remained actively involved in entrepreneurship and the business community through initiatives such as Valencia Next Generation and the Youth Economic Circle.
Lilla Capital is actively seeking to acquire an established, profitable SME in the Valencia region with strong fundamentals, €2–7M in annual revenue, and €600k–€1.5M in EBITDA. One of the key advantages of a self-funded search is the ability to pursue smaller companies than those typically targeted by traditional SFs. As a result, Lilla Capital can focus on proprietary or lightly intermediated opportunities, often facing little or no competition from other searchers and increasing the likelihood of acquiring an exceptional business at an attractive valuation.
