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What motivated you to launch TEC Capital, and how did your partnership come together?
Olivier: Pepe and I first worked together at Amazon eight years ago. We were both involved in the same product categories, and we really enjoyed collaborating. Our roles allowed us to help small businesses grow through e-commerce and international expansion. Over time, we developed a shared belief: small businesses are powerful. They are agile, capable of fast development, and the backbone of local economies and jobs.
Pepe: Exactly. And at the same time, we kept hearing the same troubling pattern: 90% of Spanish small businesses lack a clear succession plan, nearly two-thirds in mid-market. That really resonated with us — there is an opportunity to step in and build on the legacy of these companies while helping them transition successfully into the future. This is why we called our Search Fund “Transición Empresarial de Crecimiento” (TEC), the Spanish for “Growth Business Transition” … and a nod to our tech experience.
After more than a decade each at Amazon, we felt the time had come to step into a 360° leadership role — not just leading a department or a team, but an entire company. We saw Entrepreneurship Through Acquisition (EtA) as a way to leverage our complementary skills in sales, marketing, operations, business strategy and finance. Plus, even though there are many ways to successfully manage a business, we believe that applying Amazon’s principles can make a real impact.
Principles like “customer obsession,” automation of repetitive tasks, and data-driven decision making have proven powerful at scale. When brought to a well-established SME, they can benefit not just the company, but also its customers, suppliers and employees.
Spain is currently a crowded market. What unique characteristics or experiences differentiate you from other searchers? How challenging was your fundraising process?
Pepe: At the heart of any SME acquisition is trust. It is not only about spreadsheets or synergies — it is about people. Sure, there is a financial and strategic aspect, but there is also a human one. When an owner is passing on their life’s work, in general they want to know it is in the right hands. We aim to earn the seller’s trust from day one through transparency and respect.
Olivier: That’s why we do our best to lead with authenticity. Compared to the average searcher, we may bring a more seasoned perspective — with 44 years of combined professional experience — but we also approach this journey with curiosity and humility.
What also sets us apart is the breadth and complementarity of our backgrounds: industrial and tech sales and operations, business strategy and finance. has worked for consulting and investment banking giants, Strategy& (the strategy consulting arm of PwC) and Credit Suisse before Amazon, while I had operational experience in 3 countries for Michelin Tires. And we respectively spent 9 and 11 years at Amazon in Europe and US. It is not just that we have seen a lot — it is that we have seen it from many angles. This gives us the ability to understand and operate across multiple layers of a business.
While we like looking ahead, we also root ourselves in the history and legacy built by the founder of any company we engage with. We do not want to erase that story — we want to build on it. Our mindset is one of long-term growth — thinking big, thinking about customers first, and building for the future.
Pepe: Fundraising took us about 4–5 months, which is typical. That said, we were honored to be oversubscribed. It was a strong signal of confidence in our approach, and we are incredibly grateful to the investors who have trusted us on this path: Alza Capital, Ambit Partners, Aniol, Luis Camilleri, Forti SF Partner, Kinderhook Partners, Legacy Partners, OnetoOne Management, Fabrice Petit & Cyril Velter, Ruiz Family, Luis de los Santos & Lorenzo Zavala together with their partners, Will Thorndike, and Vonzeo Capital Partners.
What criteria did you prioritize when selecting your investors during fundraising? What advice would you give to newcomers pursuing the EtA path?
Olivier: From the outset, we aimed for a group of investors that was not only balanced but truly value-adding. Each investor needed to bring what we like to call a “superpower.” Some offer deep financial expertise, others bring operational experience, M&A know-how, or an entrepreneurial mindset. We wanted people around us who could both challenge and support us.
Pepe: More than anything, we prioritized trust. This is not a six-month sprint — it is a decade-long partnership. We knew that alignment, transparency, and mutual respect were essential from the start.
For anyone new to the EtA path, I would say: do not rush. Take the time to really get to know your investors. Look for complementarity — investors who will challenge you when needed and will have your back through the highs and lows.
