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In 2019, Josep Font Fabregó, co-founder of the Catalan supermarket chain Bon Preu, sold his stake in the company and launched his family office together with his sons, Abel Font and Jordi Font. The company, Espai d’Inversions, was created with the purpose of reinvesting capital and supporting new business initiatives through Solvic Ocean, which acquires real estate assets linked to business activities — including offices, retail premises, hotels and residences, among others — and Turtle Capital. Through Turtle Capital, the family office began investing in direct private equity deals and funds, and, since 2022, in Search Funds.
Their 45 years of experience building and managing a family business have reinforced the importance of backing people with an entrepreneurial mindset, strong values and long-term commitment. Their ability to adapt to new trends has also led them to support entrepreneurs and companies throughout their growth journeys, developing a strong conviction in the Search Fund model.
Over the past five years, Turtle Capital has backed more than 30 searchers across Europe and currently maintains a portfolio of around 20 active searchers looking for attractive acquisition opportunities. The firm’s objective is to support approximately a dozen searchers per year. Its most recent investments include Porast in the Netherlands, Alpha Nova Capital in Italy, Origo Capital in Spain, MMP Capital in Portugal and Fairmile Partners in the UK, among others. In the case of searcher duos, Turtle Capital typically looks for complementary skill sets, with at least one of the partners having an operating background.
On the acquisition side, Turtle Capital has built a portfolio of more than 25 companies, including both B2B and B2C businesses across sectors such as industrials, services and retail. Approximately half of these companies have been acquired through the Search Fund model. Turtle Capital generally seeks to hold at least a 5% stake, with investment tickets ranging from €0.5 million to €1.3 million and an average investment of approximately €0.75 million.
Most of Turtle Capital’s Search Fund acquisitions are concentrated in Spain and the UK, with investments in companies such as Jaama, Termopack, The Combined Services Provider Ltd. (CSP), Adinor, Grup Nextclima and La Sala. The firm has also participated in acquisitions in Germany, including Alfavet, and in the Netherlands, including Hotek Hospitality Group.
Turtle Capital is sector-agnostic, although within its buyout strategy it typically focuses on B2B services businesses rather than technology companies. Its Search Fund investment approach is centred on “value” opportunities, where growth can be achieved either organically or through add-on acquisitions. Turtle Capital takes a long-term approach and actively supports its portfolio companies at board level whenever required. The firm aims to combine the flexibility and long-term mindset of a family-owned company with the professionalism and discipline of an institutional investor.
