Continuum is a search fund formed to identify, acquire, and personally operate an existing small or medium sized private company in the Czech Republic or Slovakia for a long-term period.
We are focused on acquisition opportunities around the succession of primary business owners, absentee owners, management transitions and carve-outs that meet specific criteria.
- Primary location in the Czech Republic or Slovakia
- Business services, or highly-engineered manufacturing industry preference
- Low CAPEX requirements
- Majority of revenues reoccuring
- Non-regulated industry
- Concentrated or single ownership willing to sell 70%+
- Annual sales greater than CZK 120 million (€5 million)
- Minimum operating profit margin of 15%
- Profitable last three years
- Cash flow positive last three years
CONTINUUM IS THE NEXT YOU
Our sole purpose is to operate and grow a single business - yours. To private equity, you are just one of many assets in a portfolio. To a competitor, you are a division within the primary company.
We commit all our energy and resources to ensure long term success of your company and preserve its legacy for the benefit of its customers, employees, and the community.
Because our principals execute every step of the acquisition process and then assume successor management, owners interact with their potential replacements from day one.
Continuum is a search fund, an investment model that empowers small to medium sized businesses. Continuum offers liquidity, world-class management talent, international access, and experienced capital providers who mentor the engagement team via a board of directors.
Continuum is led by two search principals backed by an international group of investors from the U.S., U.K., and D-A-CH region. The principals are responsible for conducting a methodical search for acquisition targets, which are then vetted by advisers as potential personal investments. Our adviser base includes former executives, entrepreneurs, search fund investors, and professionals with expertise in Central and Eastern Europe. Our principals have professional experience in Europe as well as in the U.S. and globally, and are well versed in M&A transactions, capital raising, and line management.
Ivona was most recently a VP at Magnitude Capital, an investment firm in New York. Prior to attending business school, Ivona was an established equity analyst for Next Finance in Prague, Czech Republic, a popular television and radio commentator on economic topics, and served on the National Economic Council for the Czech government. She founded and ran The Czech Sport Horse, an international horse import business connecting North American equestrians with Czech breeders.
Ivona has a Bachelors, Masters. and PhDr. in economic theories, finance and financial markets, and economics, respectively, from Charles University in Prague. She has a Masters in economics from the University of Warsaw in Poland, and an MBA from the Kellogg School of Management in entrepreneurship and innovation, and management and organizations.
Language: Czech (native), Slovak (fluent), English (fluent), German (intermediate), Polish (basic)
Corbin was most recently a credit and restructuring management consultant at Zolfo Cooper, where he focused on distressed M&A transactions, creditor negotiations and operational turnarounds. Previously, he spent two years as an investment banker at BMO Capital Markets in both the Leveraged Finance and Equity Capital Markets groups in New York, and executed capital raises for industrial, consumer, real estate, and energy clients. He transitioned into finance after serving six years in the United States Marine Corps and U.S. State Department including postings to Iraq, Germany, and several countries in West Africa.
Corbin has a B.A. in physics and German Language and Literature with honors from Hamilton College in Clinton, New York, and an MBA from the Kellogg School of Management in analytical finance, accounting and international business.
Language: English (native), German (fluent), Czech (basic)
We are actively looking to partner with professionals across the Czech Republic and Slovakia. We understand business advisers can be invaluable brokers of information and potential transactions, and these relationships can yield anything from a traditional finders-fee to years of follow-on business supporting an acquired company. We are especially interested in meeting with:
- Commercial and Transaction Lawyers
- Bankers and M&A Professionals
- Management / Business Consultants
- Business Brokers
- IT Consultants
- Industry Association Executives
- Foreign Direct Investment Professionals
- Investment Professionals
- Continuum doesn’t invest in a portfolio of firms, but instead, carefully chooses one firm to buy and grow as the new management team, summarizes Ivona Hrušová Butcher for Forbes:
„Founders are often worried about the sale of their company. In the case of a sale to competition, they worry the brand will vanish or be subordinated to the mother company. In case of a sale to private equity, they worry about cost cutting, firing of long time employees and so on." (Forbes Online.)
- Why did Ivona choose to return to Czech and what is purpose of Continuum? Ivona clarifies in an interview with Investujeme.cz:
„A company without a successor, that is profitable, promising and has a potential to grow abroad. That’s the company we are targeting and would like to overtake.“ (Investujeme.cz)
„Even if you have a great job on Wall Street, when you come home at night and reflect on your day, you see that most activities involve shuffling money from investor to investor... you just cant see a concrete positive impact on people. Perhaps in your team but not a broader impact on community.” (Investujeme.cz)
- Our belief that ethical behavior will be reflected in long term success – personal, entrepreneurial and investment commentary for Hospodářské noviny:
„Ethical behavior in entrepreneurship isn't anything other than behaving humanly and considerately in your environment ... Successful companies have acted this way for long time and their success is based on the values with which they've established strong corporate cultures.“ (ihned.cz)
- Continuum is an example of a husband and wife entrepreneuship team and is mentioned by Jim Sharpe, Harvard professor and search fund supporter:
„35% of family-owned businesses in the USA are run by husband/wife teams. Overall, husband/wife teams experience greater income gains and are more productive than solo entrepreneurs.“ (Jim Sharpe Blog)
- We discussed the search fund concept and Continuum investors with Kurzy.cz
"Selling to Continuum is company's ticket to another generation of entrepreneurial success." (kurzy.cz)
- Ivona discussed the great potential of Czech and Slovak SMEs with Ekonomicky Magazin.
“Companies often don’t make it abroad despite having a world-class product." (EM.cz)
If you are business owner or representative, we look forward to hearing from you. If your business generally fits our criteria, we will arrange for a short call at your convenience to discuss your situation, answer any questions, and propose next steps. Please feel free to contact our principals Corbin and Ivona directly, call us at +420 732 685 897, or simply use the form below.
We also look forward to hearing from anyone interested in cooperation, referrals, or just interested in learning more about Continuum and search funds, and will follow up accordingly.