What are your priority sectors? What’s your strategy for uncovering hidden gems that haven’t been approached by other searchers? What tools or systems are you using to manage your deal pipeline and track conversations, and how does your tech background support your sourcing efforts?
Pepe: We are very open-minded. We do not believe our future lies in a specific sector, so we are keeping our eyes and minds wide open.
We look for businesses with strong fundamentals in markets with tailwinds. We like to call them “sleeping beauties”: companies with untapped potential that, with the right leadership and a bit of process improvements, automation and digital muscle, can wake up and shine
Olivier: In terms of tools, we have built an infrastructure that keeps our pipeline organized and transparent. We make sure data is readily accessible in our data lake, progress is tracked consistently in our CRM, and the system is designed to be both lightweight and robust. It does not require excessive maintenance but still supports our workflow efficiently.
This is nothing radically different from what other search funds are doing — but thanks to our tech backgrounds, we are meticulous about data hygiene and process reliability. That ensures we can focus more of our energy on engaging with business owners rather than wrestling with our internal systems.
How do you see AI capabilities—such as predictive analytics, chatbots, automation, lead generation, and document analysis—contributing to your search and due diligence phases?
Olivier: AI has transformed certain aspects of the search process. It makes it easier to gather information, cross-reference sources, and generate content at scale. In that sense, it is a powerful efficiency booster.
That said, we do not believe AI fundamentally changes the essence of what we are doing. Many of these tools are widely available now — democratized, if you will — so it is not a unique differentiator.
Pepe: Exactly. In the end, this is a people business, and no algorithm can replace building the relationship with business owners, understanding their legacy, and having honest conversations about their company’s future. Technology supports the process, but it cannot lead it.
How do you plan to leverage your experience at Amazon to implement digital transformation within a traditional SMB?
Pepe: During our Amazon years, we learned how an efficient, digital-first company should look like: implementing software and technology to automate repetitive tasks, building the tech infrastructure so that data is available at your fingertips and data-driven decisions are the norm, and developing mechanisms and processes that can scale.
Olivier: We plan to bring those principles to the SME we acquire. That means using data at every step — from sales to operations to finance — to measure impact and guide actions. In many SMEs, there is room to improve processes, track KPIs, and make decisions based on solid data rather than intuition.
For example, one area where we see immediate potential is working capital optimization: implementing simple tools to better forecast demand, manage inventory, and streamline collections. But the opportunity goes well beyond finance — from improving sales effectiveness with better lead tracking, to increasing operational efficiency by identifying bottlenecks and reducing manual work.
Ultimately, we aim to build a business where technology enhances — not replaces — the human expertise and relationships that drive success. Technology is a way to free up people to focus on what matters: the customer, innovation, and service
You mention “customer obsession” and data-driven decision-making as pillars of your approach. How do you plan to instill that culture within a small or mid-sized enterprise?
Pepe: You are right: customer obsession starts with culture. The good news is that in SMEs, the customer is already close — you hear their feedback firsthand. The short management layers help keep that connection alive.
Data also plays a crucial role. We want to create feedback loops — using data points to validate the success of our initiatives, spot opportunities, and continuously improve. Over time, this creates a culture where decisions are made based on evidence and where the customer’s voice is central to everything the company does.
Olivier: To add to that, when launching a new product or service, we believe our approach should start with the customer and work backwards. First, we dig deep into customers’ needs and expectations. Then, we design the solution around those insights. Before scaling, we let customers try it. Finally, we gather continuous feedback and keep improving as we learn.
One tool we love is the “Press Release FAQ” model: drafting the press release and FAQ document that will be released on the day of the product launch several months or years down the line, before even starting to build anything. That seems awkward but it forces clarity and focus on customer needs and wants.
Pepe:
Ultimately, customer obsession is not just a slogan — it is a way of thinking. If we consistently start with the customer and work backwards, we will build a culture that is resilient, responsive, and aligned around the people who matter most: our customers!
Thank you, Pepe and Olivier. It has been a pleasure hearing about your plans and vision for TEC Capital. We look forward to seeing your journey unfold!
Olivier & Pepe: Thank you! We are excited about the road ahead and appreciate the opportunity to share a bit of our story.
