Are you a Business Owner Planning your next Chapter?
Are you thinking about succession or exploring new opportunities?
Are you a Business Owner Planning your next Chapter?
Are you thinking about succession or exploring new opportunities?
My name is António Carvalho, I am an entrepreneur leading a search to acquire and grow a healthcare-focused SME in Switzerland or Portugal. Operating as a search funder, I am committed to preserving the founder's legacy and building long-term value.
My Search - Market Segments Include
Healthcare Services
Contract Development & Manufacturing (CDMO)
Healthcare & Enabling Tech
Targeting healthcare businesses that provide essential services and have built strong, local reputations. Firms that benefit from high trust, recurring revenue, and operational stability.
Typical targets include:
- Outpatient clinics, diagnostic centers, and specialty practices
- Pharmacies with strong community ties and customer loyalty
- Preventive care, rehabilitation, and wellness providers
- Founder-led businesses with room for professionalization and growth
- Opportunities to enhance efficiency, digital tools, and regional expansion
Healthcare & Enabling Tech
Contract Development & Manufacturing (CDMO)
Healthcare & Enabling Tech
Particularly interested in businesses that harness technology to improve healthcare delivery, operations, or access. This includes both clinical and enabling technologies.
Key areas of interest:
- Medical devices with clinical relevance and scalable potential
- Digital health and health IT platforms
- Technology platforms supporting pharma, providers, or payers
- Niche B2B or SaaS solutions with loyal customer bases and strong growth potential
- Opportunities to optimize commercial strategy and expand internationally
Contract Development & Manufacturing (CDMO)
Contract Development & Manufacturing (CDMO)
Contract Development & Manufacturing (CDMO)
Actively seeking high-quality CDMOs serving the nutraceutical, branded OTC or cosmeceutical sectors — especially those with technical know-how and customer trust.
Typical targets may include:
- Specialized formulation, small-batch production, or packaging
- Companies offering R&D, regulatory, or customized development support
- Businesses with recurring contracts and strong client relationships
- Potential for operational optimization, capacity expansion, or consolidation
- Founders looking for a partner who will respect and build on their legacy
My Search - SME Target Profile
Revenue
Customer Base
Revenue
EUR 3 - 25 Million p.a.
| Growth >5%
EBITDA
Customer Base
Revenue
EUR 0.6 - 5 Million p.a.
| EBITDA margin > 15%
Customer Base
Customer Base
Customer Base
Loyal & stable growth
| Retention >80%
About ME - António Carvalho
MY PROFILE
I was born in Lisbon, Portugal and I have lived in Switzerland since 2005. Over the past 25+ years, I’ve built an international career leading businesses across EMEA, Latin America, and Asia. I have held leadership roles in Pharmaceuticals (both prescription and consumer health), MedTech, and Digital Platforms—working with both multinationals and entrepreneurial SMEs.
I’m passionate about developing strong, collaborative teams and partnerships, fostering a customer-focused culture, while driving sustainable growth through innovation and operational excellence.
I’m an alumnus of Harvard Business School (GMP 14) and Cardiff Business School (MBA’95).
On the personal side, I enjoy sports, spending time in nature, and being with my family and friends.
MY CONTRIBUTION
I bring practical, hands-on experience in scaling and transforming businesses—both organically and through M&A—across global leading companies, SMEs, and entrepreneurial ventures. This combination of experiences allows me to blend the strategic focus of big organisations with the agility and pragmatism of smaller businesses.
With a solid foundation in commercial and CDMO operations across different healthcare segments—combined with a strong expertise of go-to-market strategies across different channels—I support companies in growing efficiently while building on what makes them distinctive.
I am committed to preserving the founder’s legacy, empowering teams, and leading the company into its next phase of development—creating lasting value for employees, customers, and shareholders.
MY SKILLS
♟️ Strategy & Hans-on Execution
🤝 Adaptable Leadership
⚙️ B2C Brand Building & B2B CDMO Operations
🏥 Healthcare Expertise
📈 Value Creation Mindset
MY PROFESSIONAL BACKGROUND
Healthcare SME & Entrepreneur
• Managing Partner, AC Capital Partners | Since 2025
• Chief Commercial Officer, Skin Vision
• General Manager EMEA, SFI Health
• Founder & Managing Partner, Wonders MedTech
• Owner of a boutique Real Estate Investments office with 22 assets under management.
