2024 Stanford Search Fund Study
Electrical Solutions To Support The Auto Industry’s Energy Transition
Martine Legault Joined Nca’s Operator-Led Search Fund Program In 2023 With 15 Years Of Leadership Experience As The Owner-Operator Of An Automotive Accessories Wholesale Distributor. She Had Been Wanting To Buy Another Business, But When She Started Exploring Her Options, Many Of The Companies Were Smaller Than Anticipated. “I Had Never Heard Of Search Funds Before I Stumbled Upon Nca’s Program. The More I Researched It, The More It Felt Like A Win-Win,” Said Martine. “NCA Was Looking For Seasoned Entrepreneurs To Step Into Leadership Roles At Businesses Facing Succession Issues, And I Was Looking To Buy A Much Larger Business. So Nca’s Operator-Led Search Fund Program Was Very Well Aligned With What I Was Looking For.”
Martine’s Search Focused On Wholesale Distribution And Light Manufacturing Smes In Canada, And, In January 2025, She Successfully Acquired Two Companies Specialized In Designing, Installing, And Distributing Electrical Auxiliary Power And Upfitting Products For Work Truck Fleets. “This Opportunity Came To Me Through Another NCA Searcher Who Had Already Successfully Closed An Acquisition,” Martine Explained. “The Company Appealed To Me Because It Operates In A Niche Sub-Sector Of The Automotive Industry, Which Aligned Perfectly With My Experience. I Knew I Could Instantly Hit The Ground Running In This Industry And I Fell In Love With This Company, Which Had A Great Team Of People And Was Well Positioned To Capitalize On Growth Opportunities.”
Partnering With NCA: Crucial To Success
Nca’s Operator-Led Search Fund Program Offered An Attractive Solution To The Succession Challenges Martine’s Company Had Been Facing. “Search Funds Have Found Their Home As A Solution For Succession Issues Facing Small Businesses, Especially Here In Canada, Where A Lot Of Companies Find Themselves In That Situation,” Said Martine.
“These Owners Have Spent Many Years Building These Companies, So They Want To Ensure They Leave Them In The Hands Of Someone Who Shares Their Same Core Values,” She Explained. “Nca’s Program Gives Them A Chance To Interview A Potential CEO To See If They Are Going To Be The Right Fit. And The Fact That NCA Looks For Seasoned Operators Is Very Reassuring To Sellers. They Can See These Entrepreneurs Have Run A Business Before And Have Sufficient Management Experience. That Is A Distinct Value Add NCA Offers Over A Traditional Search Fund, Where Typically The Searcher Doesn’t Have Much Operating Experience.”
Nca’s Support Was Also Essential In Finalizing The Transaction, Martine Added. “Working With NCA Is A Partnership And We Collectively Had The Same Goal Of Closing This Deal. I Felt Supported Throughout The Process, From Marketing And Investor Relations, To M&A And Legal, Which Are All Key Points You Need To Successfully Close Your Acquisition.”
These owners have spent many years building these companies, so they want to ensure they leave them in the hands of someone who shares their same core values
Navigating The Emotional Rollercoaster & Advice For Other Searchers
When Asked About Challenges She Faced Along The Way, Martine Said She Had Underestimated The Emotional Rollercoaster That’s Associated With The Search Process. “People Don’t Really Talk About It, But It’s A Really Grueling And Isolating Process,” She Said. “You’re Out There On Your Own, Looking For Businesses, Contacting Investors, And There’s A Lot Of Rejection, So You Need To Be Prepared For That. Fundraising, Selling Yourself, And Raising Capital For A Deal You Believe In Is A Huge Part Of The Process, And You Have To Be Able To Communicate And Sell That To Investors.”
“It Takes Grit And Resilience To Be A Searcher,” She Added. “It’s Not An Easy Task And This Experience Gave Me Great Admiration For All The Searchers Who Came Before Me. I Was Really Lucky To Have A Great Network Of Other Searchers, Both Within The NCA Program And Beyond. It Was Really Helpful To Have Someone To Bounce Ideas Off Of, In Addition To Being Able To Share Business Opportunities That Were Not A Good Fit For Me, But Which Could Be A Good Fit For Someone Else.”
Martine Advised Other Operators Considering A Search Fund To Ensure They Have A Solid Network Of Other Searchers, Who Know What The Experience Is Like, To Turn To. “Surround Yourself With People Who Can Help You Out Along The Way And Don’t Hesitate To Reach Out To Them,” She Stressed. “That Community Will Be Crucial To Navigating All The Emotions That Come Up Throughout This Journey.”
Despite Industry Efforts To Empower More Female Searchers, Martine Stands Out As A Woman Who Found Success In The Search Fund World. “There’s Always Been So Few Women In My Industry, So I’m Probably Just Used To That,” She Said. “But When You Take A Step Back And Realise There’s So Few Women Searchers, Is That Cause For Concern? Yes, It Is. There Are A Lot Of Great Women Out There Pioneering This And Lots Of Women Who Are Very Capable Of Doing It, They Just May Not Have The Confidence. Hopefully A Solid Support System, Combined With Successful Women-Led Acquisitions That Showcase Female Operators, Will Help Attract More Women To Search Funds In The Future.”
Looking Ahead
Reflecting On Her Journey, Martine Highlighted The Satisfaction That Comes With Setting A Goal And Achieving It. “I Knew I Wanted To Find A Good Business That I Was A Good Fit With, Where I Could Create A Lot Of Value. When You Achieve That It’s A Really Great Feeling. Now I Have A Whole Other Set Of Goals To Achieve And This Is Where The Real Challenge Begins. I’m Very Excited To Work With This Fantastic Team Of People, Lean Into The Potential I Saw Here From The Offset, And Create Strong Synergies Between The Two Locations To Bring This Business To The Next Level.”
For More Information About Martine Please Visit: https://www.Linkedin.Com/In/Martine-Legault-A74b6429/
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