Search fund backed by committed European investors, seeking a first acquisition with stable earnings. Looking for multi-site hospitality groups within consumer, e-commerce & multi-site with repeat revenues, clear governance and strong delivery capability. Full acquisition preferred, with flexibility for majority structures where there is alignment on valuation and governance. Integration would be staged, with governance strengthened without disrupting delivery. European buyer based outside the UK, open to UK wide opportunities where management depth is proven. Target turnover band £5m to £10m.