HomeResearch & Knowledgeback to HomeEntrepreneurshipback to Research & KnowledgeEntrepreneurship through acquisition: Vanessa Monestel’s search fundback to Entrepreneurship

Case Study

Entrepreneurship through acquisition: Vanessa Monestel’s search fund

By Benoit F. Leleux, Joseph Kovacs, Kristel Rouiller, Sebastien Braun and Thierry Meouchi

16 pages

November 2024

Order this case study

Reference: IMD-7-2514

GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquire, conducted with the support of Novastone Capital Advisors’ (NCA) Entrepreneurship through Acquisition (ETA) program. The signed LOI was not the end of the story but the beginning of the next phases, namely successfully completing the due diligence, putting together the financing package, signing the purchase agreement (DPA ) and hopefully finally running the company as its new CEO. The journey to that point had proved the emotional rollercoaster. The frustration of the “deals that got away” soon passed with the excitement of the next one that came up; nothing tempered her enthusiasm to acquire and run her own company..

Learning Objective

Understand the characteristics of various forms of search funds and other mechanisms to effect an acquisition
How to conduct a professional search for a company to acquire?
Elaborate the profile of the ideal buyout target.
What is the experience of the supported searcher?
Discover the complexities inherent to an acquisition in the luxury sector.

Keywords

Entrepreneurship, Finance, Strategy, Search Fund, Acquisition, Buyout, Small and Medium-sized Enterprise, Mergers and Acquisitions, Private Equity

Settings

Europe
Novastone Capital Advisors, Finance and Insurance, Private Equity
2020-2023

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Keep reading

Article

Convenience store takeover: does 7-Eleven bid herald an unprecedented wave of M&A in Japan?

Bid for iconic Japanese convenience store chain could mean beginning of foreign M&As in Japan

Strategy

By Patrick Reinmoeller

in I by IMD

Article

How to shift managers’ focus from short-term profit to long-term social impact

Engaging long-term institutional investors and financial analysts can curb excesses of managerial short-termism and boost corporate social performance, argue Stephen Smulowitz, Didier Cossin, and Abraham Hongze Lu.

Finance

By Stephen Smulowitz, Didier Cossin and Abraham Hongze Lu

in I by IMD

Article

What pension funds could learn from Yale

Pension funds can unlock the potential of venture capital by adapting the successful endowment model, managing risks and illiquidity for long-term growth and stability.

Economics Finance Growth Strategy Venture Capital

By Raphaël Grieco

in I by IMD

Article

From pledge to performance: using design thinking to achieve sustainability goals

How business design thinking can transform sustainability strategies into actionable plans.

Business Transformation Innovation Organizational Change Strategy Sustainability

By Morten B. Pedersen and Jan van der Kaaij

in I by IMD

Article

The mandate for innovation: Setting the stage for success

Getting buy-in for a clear mandate can transform your organization's approach to innovation. The first in a three part series of articles looking at the complexities of corporate innovation,

Strategy

By Joep de Caluwé and Stephen Parkins

in I by IMD

Case Study

Entrepreneurship through acquisition: Vanessa Monestel’s search fund

Entrepreneurship Finance Strategy

By Benoit F. Leleux, Joseph Kovacs, Kristel Rouiller, Sebastien Braun and Thierry Meouchi

Video

“Take risks. Take decisions. Learn, adapt, and move forward.”

The former CEO of Shell and Chairman of the Board of Directors at ABB and PSA shares his personal insights from leading companies through crisis

Business Transformation Communication Crisis Management Leadership Strategy Team Dynamics

By Peter Voser

in I by IMD

Case Study

Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquir...

Entrepreneurship Finance Strategy

By Benoit F. Leleux, Dominik Hanslin, Iuliia Mordacheva, Matthias Rey and Frank Schuster

Case Study

Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability

The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 1...

Entrepreneurship Sustainability Diversity and Equity and Inclusion

By Vanina Farber, María Helena Jaén, Jose Mello, Lilian de Miranda, Patricia Araripe, Peter Munk Laursen and Rabia Chishti

Article

‘Defiant Optimism’ is what is needed to bring about a more sustainable, inclusive world

We need to rethink traditional models of finance if we are to achieve a sustainable and inclusive future, argues Durreen Shahnaz, founder & CEO of Impact Investment Exchange (IIX).

Sustainability Finance

By Durreen Shahnaz

in I by IMD

19 November 2024

What pension funds could learn from Yale

By Raphaël Grieco
in I by IMD

Summary

Pension funds can unlock the potential of venture capital by adapting the successful endowment model, managing risks and illiquidity for long-term growth and stability.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Economics

Finance

Growth

Strategy

Venture Capital

Browse all topics

From pledge to performance: using design thinking to achieve sustainability goals

By Morten B. Pedersen and Jan van der Kaaij
in I by IMD

Summary

How business design thinking can transform sustainability strategies into actionable plans.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Business Transformation

Innovation

Organizational Change

Strategy

Sustainability

Browse all topics

Entrepreneurship through acquisition: Vanessa Monestel’s search fund

By Benoit F. Leleux Joseph Kovacs Kristel Rouiller Sebastien Braun and Thierry Meouchi
Case reference: IMD-7-2514 ©2024

Summary

Reference IMD-7-2514

Organization Novastone Capital Advisors

Industry Finance and Insurance, Private Equity

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Finance

Strategy

Browse all topics

“Take risks. Take decisions. Learn, adapt, and move forward.”

By Peter Voser
in I by IMD

Summary

The former CEO of Shell and Chairman of the Board of Directors at ABB and PSA shares his personal insights from leading companies through crisis

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Business Transformation

Communication

Crisis Management

Leadership

Strategy

Team Dynamics

Browse all topics

Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

By Benoit F. Leleux Dominik Hanslin Iuliia Mordacheva Matthias Rey and Frank Schuster
Case reference: IMD-7-2515 ©2024

Summary

Reference IMD-7-2515

Organization IAR Group

Industry Finance and Insurance, Private Equity

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Finance

Strategy

Browse all topics

Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability

By Vanina Farber María Helena Jaén Jose Mello Lilian de Miranda Patricia Araripe Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613 ©2024

Summary

Reference IMD-7-2613

Organization Rede Mulher Empreendedora

Industry Services

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Sustainability

Diversity and Equity and Inclusion

Browse all topics