Grupo Santa Marta

What Grupo Santa Marta does

Grupo Santa Marta (legal entity Santa Marta Servicios Profesionales, S.L.) is a permanent capital family office headquartered in Madrid, Spain that invests in and actively partners with search fund entrepreneurs acquiring small and mid-sized Spanish businesses. The firm invests across the full search fund lifecycle — from search capital through acquisition, ownership, and exit — alongside family offices and individual co-investors, taking minority or control positions depending on governance structure. Its core products are Search Fund Investment (equity partnership with searchers), Acquisition Equity (cap table design at closing), Equity Gap Solutions (15-30 day bridge equity for shortfalls), and Operational Partnership (active post-closing board involvement and first 100-day operational cadence).

The portfolio comprises SM Agro (agriculture), Torrelaguna (real estate and short-term rental hospitality), Pentatel (audiovisual production), Itegra (digital claims platform for sports federations), and Cartondis (industrial corrugated packaging), plus a strategic US partnership via Mosaic ETA. Go-to-market is sales-led and community-led, relying on IESE Business School network ties, the Bennu search fund accelerator, and direct outreach to Spanish SMB owners in succession scenarios. The firm evaluates 40-60 opportunities annually and closes 1-2, reflecting a deliberately selective posture.

The team is led by Managing Partner Manolo Moreno (operator background including time in the Alpine Investors ecosystem), Senior Advisor Santiago Prieto (20+ years of M&A, 50+ completed transactions, Partner at Socios Corporate Finance), and Operations & Finance principal Inmaculada Hernández. The firm maintains direct relationships with the major Spanish bank financing units (Santander, BBVA, Caixabank, Sabadell) for acquisition lending. Permanent capital structure, lack of fund clock, and high operator involvement are positioned as differentiators against traditional PE fund models.

Name

Grupo Santa Marta

Legal name

Santa Marta Servicios Profesionales, S.L.

Website

https://gruposantamarta.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Grupo Santa Marta is a Madrid-based permanent capital family office that partners with search fund entrepreneurs acquiring Spanish SMBs, providing equity, equity gap solutions, and active board-level operational support across the full acquisition lifecycle, alongside family office co-investors.

Ownership category

akta.pro rank

Product category

Search Fund Investment / Private Equity

NAICS

Portfolio Management and Investment Advice (523940), Management Consulting Services (54161)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH)

akta.pro secondary industry

Corporate Strategy Advisory (BPAHADAA)

Keywords

• Search fund investment
• SME acquisition financing
• Equity gap solutions
• Permanent capital partnership
• Business succession investing

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Returns from Portfolio Companies: Generates returns through equity appreciation and exit proceeds from portfolio company investments. Invests from search capital through acquisition equity and equity gap solutions. Revenue derived from successful exits and ongoing value creation in portfolio companies.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Grupo Santa Marta operates as a permanent capital family office that invests in search fund entrepreneurs acquiring privately held SMEs in Spain. Core offerings include Search Fund Investment capital, Acquisition Equity for closing, Equity Gap Solutions to bridge cap table shortfalls, and Operational Partnership through active board involvement. The firm typically evaluates 40-60 opportunities per year and closes 1-2 investments, holding positions alongside family office co-investors.

Product overview

Grupo Santa Marta operates as a permanent capital family office providing full lifecycle investment services for search fund acquisitions in Spain. The core offering consists of four integrated investment products: Search Fund Investment (partnering with entrepreneurs raising capital to acquire SMEs), Acquisition Equity (direct equity investment at closing with cap table design), Equity Gap Solutions (bridge capital when investor commitments don't close), and Operational Partnership (active post-acquisition board involvement). Their portfolio includes six portfolio companies: SM Agro (agriculture), Torrelaguna (real estate/hospitality), Pentatel (audiovisual production), Itegra (insurtech/digital claims), Cartondis (industrial packaging), and Mosaic ETA (U.S. search fund strategic partnership).

Differentiator

Problem solved

Functional benefit

Brands

• Mosaic ETA: Strategic partnership with US Search Funds, backing underrepresented searchers across the US acquiring industrial and services businesses.