Global Pharmaceuticals
• Head of International, iHealth, DSM-Firmenich
• Vice President, Emerging Markets, Novartis
• Global Business Development Director, NYC
• Global & Country Brand Manager, Novartis
Fast-Moving-Consumer-Goods (FMCG)
• Category Development Manager, Colgate
• Product Manager, PepsiCo
My Blog
Owners' Frequently Asked Questions
Please reach us at antonio.carvalho@accapitalpartners.ch if you cannot find an answer to your question.
Succession is a key milestone for any business owner, and identifying the right successor is often one of the most difficult decisions — particularly when there is no clear plan within the family or management team.
A search funder offers an alternative path: an experienced entrepreneur, supported by long-term investors, who acquires and takes on the leadership of a single company. The focus is not on financial restructuring, but on continuity — building on what already works, retaining the team, and respecting the company’s legacy.
This approach is particularly well-suited for founders who want to ensure their company remains independent, continues to serve its customers, and grows sustainably under new leadership.
To learn more, please explore the Insights and Resources section of this site, where you’ll find articles and reports from institutions such as IESE and INSEAD on SME succession and entrepreneurial acquisition models.
Acquiring an established SME offers the opportunity to build on a proven business with a strong foundation, loyal customers, and experienced teams. Rather than starting from zero, I see value in continuing your successful journey. This approach enables continuity and supports faster, more sustainable value creation,— benefiting all stakeholders.
It begins with an informal and confidential conversation to get to know each other. This is an opportunity to explore your journey, your goals, and determine if there’s a good common interest
If we decide to pursue the opportunity, the process typically includes:
- A financial and operational review
- A non-binding Letter of Intent (LOI) to outline key terms and intentions
- Business due diligence
- Agreement on key terms and structure
- A jointly defined transition plan
The timeline and pace are adaptable to your needs. My aim is to make the process transparent, respectful, and aligned with your long-term goals.
Valuation depends on factors like financial performance, customer retention, growth potential, and market dynamics. I aim for a fair and transparent discussion, focused on long-term value creation for all parties.
The acquisition is typically financed through a mix of my own capital, investor equity, and - where appropriate - bank or seller financing. This combination ensures flexibility, alignment, and financial stability.
AC Capital Partners is a Swiss succession-focused investment initiative led by Antonio Carvalho. It operates as a search fund — a structured approach in which an entrepreneur seeks to acquire and lead a small or mid-sized business for the long term.
The entity is currently being formalized and will serve as the platform for evaluating, acquiring, and managing a healthcare SME in Switzerland or Portugal. AC Capital Partners combines hands-on leadership with the support of committed investors and experienced advisors to ensure an efficient transition and sustained growth for the acquired company.
People are at the heart of every successful company. I aim to work with the existing team, understand what's working, and support continuity where possible. Naturally, some evolution may be needed as the business grows, but any change would be approached thoughtfully and with respect.
Every founder brings a unique vision and culture. I take time to understand what matters most to you and what has made the company successful, so that the next chapter builds on those strengths with continuity and care.
The priority is to strengthen the existing business. If international growth is appropriate and aligned with the team's capabilities and ambition, it can be considered thoughtfully and with the right plan and resources.
This is a long-term commitment. I intend to take an active leadership role and work closely with the team to build sustainable growth over time.
I offer a long-term, hands-on approach, based on 25+ years of experience across leading healthcare companies, SMEs, and as an entrepreneur. This gives me a balanced perspective: the structure and discipline of large organisations, combined with the agility and pragmatism of running smaller businesses. Unlike some private equity, my focus is not on short-term returns or restructuring, but on continuity, team support, and building on the founder’s legacy.
I work with a network of legal, financial, and industry professionals in Switzerland and Portugal to support the search, due diligence, valuation, and deal execution. I also collaborate with financing institutions, banks, and committed investors to structure each transaction responsibly and transparently.
That’s entirely up to you. Every founder has a different vision for what comes next, and I respect that deeply. Some owners wish to step back and focus on life beyond the business, while others prefer to remain involved for a transition period or in an advisory role. I’m open to finding the path that works best for you and ensures continuity for your team, your customers, and your legacy.
