Private investor backing search fund entrepreneurs

ETA Equity

At a glance

Deal typesPlatform S1
SectorsIT Services & MSP, Healthcare Services, HVAC, Plumbing & Electrical, Software & SaaS, Education, Accounting & Professional Services, Construction Services, Industrial & Manufacturing, Cybersecurity

What ETA Equity buys

ETA Equity puts money behind search fund entrepreneurs: people who raise capital to find one established company, buy it and run it as chief executive. Co-founder Matthew Zucker has invested in search funds and their acquisitions since 2008 and counts more than 90 search funds and over 30 search-acquired businesses. ETA joins early, invests when the searcher buys a company, and often takes a board seat afterward.

ETA backs searchers rather than buying companies in its own name, and it publishes no revenue, EBITDA or check size range. It usually sits alongside several other investors, so an owner should expect it to be a minority holder, although it does not publish its stakes. Its site lists 28 current search funds and 32 current companies across IT services, healthcare, HVAC, software, education and professional services, some of them in Canada. An owner will normally meet ETA through one of its searchers, not by approaching the firm directly.

Recent deals

Announced in the 24 months before November 3, 2026.

DateCompanyTypeSectorSource
2026Protek Safety & ControlsCanadian supplier of flame and gas detection and electrical safety equipmentInvestmentDistributionSource
2026Park Dietz & AssociatesForensic consulting firm for civil and criminal litigationInvestmentAccounting & Professional ServicesSource
2026Investor MachineDirect mail and lead lists for real estate investorsInvestmentSource
2026NexploreIn-person youth enrichment programs in STEM, art, life skills and fitnessInvestmentEducationSource
Nov 2025O&W Heat TreatAerospace heat treater bought by Savannah Search Capital, an ETA-backed search fundInvestmentIndustrial & ManufacturingSource
2025Atlantic Technology GroupBuilds and manages in-building wireless networks; Griot Partners led the deal and Matt Zucker joined the boardInvestmentIT Services & MSPSource
2025ASI GroupUnderwater inspection and marine construction companyInvestmentConstruction ServicesSource
2025Resolute Property Tax SolutionsProperty tax consulting firmInvestmentAccounting & Professional ServicesSource

Portfolio by sector

From the firm's portfolio page S2.

Addiction Treatment

  • Windmill Wellness Ranch

Aerospace Metallurgical Processing

  • O&W Heat Treat

Cellular Connectivity Services

  • Atlantic Technology Group

Charter School Management

  • Oakmont Education

Cyber Security

  • Beryllium InfoSec

Education

  • The Change Companies

Education & Enrichment Services

  • Nexplore

Emergency Readiness Solutions

  • Life Support Systems

Financial Services

  • LexShares
  • Cornerstone Licensing Services

Financial Technology

  • BroadPeak Partners

Forensic Consulting

  • Park Dietz & Associates

Healthcare Services

  • PsychoGeriatric Services

HVAC Services

  • Westisle Heating and Cooling
  • Foster Heating and Cooling

Industrial Equipment

  • Canadian Industrial Pumps

Industrial Safety & Monitoring

  • Protek Safety & Controls

IT Advisory & Managed Services

  • One Source

IT Consulting

  • AppWrap

IT Services

  • Destroy Drive

Laboratory Testing

  • DHA Laboratory

Legal

  • ILS

Manufacturing

  • P&S Machining and Fabrication

Marine Business Development

  • Shorelife Brands

Mechanical Contracting

  • Pacific West Mechanical

Property Tax Solutions

  • Resolute Property Tax Solutions

Public Works Services

  • Spivey Services

Real Estate Marketing

  • Investor Machine

Software

  • Management One
  • dotCMS

Storage/Moving

  • Big Box Storage

Underwater Engineering and Marine Services

  • ASI Group

Greymont’s take

How ETA Equity fits a seller

ETA's searchers fit an owner who wants to hand the company to one hands-on successor rather than sell to a larger group. The buyer is usually a search fund entrepreneur who becomes chief executive, with ETA behind that person as an investor and often a board member. In the November 2025 sale of O&W Heat Treat, the searchers became CEO and president, the staff stayed, and the longtime leader remained involved through the handover.

Because ETA is usually one of several backers, an owner is really judging the searcher and the whole investor group. Ask who will run the company day to day, which investors have committed to the purchase, how much of the price is paid at closing, and what role you would keep after the sale.

Questions owners ask

Does ETA Equity buy companies directly?

Generally no. It backs search fund entrepreneurs, who buy the company and then run it. ETA invests alongside other backers and often joins the board, but it does not publish how much of any company it owns.

What size company does ETA Equity look for?

It publishes no revenue, EBITDA or check size range. The size of a deal depends on the searcher it backs, so an owner should ask each searcher directly what they are looking for.

Has ETA Equity backed IT services companies?

Yes. Its current list includes One Source, a managed services provider; AppWrap, a NetSuite implementation partner; Atlantic Technology Group, which builds and manages in-building wireless networks; and Destroy Drive, an onsite data destruction service.

Sources

  1. S1ETA Equity home page Accessed November 3, 2026
  2. S2ETA Equity: Current Investments, Companies Accessed November 3, 2026
  3. S3ETA Equity: Current Investments, Search Funds Accessed November 3, 2026
  4. S4ETA Equity: Cap Table Structure and Search Funds (February 7, 2024) Accessed November 3, 2026
  5. S5O&W Heat Treat home page, acquisition notice dated 11/01/2025 Accessed November 3, 2026
  6. S6Savannah Search Capital home page Accessed November 3, 2026
  7. S7About ATG Accessed November 3, 2026
  8. S8One Source home page Accessed November 3, 2026
  9. S9Spivey Services home page Accessed November 3, 2026
  10. S10Protek Safety & Controls home page Accessed November 3, 2026
  11. S11ASI Group home page Accessed November 3, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with ETA Equity. Figures are as reported on the dates shown and may have changed. Request a correction

For business owners

Thinking about selling? Start here.

We work for the buyers, so owners never pay us a fee or a share of proceeds. See what your business could be worth and how many buyers fit a company like yours, or start a confidential conversation.

What Is My Business Worth? Who Would Buy My Company?