Top California Search Funds with Recent Private M&A Activity

277

Active Firms

3,325

TTM Deal Inquiries

$3M-$13M

Core Revenue Range

$700K-$3M

Core EBITDA Range

Top Sectors by Activity

Industrials 44%

Technology 13%

Business Services 11%

Healthcare 8%

Consumer Goods 7%

Key Attributes

Focus: Acquiring One Business | Capital Source: Investor-Backed or Self-Funded | Operating Approach: Stewardship & Growth

Two Olive Partners

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Looking to buy a small business with $500K - 2M in EBITDA. in the CA or TX areas. Open to all industries, but have a background in Aerospace, Defense, and Industrial Operations. Please reach out if you have anything that might be a good fit

Recent Transactions

This member has no reported closed transactions.

Jones Family Trust (2025)

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I'm actively seeking to acquire a high-potential business with strong growth prospects and scalable operations. My focus is on companies that have established market presence, positive cash flow, and a solid customer base.

Recent Transactions

This member has no reported closed transactions.

Watchtower Ventures

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SBA-eligible buyer seeking to acquire and operate $1-$1.5M EBITDA US based business in manufacturing, engineering services, aviation, or home services. Hands-on operator with deep technical expertise.

Recent Transactions

This member has no reported closed transactions.

Mount Healy Capital

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Leo formed Mount Healy Capital with a vision of providing a different kind of exit for business owners. Unlike a Wall street banker, Leo is a passionate technologist with a PhD degree and 14 years of hands-on experience in the tech industry.Check out how we do things differently than traditional private equity firms or large corporations.

Recent Transactions

This member has no reported closed transactions.

Bernal Ridge Partners

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Founded by Managing Partner Craig Thompson, Bernal Ridge Partners (https://www.bernalridge.com/) is seeking to acquire and operate a software or services business based on the West Coast of the United States. Craig is a seasoned entrepreneur, investor and advisor to growing businesses. Previously Craig founded Prophet, a venture-backed software businesses. He is also a former investment banker at Goldman Sachs and private equity investor at KKR. Craig has an MBA from the Wharton School at the University of Pennsylvania.

Recent Transactions

This member has no reported closed transactions.

Zero+Hour+Energy

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Based in San Francisco with 10+ years of experience in the energy and sustainability industry. Now looking to exit and running a self-funded search that's industry agnostic looking primarily in Northern California

Recent Transactions

This member has no reported closed transactions.

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Olympia Capital Partners

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We are a search fund with the goal of acquiring and managing a single business. We are looking for a software or tech-enabled services company with a track record of profitable growth, and an owner motivated to sell either partially or completely.

Recent Transactions

This member has no reported closed transactions.

Acorn Acquisition

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I recently sold Altrac, a business I helped co-found, and I am looking for a new SMB to acquire or invest in and operate. Grew up in Billings, MT. Graduated college from Wharton School of Business at University of Pennsylvania. Moved to San Francisco and joined Flurry (acquired by Yahoo for $240M). Joined Juicero (dead). Co-founded Altrac (acquired by Semios in 2021). Recently finished my 2 year lockup at Semios and would like to put my chips back on the table through Acorn Acquisition Group search fund.

Recent Transactions

This member has no reported closed transactions.

Via Ferrata Operators

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Via Ferrata Operators is a long-term investment firm focused on acquiring and operating one enduring small business. We look for companies with recurring revenue, loyal customers, and a culture built on integrity and care. Our approach is hands-on and disciplined — focused on operational excellence, strong cash flow, and treating people fairly. Like the iron paths that inspire our name, we believe in steady progress, honest work, and building on the foundation laid by those who came before us — step by step, no shortcuts.

Recent Transactions

This member has no reported closed transactions.

Rahul Garg

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Hi, my name is Rahul Garg. I’ve spent the last 15 years in leadership roles helping companies grow. I am looking to acquire and personally run one great business. I am interested in profitable, stable businesses with strong teams already in place — ideally in services, healthcare operations, or tech-enabled industries. Looking for a company where the foundation is already solid, and I can take it to the next level through growth and modernization.

Recent Transactions

This member has no reported closed transactions.

White Brick Capital

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White Brick Capital is a private investment firm looking to acquire and actively own and operate small to mid-sized businesses. As a well qualified business operator, we are looking to extend and build upon the legacy established by the target company's founders and current business owners.

Recent Transactions

This member has no reported closed transactions.

Akiyama Capital

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Akiyama Capital is a New York-based investment firm focused on acquiring and operating lower-middle-market businesses in the insurance sector through a roll-up strategy. Backed by long-term investors, we seek high-quality companies with strong recurring revenue, motivated sellers, and potential for operational improvement. Our team brings global experience, analytical rigor, and a hands-on approach to value creation.

Recent Transactions

This member has no reported closed transactions.

