M&A Zing (S3EP4) – The UK Search Fund Playbook with Thomas Fry & Luke Grob (LT Heritage Partners)
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LT Heritage Partners founders Thomas Fry and Luke Grob join Gareth Hawkins to unpack what building a UK search fund actually looks like behind the buzzwords. They walk through their routes into ETA, why they chose to partner up, and how they’re building a repeatable sourcing engine that owners will actually respond to.
The conversation covers what they look for in a first acquisition, the realities of proprietary outreach (response rates, follow-up loops, and staying power), how they think about investor support, and what “value creation” really means once you own the business. A practical, honest look at UK search done properly, with plenty of lessons for anyone considering the ETA path.
In this episode of M&A Zing, Gareth Hawkins sits down with Thomas Fry and Luke Grob, co-founders of LT Heritage Partners, to break down what it actually looks like to build a UK search fund from scratch.
They cover the unglamorous reality (rejection, long lead times, and keeping momentum), the strategic bits (what makes a great target, how to think about “defensibility” in an SME), and the practical mechanics (how you build a proprietary sourcing engine, sharpen your outreach, and build conviction before you ever get to diligence).
What you’ll learn:
· How LT Heritage Partners are approaching the UK ETA/search fund path
· What their “ideal business” looks like and how they filter opportunities early
· Why sourcing is a process, not a moment (and how they’re building a repeatable engine)
· The real-world response rates, follow-up loops, and staying power required
· How they think about value creation post-acquisition (people, positioning, process)
Timestamps
[00.11] Welcome + why this episode (building a UK search fund in practice)
[02.21] Luke’s path into deals, investing, and why ETA
[06.12] Tom’s route from engineering/consulting into the search journey
[11.28] Why a two-partner search model and how they think about operator-led execution
[19.14] Building the team early: interns, leverage, and “doing the reps”
[25.33] Investor mindset and constructing a support base that actually helps
[38.16] What they’re looking for in a target business (and what’s a red flag fast)
[42.38] Proprietary sourcing: how they’re building their outreach machine
[49.02] Search realities: response rates, persistence, and what “good” looks like
[56.50] Reputation, trust, and how to approach owners properly (without being weird)
[63.20] Final advice for aspiring searchers
[65.18] Wrap-up + where to find LT Heritage Partners
About LT Heritage Partners:
LT Heritage Partners is a UK-focused acquisition vehicle looking to acquire and grow a high-quality SME with a long-term, operator-led approach.
LT Heritage Partners: https://ltheritagepartners.co.uk/
BizCrunch: https://www.bizcrunch.co/