INVESTOR's Frequently Asked Questions
Please reach us at antonio.carvalho@accapitalpartners.ch if you cannot find an answer to your question.
A search fund is an entrepreneurial investment model where an operator raises capital to search for, acquire, and lead a single private company. Investors support the search, acquisition, and long-term growth journey,- typically over a 5-7 year period.
Investing alongside a search funder offers a distinctive opportunity to partner with a highly motivated entrepreneur in acquiring and operating a well-established SME — typically a profitable, stable company navigating succession or leadership transition.
Unlike traditional private equity, a search funder takes a hands-on, long-term approach, assuming day-to-day leadership of a single company. The focus is on sustainable value creation through operational excellence, not financial restructuring. This model allows for direct alignment between investor and operator, lower entry valuations, and exposure to attractive, underserved markets — particularly in fragmented sectors such as healthcare.
For investors seeking both solid returns and a meaningful impact on business continuity, the search funder model presents a compelling alternative.
To learn more, please visit the Insights & Resources section of this site to access curated articles and studies from institutions such as IESE, INSEAD, and others.
I am currently self-funding the early stage of my search to remain focused and flexible. As the process advances, I’m open to partnering with committed investors to support the continuation of the search and the eventual acquisition.
Establishing a clear and transparent relationship with investors is central to the search fund model. The process begins with alignment on investment strategy and expectations.
To formalize investor participation during the search phase, it is common to sign a:
- Search Capital Agreement (SCA)
- Investor Commitment Letter, or Framework Agreement
These documents outline the investor’s right to participate in the future acquisition, pre-agreed equity terms, and governance structure.
Once a suitable company is identified, the typical steps include:
- Preliminary evaluation of the targeted SME
- Alignment on valuation and structure
- Signing of a non-binding Letter of Intent (LOI) with the seller
- Due diligence (financial, legal, operational)
- Final deal terms and closing
- Implementation of the post-acquisition value creation plan
Throughout the process, I maintain active communication with investors and value their involvement. The goal is a well-informed, collaborative approach focused on long-term, sustainable growth for all stakeholders.
In a typical search fund model, investor commitment is structured in two phases:
- Search Phase – A single investor or a group of investors provides capital to support the entrepreneur during the search process. This funding covers costs such as outreach, diligence, and travel. To formalize this relationship, a Search Capital Agreement (or similar framework) is signed. This agreement outlines the investors' rights to participate in future acquisitions, pre-agreed equity terms, and governance rights.
- Acquisition Phase – Once a target company is identified and a Letter of Intent (LOI) is signed with the seller, a dedicated legal entity (e.g., GmbH or SARL) is established to complete the transaction. At this point, the original investors are invited to fund the acquisition, typically under the terms defined during the search phase. The capital structure often combines equity and debt.
This two-phase structure ensures early alignment, shared risk, and long-term partnership between the entrepreneur and investors.
To learn more, please visit the Insights & Resources section of this site for curated articles and reports from institutions such as IESE, INSEAD, and others.
I focus on healthcare services (clinics, pharmacies, home care), healthcare technology (digital platforms, medical devices), and CDMOs (serving nutraceuticals, cosmeceuticals, and over-the-counter medicines). These sectors are resilient, benefit from structural demand, and align well with my background and industry expertise.
While the segments vary - healthcare services, digital platforms, and CDMOs - they are part of a connected healthcare ecosystem. These sectors often share infrastructure, regulatory frameworks, and customer bases, allowing for operational synergies and strategic flexibility. This focused approach creates more pathways for value creation while remaining grounded in healthcare expertise.
I am targeting profitable SMEs with the following financial profile:
- Revenue: €3–15 million
- EBITDA: €0.6–3 million
- EBITDA Margin: Ideally 10–25% pre-acquisition, depending on the segment
- Free Cash Flow: Stable historical performance and predictable, sustainable generation
- Growth: Demonstrated organic growth of at least 5% per annum
- Customer Base: Loyal and stable (at least 80% retention), with continued growth potential
For companies at the lower end of this range (typically €0.6–1.5 million EBITDA), the goal is to create value through a roll-up strategy—bringing together complementary businesses to achieve greater scale, synergies, and operational efficiency over time.
This flexible approach allows me to tailor the strategy to the business’s specific strengths and future potential, while preserving its identity and core capabilities.
