Novastone Capital Advisors

Novastone Capital Advisors (NCA) is a global investment firm specializing in solving succession challenges for small to medium-sized enterprises (SMEs) through its proprietary Operator-Led Search Fund Program. Founded in 2019, the firm partners with experienced mid-career operators possessing approximately 10 years of industry experience to identify, acquire, and grow privately held companies across Europe, the United States, and Canada. Unlike traditional search funds that focus on MBA graduates entering entrepreneurship for the first time, NCA's differentiated model backs seasoned professionals who have already demonstrated operational excellence in their respective industries. The firm provides comprehensive support throughout the acquisition journey, including search financing, deal structuring, investor syndication, due diligence assistance, and post-acquisition growth management. Since its inception, NCA has partnered with over 70 searchers and completed 27 acquisitions representing approximately $455 million in enterprise value. The firm's typical deal size ranges from $15 to $40 million in enterprise value, with target companies generating EBITDA between $2.5 and $7 million. NCA's portfolio spans 27 companies across 11 countries and 11 industries, including sectors such as renewable energy, industrial automation, logistics, engineering services, and consumer goods. Notable portfolio companies include Western Solar (Canadian solar integrator), The IAR Group (industrial automation and robotics), Green Logistics (third-party logistics provider in the Netherlands), SEYSES (renewable energy engineering services), and Chapter One Inc. (contemporary fashion). The firm's approach emphasizes long-term value creation and business legacy preservation, with searchers typically becoming the largest shareholders at acquisition close. NCA's operational structure includes a team of 50 full-time employees with over 100,000 direct connections to business owners globally. The firm maintains partnerships with leading business schools to source high-caliber entrepreneurial talent and provides a structured 24-month search phase during which operators develop acquisition theses, identify targets, and prepare deals for closing. The firm actively co-invests in acquisitions alongside external capital providers, including high-net-worth individuals, family offices, and institutional funds. Searchers receive competitive compensation during the search phase and equity incentives at acquisition, with initial equity stakes of 10 percent that can increase to 20 percent upon achievement of investor IRR milestones. Post-acquisition, NCA provides ongoing portfolio company support through active board involvement, operational guidance, and financial advisory services to drive growth, operational excellence, digitalization, and revenue expansion.