Accountancy firm doubles ETA/Search Fund deals in 12 months
Leading mid-tier UK accountancy and advisory firm Gerald Edelman has seen the number of Entrepreneurship Through Acquisition (“ETA”) and Search Fund transactions on which it has advised double in the last 12 months, as the model becomes an increasingly popular route for aspiring entrepreneurs to acquire and operate their own businesses.
Since its founding in 1946, the firm has supported individuals and businesses across generations. It advised on nine such deals between September 2023 and August 2024, rising to 19 in the twelve months to August 2025, more than doubling activity year on year.
A third of the ETA/Search deals between September 2024 and August 2025 were in the healthcare sector. The remainder spanned a diverse mix of B2B industries, including industrials, water treatment and drainage, engineering, environmental consulting, IT services, manufacturing, and more.
Carl Lundberg, CEO of Gerald Edelman, said: “It has been great to see the continued rise in ETA and search fund transactions over the past year. The model’s popularity in the UK and globally reflects greater awareness through leading business schools, a wave of baby boomer owners seeking succession solutions, and increasing investor interest.
“We enjoy working with ambitious searchers whose entrepreneurial spirit aligns with our values, and what makes this work especially rewarding is the collaborative relationships we build.
“Our role goes far beyond the point of acquisition; we act as trusted advisors throughout the lifecycle of ownership, from pre- and post-acquisition support through to compliance, strategic growth, exit planning, and wealth management.”
The traditional search fund model, first developed in the 1984, has seen a rise in popularity as it offers a mutually beneficial solution for buyers, sellers and investors. For entrepreneurs, it provides the chance to own, manage, and grow a UK SME while avoiding many of the risks and challenges of starting a business from scratch.
Lundberg continues: “The success and growing awareness of traditional search funds in the UK has also fuelled the rise of other ETA models, such as self-funded searches, serial acquirers operating under HoldCo structures, and similar approaches.
“While the number of active UK traditional search funds continues to grow, it is these alternative models that have largely driven the surge in transaction volume. It’s important for new investors to understand that success in this space is not just about financial returns, but also about embracing the ethos of mentorship, patience, and a long-term mindset.”
As capital continues to flow in the ETA/search fund space and awareness of the model grows, we are expecting to see deal volumes continue to rise over the coming months.