PRIVATE PLACEMENT · QUALIFIED INVESTORS ONLY · NOT AN OFFER OF SECURITIES FOR OWNERS →
Co-investment · Lower middle market

One company at a time. Our capital first.

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.

Sourcing discipline

We are paid to say no.

A single acquisition a year means the filter is the whole job. Most of the work is declining things, politely and quickly, so the one we take is the one that deserved the time.

The counts opposite start where they start because the first pipeline has not run. Every one of them publishes here and in the quarterly letter from the day it does, whether or not it flatters us. You will not have to ask for the numbers that do not.

Our record, every number, every quarter, from the first pipeline
Companies reviewedNot yet published
Owner conversationsNot yet published
Indicative offersNot yet published
Acquisitions completed0

NO FIGURE APPEARS HERE UNTIL IT IS REAL

The opportunity

Why the lower middle market.

Owners are retiring faster than credible buyers are appearing, and below the auction threshold a price is set by relationship and certainty rather than by a banker's process. These companies trade in a narrower and more visible range than larger ones.

Succession
The reason these companies sell

A generation of founders built companies through the 1980s and 1990s. Many have no successor, and the supply of sellers outruns credible buyers. We have not put a percentage on that here because we have no source we would defend.

4–6×
Entry multiples

The range these companies clear at. We show a seller where their company sits inside it, and the adjustments that move it, before they sign anything. We would rather pay a fair number to a seller who checked our workings than a low one to a seller who did not.

No fixed date
When we have to sell

Nothing in our documents requires or rewards a sale by a fixed date, so value can compound instead of being sold at year five to start the next vehicle. Time in, not timing, does the work.

The vehicle

Deal by deal. Eyes open.

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.

COMMITS FIRST
Skoda Capital
Principal capital, first money in, same securities.
JOIN PER DEAL
Co-investors
Qualified investors, family offices, former founders.
SINGLE-ASSET VEHICLE
A dedicated holding company
One company, held on its own accounts.
OPERATING COMPANY
The business itself
Existing team, run for cash generation and endurance.
Indicative terms, set per deal in the memorandum
Minimum commitment€250k
Skoda commitmentFirst & meaningful
Management feeNone on committed idle capital
Carried interestAfter a preferred return
DistributionsAnnual, from free cash flow
LiquidityLong hold · matched transfers

Alignment before economics. Our own money goes in first, we are paid for performance rather than for existence, and every term in your documents binds us too.

Underwriting

The arithmetic we hold ourselves to.

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 close2.0×2.0×
Revenue growth, 5-yr CAGR4%0%
EBITDA margin held at18–20%15%
Debt repaid byYear 4Year 6
Cash yield on equity, steady state12–15%7–9%
Full underwriting in the memorandum.

ILLUSTRATIVE ONLY · NOT A FORECAST OR PROMISE OF RETURNS · CAPITAL AT RISK

Governance & reporting

Boring, on purpose.

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.

QUARTERLY Investor letter: trading, cash, pipeline, and what we got wrong
ANNUAL Audited accounts of each vehicle, plus an in-person investor day
ALWAYS Data room access to your vehicle's documents, no gatekeeping
STRUCTURAL Independent administrator and external auditor, both named to you before your capital is called, plus investor consent for related-party dealings
KEY MAN A named person to take over management if I cannot continue, agreed in writing before your capital is called
Mihael Skoda, founder of Skoda Capital
The principal

Mihael Skoda

Founder first. Then seller. Now buyer.

Mihael founded a marketing agency in Slovenia while he was still at school, grew it, and sold it to a private equity buyer. One client accounted for most of its revenue, and that made the exit far harder than it should have been. He learned customer concentration from the inside, as the seller, which is why it is the first thing he tests for now.

He then spent about a year and a half advising a consumer brand through a growth ceiling, including the outside raise that finally broke it, until its founder sold. Since then he has closed high-ticket offers for founder-led businesses, speaking daily with owners and executives about decisions they were nervous to make, and rebuilding one of those companies’ acquisition process while he was there.

Skoda Capital is his first acquisition vehicle. He is building it to hold companies for decades rather than to raise a second fund in three years. An investor who backs him now is backing an operator early enough to compound their capital, and his own, across decades and into the next generation.

[email protected] LINKEDIN CARTAGENA, SPAIN
Investor access

Request the memorandum.

Access is granted to qualified investors after a short conversation. You will get the current deal memorandum, the standard terms, and a call with Mihael. No drip campaign, and no follow-up if you tell us it is not a fit.

Who this is wrong for. You want a capital event inside five years. You need to be able to sell your interest. You want diversification inside one commitment. You want a manager with a completed track record, because we do not have one yet. There is no live vehicle today. When there is, this line will say how many places remain and the date it was last updated.

Asking for the memorandum commits you to nothing. It sets out the structure, the terms and the risks in full, so you can weigh it with the detail in front of you. Risk and legal notes.

Request access
REPLY WITHIN TWO BUSINESS DAYS
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Your email application should now be open with this request filled in. Send it from there and Mihael will be in touch within two business days to arrange a short call before access is opened.

If nothing opened, write to [email protected] and paste the note below.