PAN-EUROPEAN SME PRIVATE EQUITY · CURRENTLY IN FORMATION
The most undervalued opportunity in European private equity is hiding in plain sight.
THE THESIS
The generation of entrepreneurs who built Europe’s SME economy over four decades is reaching retirement age. Most have no succession plan.
Across the UK and Continental Europe, hundreds of thousands of these businesses will change hands over the next decade — most profitable, cash-generative, and market-leading in their niches. We see proven cash flow and operational upside that embedded finance and AI can unlock. We buy at fair value, honour the founder’s legacy, and build from there.
€1tn+
Estimated value of the European SME succession problem
£1–5m
EBITDA range of target businesses — proven, consistent free cash flow
100%
Focus on legacy — we hold and build, we do not flip
Our Investment Criteria
Established SMEs with consistent free cash flow — typically £1m–£5m EBITDA
Market-leading position in a niche with room to grow or consolidate
Business owners who are ready to retire and seeking the right successor
No natural internal succession — the founder’s dream at risk of being lost
Businesses where embedded finance, operational efficiency, or AI creates meaningful upside
What We Do After Acquisition
Install an experienced operator
A new CEO who shares the founder’s values and can take the business to its next phase.
Embed financial technology
Modernising payments, treasury, and reporting to release working capital and improve margins.
Deploy AI where it creates real efficiency
Not for its own sake, but where it reduces cost, accelerates decisions, or opens revenue channels.
Build systems and processes
The operational playbooks that let a founder-led business scale without the founder.
Pursue selective adjacencies
Bolt-on acquisitions or partnerships that extend into adjacent markets or segments.
Why TL Marchmont for this strategy
Joseph Norena scaled Builder.ai from 250 to over 1,000 employees across eight countries as COO. Pedram Parhizkari has led capital raising and investment strategy across PE, VC, and private markets. Joerg Sponer has spent two decades evaluating long-term value creation across global markets. Jim Turley and Rashid Hoosenally spent combined decades as Managing Directors at Deutsche Bank.
The Silver Tsunami Fund requires exactly this combination: capital markets sophistication, operational depth, and the patience of long-term value investors. We have all three.
FOR FOUNDERS
If you have built a business you are proud of and want to see it continue and grow — not be absorbed, stripped, or closed — we want to speak with you. The conversation is confidential, obligation-free, and led by partners who understand what it took to build what you have.
FOR INVESTORS
The strategy offers something rare in private equity: strong downside protection — you are acquiring proven cash flow, not a growth story — combined with operational upside from a team with genuine operating experience. If you are interested in co-investment or LP participation, we would welcome the conversation.
The Silver Tsunami Fund is currently in formation. Interested investors and business owners should contact the team directly.