HomeResearch & Knowledgeback to HomeEntrepreneurshipback to Research & KnowledgeEntrepreneurship through acquisition: Sébastien Perroud and the IAR Groupback to Entrepreneurship

Case Study

Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

By Benoit F. Leleux, Dominik Hanslin, Iuliia Mordacheva, Matthias Rey and Frank Schuster

17 pages

November 2024

Order this case study

Reference: IMD-7-2515

GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquiring 4 separate companies at once, consolidating them into a group. One, SAS, was bigger than the others but also faced significant financial issues. Hopefully he had identified three additional companies as acquisition targets, all profitable and with low levels of debt but individually a bit too small. Should he pursue all three as a single deal or add SAS for a four-company deal? In a last-ditch effort to figure out the best deal configuration, he ran some simulations about the potential returns of the group with and without the SAS turnaround. With those projections in hand, it was time to finalize the management buy-in proposal to present to the investment committee the following week.

Learning Objective

What is a search fund and what are its purposes
How to conduct a professional search for a company to acquire
How to develop a convincing business case for a buy-and-build acquisition strategy

Keywords

Entrepreneurship, Finance, Strategy, Search Fund, Acquisition, Buy-out, Small and Medium-sized Enterprise, Mergers and Acquisitions, Private Equity

Settings

IAR Group, Finance and Insurance, Private Equity
2020-2023

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Keep reading

Article

Three key steps for CFOs in the AI era

Three essential moves for CFOs in the AI era: build an integrated intelligent finance system, redefine productivity, and govern autonomous workflows.

Finance Leadership Performance Measurement Strategy

By Salvatore Cantale, Konstantinos Trantopoulos and Michael R. Wade

in I by IMD

Video

How the company that ‘sells screws’ nailed the customer experience

Bossard CEO Daniel Bossard explains how a focus on customer value, trust, and strategic partnership created lasting competitive advantage.

Innovation Leadership Strategy

By Stefan Michel

in I by IMD

Article

GXO: Building a Culture of Stability in Uncertain Times

CHROs must help employees navigate external uncertainties, says GXO Logistics’ Corinna Refsgaard.

Culture Leadership Strategy Talent Management

By I by IMD

in I by IMD

Article

Reframing bricolage as a way of inhabiting the world: Beyond scarcity and innovation with Lévi-Strauss

This paper reframes the concept of bricolage by returning to its foundational roots in Claude Lévi-Strauss's seminal 1962 work, The Savage Mind. By conducting a systematic review of entrepreneurial bricolage, which represents more than two thirds ...

Entrepreneurship

By Raffi Duymedjian, Frank Janssen, Sophie Bacq and Guillaume Ferrante

in Journal of Management Studies

30 September 2026, ePub before print, https://doi.org/10.1111/joms.70168

Article

How to outcompete your client’s AI

The in-house lawyers at real estate investment firm Alturas Capital Partners used to rely on outside counsel for much of its lease work. Thanks to generative AI, it can now do that work internally, saving the firm hundreds of thousands of dollars ...

Artificial Intelligence Strategy

By José Parra Moyano, Karl Schmedders, Olivier Laplace and Benjamin Torben-Nielsen

in MIT Sloan Management Review Blog

29 September 2026

Article

What drives national competitiveness? - Arturo Bris

Discover what drives national competitiveness through lessons from Switzerland, South Korea, and Canada on resilience, institutions, and adaptation.

Board decision-making: Why strategic friction matters

Improve board decision-making with strategic friction. Discover how constructive conflict helps boards challenge assumptions before implementing decisions.

Strategy

By Marianna Zangrillo and Thomas Keil

in I by IMD

Article

How to turn volatility into competitive advantage

Learn how leaders can turn volatility into competitive advantage through continuous reinvention, faster experimentation and adaptable teams.

Strategy

By Nadya Zhexembayeva

in I by IMD

Article

Commons without borders: How entrepreneurs can engage local actors into collective action for the governance of supra-local common-pool resources

Based on 41 interviews across three UK-based commons enterprises, this study addresses one of the most pressing challenges of our time: encouraging local actors to contribute to the sustainable governance of supra-local common-pool resources (CPRs...

Entrepreneurship Social Innovation

By Coline Serres, Christina Hertel and Sophie Bacq

in Journal of Business Venturing

23 September 2026, ePub before print, https://doi.org/10.1016/j.jbusvent.2026.106652

Article

How to avoid six leadership decision traps

Explore six common leadership decision traps and proven remedies to improve outcomes, from precise problem framing to securing lasting team buy-in.

Leadership Strategy

By Michael D. Watkins

in I by IMD Brain Circuits

23 September 2026

Three key steps for CFOs in the AI era

By Salvatore Cantale Konstantinos Trantopoulos and Michael R. Wade
in I by IMD

Summary

Three essential moves for CFOs in the AI era: build an integrated intelligent finance system, redefine productivity, and govern autonomous workflows.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Finance Leadership

Performance Measurement

Strategy

Browse all topics

How the company that ‘sells screws’ nailed the customer experience

By Stefan Michel
in I by IMD

Summary

Bossard CEO Daniel Bossard explains how a focus on customer value, trust, and strategic partnership created lasting competitive advantage.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Innovation

Leadership

Strategy

Browse all topics

GXO: Building a Culture of Stability in Uncertain Times

By I by IMD
in I by IMD

Summary

CHROs must help employees navigate external uncertainties, says GXO Logistics’ Corinna Refsgaard.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Culture

Leadership

Strategy

Talent Management

Browse all topics

Reframing bricolage as a way of inhabiting the world: Beyond scarcity and innovation with Lévi-Strauss

By Raffi Duymedjian Frank Janssen Sophie Bacq and Guillaume Ferrante
in Journal of Management Studies 30 September 2026, ePub before print, https://doi.org/10.1111/joms.70168

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Browse all topics

How to outcompete your client’s AI

By José Parra Moyano Karl Schmedders Olivier Laplace and Benjamin Torben-Nielsen
in MIT Sloan Management Review Blog 29 September 2026

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Artificial Intelligence

Strategy

Browse all topics

Commons without borders: How entrepreneurs can engage local actors into collective action for the governance of supra-local common-pool resources

By Coline Serres Christina Hertel and Sophie Bacq
in Journal of Business Venturing 23 September 2026, ePub before print, https://doi.org/10.1016/j.jbusvent.2026.106652

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Social Innovation

Browse all topics

How to avoid six leadership decision traps

By Michael D. Watkins
in I by IMD Brain Circuits 23 September 2026

Summary

Explore six common leadership decision traps and proven remedies to improve outcomes, from precise problem framing to securing lasting team buy-in.

Contact