Search fund backed by committed European investors, seeking a first acquisition with stable earnings. Target is e-commerce d2c brands in consumer, e-commerce & multi-site with predictable demand, strong controls and credible management. Open to deferred consideration where retention and performance metrics are objective and measurable. Prepared to keep leadership in place where continuity protects performance and relationships. European buyer based outside the UK, open to UK wide opportunities where management depth is proven. Target turnover band £1m to £3m.