Vol. 14 No. 1 (2026)
March 2026

Articles

Entrepreneurial acquisitions and small-cap private equity overlaps: A resource-based view

Published 2026-03-23

  • Alexander Pöschl
    • ,
  • Jörg Freiling

Alexander Pöschl
University of Applied Sciences Saarland

Jörg Freiling
University of Bremen

Abstract

Objective: This study examines the competitive and collaborative dynamics between entrepreneurship through acquisition (ETA) and small- and micro-cap private equity (PE) in acquiring small and medium-sized enterprises (SMEs). Focusing on the DACH region (Germany, Austria, Switzerland), it explores how both actors overlap in target firm size, compete in deals, and identify opportunities for co-investment – an area that has received limited academic attention.

Research Design & Methods: To address this gap, we used an inductive mixed-methods approach rooted in entrepreneurship theory and the resource-based view (RBV). We drew on interviews with twelve PE firms in the DACH region, complemented by eight expert interviews, to develop a theoretical model grounded in both practice and strategic intent.

Findings: The study revealed an intensifying level of competition between ETA entrepreneurs and PE firms for smaller businesses, which are frequently central to PE buy-and-build strategies. Despite this competition, there is evidence of collaboration between the two parties. Private equity firms show a willingness to co-invest with ETA entrepreneurs, provided that they retain majority ownership and that the entrepreneurs bring relevant, task-related human capital to the table.

Implications & Recommendations: These findings have practical implications for aspiring ETA entrepreneurs, suggesting the importance of strategic career planning and the development of industry-specific expertise to align with PE firms’ partnership expectations. Additionally, the research encourages future studies to explore which types of SMEs are particularly attractive to both ETA entrepreneurs and PE firms.

Contribution & Value Added: This study contributes to entrepreneurship theory by offering a nuanced perspective on the relationship between ETA and PE in SME acquisitions. It presents a novel theoretical model capturing both competitive and collaborative dynamics, while also enriching the empirical understanding of the often-overlooked small- and micro-cap PE segment.

Keywords

entrepreneurship through acquisition, management buy-ins, search funds, business succession, private equity

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Author Biography

Alexander Pöschl

Full Professor of Entrepreneurship at University of Applied Sciences Saarland, Germany. His research interests include entrepreneurship through acquisition and entrepreneurial buyouts as well as strategic change in SMEs and start-ups.

Jörg Freiling

PhD (Dr. rer. oec.), Full Professor and Head of the Chair in Small Business and Entrepreneurship, University of Bremen, Germany. His research interests include transnational entrepreneurship, entrepreneurial ecosystems, entrepreneurial support systems, incubators, accelerators, business model innovations, corporate entrepreneurship, and small firm governance.

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