Products and services

• Search Fund Investment Investment vehicle partnering with entrepreneurs (searchers) who raise capital to find, acquire, and operate a single privately held SME business in Spain. The firm invests across the full lifecycle — traditional search funds, self-funded search funds, succession-driven acquisitions, and ETA structures.
• Acquisition Equity Equity investment alongside searchers at acquisition closing, designing durable cap tables with conservative leverage, clear governance structures, seller financing, earn-outs, and equity rollover to preserve long-term alignment between all stakeholders.
• Equity Gap Solutions Bridge financing to complete acquisitions when cap table investors do not confirm full commitments, providing 15-30 day gap closure with committed capital. Designed to remove closing risk and allow searchers to proceed with certainty.
• Operational Partnership Active board-level involvement post-acquisition, including first 100-day operational cadence, KPI dashboard setup, cash management discipline, hiring guidance, and continuous strategic support through exit.

Quantifiable outcome

• 35.1% aggregate pre-tax IRR across all search funds globally
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and supporting.

• Mosaic ETAcoreStrategic or Co-development PartnerThrough Mosaic ETA, Grupo Santa Marta backs underrepresented searchers across the US acquiring industrial and services businesses. Applies the operator-first thesis to the American market, creating a transatlantic ETA network. This partnership extends GSM's reach beyond Spain into the US search fund ecosystem.
• BennusupportingStrategic or Co-development PartnerStructured search fund accelerator helping pre-search entrepreneurs build skills, networks, and materials needed to launch credible search. Not a capital provider in traditional sense, but meaningful entry point for first-time searchers. GSM often collaborates and works alongside Bennu in the Spanish ecosystem.
• Socios Corporate FinancesupportingImplementation/ SI/ Consulting PartnerSantiago Prieto, Senior Advisor M&A at Grupo Santa Marta, is currently Partner at Socios Corporate Finance, advising on buy-side and sell-side mandates for SMEs and mid-market companies in Spain.
• IESE Business SchoolsupportingStrategic or Co-development PartnerGSM is embedded in IESE's search fund ecosystem. IESE was first business school outside North America to offer dedicated search fund course. Hosts the biennial International Search Fund Conference (6th edition, Barcelona, October 2024).

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Others

• IESE Business School: Top European business school and key ecosystem partner named in GSM data. Host the biennial International Search Fund Conference and the first dedicated search fund course outside North America. Functions as ecosystem enabler and deal flow source rather than direct capital competitor.
• Socios Corporate Finance: Spanish M&A advisory firm where GSM's Senior Advisor Santiago Prieto is currently Partner. Advises on buy-side and sell-side mandates for Spanish SMEs and mid-market companies. Operates in the same deal ecosystem but as advisor rather than principal investor.

Direct peers

• Pebble Equity: European search fund investor supporting operators acquiring SMEs. Similar permanent capital model and focus on partnership with searchers across continental European markets.
• Acumen Capital: Search fund investor focused on backing operators acquiring SMBs in North America. Similar partnership model with active board involvement and equity gap solutions at closing.
• Mosaic ETA: US search fund partnership explicitly described as a GSM strategic partnership backing underrepresented searchers. Same operator-first investment thesis applied to American SMB acquisitions, making it the closest direct comparable despite operating in different geography.
• Pioneer Search Fund Capital: Specialized search fund investor providing equity capital to entrepreneurs acquiring SMEs. Similar focus on operator-led acquisitions and permanent capital partnership approach.
• Pivot Investment Partners: Search fund investor providing equity capital and operational support to searchers acquiring SMBs. Comparable investment model focusing on partnership with first-time operators and active post-close involvement.
• Bennu: Spanish search fund accelerator explicitly named as a GSM partner in the data. Bennu helps pre-search entrepreneurs build skills and networks to launch credible searches, sitting earlier in the funnel than GSM. Both operate exclusively in the Spanish search fund ecosystem with IESE affiliation.
• Helmsley Capital: US search fund investor backing entrepreneurs acquiring SMBs. Operates with similar permanent capital, operator-led principles and partnership with searchers across the acquisition lifecycle. Comparable in stage, size, and investment approach to GSM.

Broad incumbents

• Alpine Investors: US-based PE firm with a long-standing search fund program and operator-led investment approach. Manolo Moreno operated within the Alpine ecosystem before founding GSM, making Alpine a direct lineage comparable. Alpine is much larger and operates across multiple strategies including healthcare and tech-enabled services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gruposantamarta

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo Santa Marta