Through a combination of proprietary outreach, broker relationships, and my professional network. I apply disciplined criteria and conduct detailed diligence on each opportunity.
I bring over 25 years of international experience in healthcare and FMCG across both multinationals and SMEs. My focus post-acquisition will be on team development, operational improvement, and building long-term strategic value.
Professional Experience – At a Glance
1. Healthcare SME & Entrepreneur
Practical leadership experience in small and mid-sized healthcare companies, including Medtech ventures. Focused on strategy, operations, and business development. Direct involvement in entrepreneurial initiatives and owner-led environments, with a hands-on, growth-oriented approach.
2. Global Pharma
Senior roles at Novartis, Nycomed-Takeda, and DSM-Firmenich, covering pharmaceuticals in both prescription and consumer health segments. Strong focus on international markets, organisational transformation and innovation, and cross-border growth initiatives.
3. FMCG & Commercial Foundations
Early in my career, I worked with PepsiCo and Colgate-Palmolive, where I established a strong foundation in commercial strategy, marketing, and customer-centric innovation—skills that remain highly relevant across the healthcare sector today.
AC Capital Partners is a Swiss succession-focused investment initiative led by Antonio Carvalho. It operates as a search fund — a structured approach in which an entrepreneur seeks to acquire and lead a small or mid-sized business for the long term.
The entity is currently being formalized and will serve as the platform for evaluating, acquiring, and managing a healthcare SME in Switzerland or Portugal. AC Capital Partners combines hands-on leadership with the support of committed investors and experienced advisors to ensure an efficient transition and sustained growth for the acquired company.
Most deals involve a combination of: personal capital, equity from committed investors, and bank or seller financing, where appropriate. This structure balances ownership and risk while maintaining alignment between all parties.
The goal is to build a high-quality, cash-generative business with meaningful upside. While outcomes vary, my focus is on responsible execution and strong alignment to drive attractive, risk-adjusted returns.
To learn more, please visit the Insights & Resources section of this site, where you’ll find curated reports and studies from leading institutions such as IESE, INSEAD, and others.
The goal is to acquire a solid, growing company and create value through operational excellence, strategic focus, and thoughtful expansion. Exit timing and strategy will depend on company performance and investor alignment, with multiple potential paths including strategic sale, recapitalization, or long-term hold.
Typically: 6-18 months to source and acquire the right business, 5-7 years of operational leadership and value creation, exit based on company performance and market conditions, or long-term hold.
By focusing on resilient sectors, applying rigorous due diligence, and taking an active leadership role. Close alignment with investors and operational control are key parts of the risk management strategy.
Investors are strategic partners. I value board participation, industry insights, and access to networks. While I'll lead daily operations, collaboration and shared governance are important to the long-term success of the business
INsights & RESOURCES - Explore MOre
Succession, Search Funds & SME Ownership Transition
- This section features a curated selection of insightful articles and studies for business owners, investors, and advisors.
- These materials highlight both the strategic opportunity and the urgency many SMEs face as founders plan their next chapter. They offer a deeper understanding of the search fund model, compare it with other forms of private capital, and explore how thoughtful ownership transitions can preserve legacy while enabling sustainable growth.
Featured Resources:
- IESE Business School – International Search Funds Study (2024). Global benchmark report with rich data on search fund performance and growing adoption in Europe.
- INSEAD -Search Funds: A Rising Asset Class Outperforming PE and VC. Analysis how search funds compare to traditional investment models, highlighting their long-term focus and strategic alignment with SME growth.
- Europe’s Silent Business Crisis: The Succession Planning Emergency (by Mukul Pandya). Explores the scale and urgency of SME succession across Europe, and how search fund entrepreneurs can offer viable, values-aligned solutions.
INSIGHTS & RESOURCES
International Search Fund Study From IESE Business School
A comprehensive look at search fund models, with strong relevance to European markets.
Get in Touch
⚖️ Legal Disclaimer
The information on this website is for general informational purposes only and does not constitute legal, financial, or investment advice. Nothing presented here should be interpreted as a binding offer or commitment. Any transaction will be subject to formal due diligence and legally documented agreements. Parties are advised to seek independent professional advice.
AC Capital Partners
Hauptstrasse 11, 4153 Reinach, Basel-Land, Switzerland