Emerald Orange Capital

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JD and 25yr Executive. Managed $20M+ P&L. Seeking service platforms with $750k to $1.5M SDE. Self-funded searcher, owner-operator intent, and SBA pre-qualified. High-certainty closer for legacy deals.

Recent Transactions

This member has no reported closed transactions.

Leonid Capital

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Leonid Capital is an operator-led private investment firm with the sole purpose of acquiring and growing one successful company, providing a friendly exit opportunity for founders and business owners hoping to preserve their legacy of success. Funded by a team of professional investors, we are looking to buy a mature, proven business with $1.5-15MM in annual cash flow.

Recent Transactions

This member has no reported closed transactions.

Caitlin Bolnick

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Caitlin Bolnick is an individual investor focused on small to medium sized acquisitions. We partner with exceptional companies seeking the next stage of growth. Post acquisition, we work closely with our portfolio companies to drive measurable value for all stakeholders.

Recent Transactions

This member has no reported closed transactions.

22nd Street Films

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Founded by Zach Bidner, 22nd Street Films is a full service production company and creative consulting firm that works with a growing roster of clients to bring authentic, non-fiction stories to life across film & tv, advertising, fashion, music and digital. Zach is a producer, director, and creative consultant based in Los Angeles. He began his career at Relativity Media working on many of the studio’s feature films and nonfiction series, and later transitioned into the emerging digital space to work on original digital and branded content. He is a graduate of USC’s School of Cinematic…

Recent Transactions

This member has no reported closed transactions.

Succession Capital

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We are looking for manufacturing companies located in California with stable profits and consistent customers, valued from $15m to $50m.Padraig, our CEO, has over 25 years of experience in business where he has run 3 startups and had 2 successful exits. He has completed 2 acquisitions personally and led the transition team on 2 more.We are not a typical investment firm. We specialize in helping owners who may be retiring or looking for a new challenge. Our team of experienced professionals is here to help put a succession plan in place.

Recent Transactions

This member has no reported closed transactions.

Fidalgo Partners

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Fidalgo Partners is a search fund started and operated by a husband-and-wife team of Natalia and Artur. Their backgrounds span Oil & Gas operations, military aviation, corporate VC and banking. We are looking buy a company to operate and put to use our skills from our past leadership and management roles.

Recent Transactions

This member has no reported closed transactions.

Equitably, LLC

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Search PurposeTo acquire an assisted living or memory care facility within three hours of the Twin Cities, Minnesota with the intention of assuming the business’ day-to-day operations exiting the business within 10 years. About the partners:Karrie TiplerWith over 25 years of experience in Senior Living Administration, Karrie would be responsible for day-to-day operations of the acquired firm. Karrie would like to leverage this extensive experience to provide quality care to a small number of residence and fully own the mission,…

Recent Transactions

This member has no reported closed transactions.

Redwood Growth Partners LLC

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Redwood Growth Partners is a private investment firm formed to buy a single growing and profitable company from a seller looking to pass on the torch. The Founder (Arun Shekar) is also a prior entrepreneur and is seeking to ensure business continuity with minimal disruption. The priority is to nurture the business onto its next phase of growth and create a lasting legacy by enhancing the brand and innovating on existing products, all with a focus to create a positive impact in our customers’ and employees’ lives.

Recent Transactions

This member has no reported closed transactions.

Firms in the California Search Funds directory are ordered based on recent deal activity on Axial. The default order reflects observed market signals rather than a subjective ranking of firm quality.

Each profile provides information about the firm’s areas of focus, transaction criteria, and relevant activity on Axial’s M&A platform. Together, these details provide a clearer view of where a firm is active and the types of companies and opportunities most relevant for it.

Based on activity on Axial’s M&A platform, the core revenue range for California Search Funds is $3M-$13M, with a core EBITDA range of $700K-$3M. Company size can be an important indicator of fit, as firms often concentrate their experience, resources, and transaction activity within particular segments of the market.

Location can be an important consideration, but it does not necessarily define where a firm is active. Firms based in California may bring regional knowledge, local relationships, and experience with businesses in the area, while many also pursue opportunities across a broader geographic footprint. Geography is best considered alongside sector focus, company size, and relevant transaction activity.

Not necessarily. A firm’s location does not always define its geographic reach. Many Search Funds based in California are active across multiple regions, while firms based elsewhere may also participate in the California market. Location can provide useful context, but it should not be interpreted as a firm’s geographic boundary.

When comparing Search Funds in California, consider factors such as sector focus, size range, and recent transaction activity. These characteristics vary across the 277 firms included in the directory and can help identify firms that align with your needs.

Axial can help you identify and connect with firms based on your objectives and what you are looking to accomplish. The process varies depending on your role and transaction needs. If you are interested in connecting with firms in the California Search Funds directory, you can request information here.

Top California Search Funds

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