Nashton Partners

Nashton Partners

By
David Dodson, Jocelyn Hornblower
2011|Case No.E422| Length 15 pgs.

This case follows the story of Jay Davis and Jason Pananos, classmates from Harvard Business School who started a search fund, Nashton Partners.  The case covers their decision to launch a search fund, their investment objectives and goals, and then the search process over a two-year period.  The core of the case discusses two specific acquisition opportunities the fund is considering – United Energy Services and Vector Disease Control Inc.  There are clear advantages and drawbacks to both opportunities, and the partners must make a decision about what to do before the search fund runs out of money.

Learning Objective

The learning objective is for students to understand and appreciate the challenges of being a search fund entrepreneur, from the actual search process of finding and narrowing down opportunities, to agreeing on valuation, interacting with the company sellers, conducting due diligence, and executing a deal. Students should also consider the search fund investors and their role in making the search fund a success.

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