Skoda Capital acquires durable, succession-driven businesses at disciplined prices and holds them without a clock. Qualified investors join deal by deal, in a structure where we commit first and on the same terms.
A single acquisition a year means the filter is the product. Last twelve months, illustratively:
ILLUSTRATIVE PIPELINE · ACTUAL FIGURES REPORTED IN THE QUARTERLY LETTER
The most persistent mispricing in private markets sits below the reach of funds and above the reach of individuals. Good companies whose owners are retiring faster than buyers are appearing.
A generation of founders built companies through the '80s and '90s. Most have no successor, and the supply of sellers outruns credible buyers.
Below the auction threshold, price is set by relationship and certainty, not by a banker's process. The same company two sizes up trades at twice the multiple.
Without a fund clock, value compounds instead of being sold at year five to start the next vehicle. Time in, not timing, does the work.
No blind pool. Each acquisition is a single-asset vehicle you underwrite on its own memorandum, and can decline without leaving the table for the next.
Alignment before economics. Our own money goes in first, we are paid for performance rather than for existence, and no term in your documents fails to bind us as well.
A deal must work as a business before it works as a model. Illustrative shape of a typical underwriting:
| Assumption | Base | Downside |
|---|---|---|
| Entry multiple (EV / EBITDA) | 5.4× | 5.4× |
| Senior leverage at close | 2.0× | 2.0× |
| Revenue growth, 5-yr CAGR | 4% | 0% |
| EBITDA margin held at | 18–20% | 15% |
| Debt repaid by | Year 4 | Year 6 |
| Cash yield on equity, steady state | 12–15% | 7–9% |
ILLUSTRATIVE ONLY · NOT A FORECAST OR PROMISE OF RETURNS · CAPITAL AT RISK
Reporting you can set a calendar by, written in the same plain register as everything else we publish. When something goes wrong, you hear it from us first, with the fix, not the excuse.
Operator first, buyer second. Mihael has spent his career closing deals and holding relationships in B2B sales, more than a hundred of them, which is the same work that finds and wins good companies. Skoda Capital is his full commitment: one company at a time, his own money in first, reachable directly by every founder and every investor.
Access is granted to qualified investors after a short conversation. Expect the current deal memorandum, the standard terms, and a call with Mihael, not a drip campaign.
We keep a short list, deliberately. If the current vehicle is fully committed you will be told so plainly and offered the next, not strung along.
Mihael will be in touch within two business days to arrange a short call before access is opened.