How We Invest. How We Build.

Novadvice partners with exceptional entrepreneurs to acquire and grow proven SMEs across Europe and North America. We don't just provide capital — we co-invest, sit on boards, and stay close through each step of the journey, driven by long-term partnerships, rigorous processes, and transparency in everything we do. With more than 20 investments completed and 4 NovEtA vintages, Novadvice ranks among Europe's most experienced ETA and search fund investors. Our team acts as an active investor — present at every board throughout the full journey, from acquisition to exit — designed to drive excellence across the portfolio.

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We provide capital, operational discipline, and a structured support system that enables searchers and CEOs to grow resilient, high-performing companies. With 21+ acquisitions completed and €1.4bn+ in combined portfolio enterprise value, Novadvice is one of Europe’s most experienced ETA and search fund investors.

We act as an active investor, not an incubator. By sitting on boards and maintaining operational involvement from acquisition to exit, we move beyond the role of a passive fund to ensure long-term value creation. Our hands-on approach is designed to drive excellence across our portfolio, consistently aiming for a target IRR of >25%.

Discover the Team

Novadvice bridges institutional discipline and entrepreneurial vision, turningopportunity into sustainable, scalable growth.

From Investment Discipline to Entrepreneurial Growth

Entrepreneurship Through Acquisition (ETA) is a proven entrepreneurship model in which experienced professionals acquire and lead established, profitable SMEs rather than building from scratch. Each investment follows a structured process — from sourcing and financing to governance and growth — with active board involvement at every stage. At Novadvice, our rigorous processes and disciplined approach allow us to select the strongest entrepreneurs, structure sound acquisitions, and deliver consistent operational follow-through.

Structured Execution:

Every deal is built on a disciplined process ensuring clarity, accountability, and measurable outcomes.

Active Partnership:

We work alongside entrepreneurs, bringing strategic guidance and board-level support to transform ambition into lasting performance.

Our Investment Approach

Our investment approach focuses on long-term growth, strategic decision-making, careful market analysis, and building sustainable value through disciplined planning.

Empowering Entrepreneurial Ownership:

Novadvice builds long-term value by backing entrepreneur-operators who acquire and lead established SMEs. Through disciplined sourcing, structuring, and governance, we turn entrepreneurial ambition into sustainable growth.

NovEtA Investments

(Novadvice Entrepreneurship Through Acquisition)

Novadvice invests in search fund entrepreneurs and ETA operators through its NovEtA vintages in Europe and North America. We provide capital, deal structuring expertise, and active board-level involvement to help operators acquire, lead, and grow resilient, profitable SMEs — from the search phase through to exit.

Direct Majority Investments:

Novadvice partners directly with entrepreneurs to acquire control stakes in profitable B2B companies, combining disciplined deal structuring, hands-on governance, and long-term value creation.

20 Investments completed
80+ Entrepreneurs backed
12 Countries active

Novadvice blends entrepreneurial vision with investment discipline. We actively support entrepreneurs through rigorous selection, hands-on governance, a focus on durable value creation.

Strategic Growth Through Acquisition

Empowering the Next Generation of Business Leaders

This long-term alignment, forged through transparency, multiple cycles, successful exits, and a diversified track record, is at the core of how we protect our investors best interests, and create enduring value.

Trusted Client Experiences

Hear from clients who trusted our team to deliver thoughtful solutions, exceptional service, and results that exceeded expectations consistently.

Novadvice stood out with high reliability, professionalism and clarity, combined with a human, empathetic touch. Always responsive when needed, critical yet constructive when required, what stood out most was their genuine interest and willingness to listen. To go further, we'd love to see them leverage their network and ecosystem of operators and CEOs, sharing proven best practices, tools and software (consolidation, BI, CRM) that address the typical shortfalls SMEs face EU-wide.

Philipp Niemann
CEO of SOS Software Service

NovEtA entered my cap table when I had an equity gap before acquisition. María Pardo joined the Board from the start and soon became its chair, always focused on understanding the business challenges and offering constructive advice. She interacts frequently and directly with me and our executives, unlike most other investors, who are passive. On sensitive topics, I would want changes raised with the Searcher first in a constructive discussion, rather than communicated directly to the whole cap table.

George Berczely
CEO of Seyses

Novadvice was a thoughtful sparring partner from the first investment idea, through active board work, all the way to exit. What set them apart was speed and substance combined, quick turnaround on both strategic and administrative matters, always grounded in real market understanding. Adrian Carniol brought sharp market insight, helped us pressure-test strategic alternatives, and was always available when our team needed a second opinion on tricky distribution or marketing calls.

Waldemar Pilch
CEO of Adex Cosmetics

Frequently asked questions

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What is Novadvice?

Novadvice is an investment boutique focused on Entrepreneurship Through Acquisition (ETA). We partner with entrepreneurs and investors to acquire and grow established SMEs across Europe and North America.

What is a search fund and how does it work?

A search fund is an investment vehicle in which an entrepreneur — the "searcher" — raises capital from investors to fund the search for a small or medium-sized business to acquire. Once a target is identified, the investors finance the acquisition. The searcher becomes CEO of the acquired company and receives an equity stake. Novadvice supports search fund entrepreneurs through its NovEtA vintages in Europe and North America.

What is the difference between ETA and traditional private equity?

ETA places an entrepreneur-operator at the helm of the acquired company, with a long-term commitment of 5 to 10 years. Traditional private equity typically involves a fund that acquires, optimises, and sells within 3 to 7 years without direct operational management. At Novadvice, we combine the rigour of institutional private equity with entrepreneurial involvement — our managing partners serve on the board of directors of every portfolio company.

How does Novadvice invest in search funds?

Through its NovEtA vintages, Novadvice backs search fund entrepreneurs from sourcing to acquisition and beyond, providing both capital and strategic governance support.

What types of SMEs does Novadvice target in its NovEtA strategy?

Novadvice targets established SMEs with a track record of profitability, active in growing sectors, and typically sold because of a succession challenge. We focus on defensible market positions, recurring revenues, and clear growth potential — with a preference for large, fragmented industries. We are sector-agnostic but disciplined on business quality, with a portfolio spanning pharma, manufacturing, logistics, food supplements, software distribution, healthcare and more.

What support does Novadvice provide after the acquisition?

After closing, Novadvice remains actively involved through: (1) representation on the board of directors, and (2) strategic support for key decisions such as external growth, financing, and exit. Our goal is to help every acquired SME become a leading company in its sector.

Why is the search fund model particularly attractive in Europe in 2026?

Europe faces the largest company succession wave in history. Approximately 3 million European companies will need to change hands by 2030 as Baby Boomer entrepreneurs retire — the "silver tsunami". With 14 million family-owned SMEs across Europe and 58% having no succession plan in place, this creates a historic investment opportunity. Search fund entrepreneurs — mid-career professionals ready to acquire and lead these businesses — are ideally positioned to preserve value, safeguard jobs, and unlock growth in companies that might otherwise disappear or be absorbed by pure financial buyers. Novadvice, active in 12 countries with over 15 years of experience, is well-positioned to capitalise on this opportunity.

Where is Novadvice based and where does it operate?

Novadvice is headquartered in Brussels, Belgium (Chaussée de la Hulpe 177, 1170), with investments in companies operating across 12 countries in Europe and North America.

Investing in the Bright Future of ETA

Through our NovEtA strategy, Novadvice partners with ambitious entrepreneurs to acquire and grow proven SMEs.

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