Launching a search fund is never a straightforward path - especially in smaller ETA markets like Italy. In this episode of the INSEAD ETA & Search Funds Hub podcast, we sit down with Daniele and Giulio of Napolillo Industry, to explore how they built their partnership, shaped their investment thesis, and faced the uncertainty of fundraising and deal-making.

Beyond the transaction, Daniele and Giulio reflect on the operator’s reality: the first 100 days as a test of survival, prioritization, and listening. They discuss adapting leadership styles to the existing culture of an Italian SME, earning trust by understanding what motivates people on the shop floor and in the back office, and translating strategy into simple, measurable actions. Their story highlights the power of flexibility - adjusting pace, communication, and goals without losing the long-term compass

Shining a light on key lessons: the importance of strong investor relationships, recognising when to pivot or walk away, and adapting leadership to fit company culture, hear Daniele and Giulio share with us. Honest, grounded, and full of practical takeaways, this conversation captures what it means to stay resilient and adaptable in the evolving world of ETA.

00:00 Introduction to Entrepreneurship Through Acquisition
02:56 The Journey of Fitex Capital
06:04 Fundraising Strategies and Building Relationships
08:54 Navigating the Search Phase
12:06 The Importance of Trust and Reliability
14:57 Evolving Industry Theses and Conviction
18:04 The Acquisition of Napolillo Industry
20:53 Lessons from the Acquisition Process
24:02 First 100 Days of Operation
27:12 Leadership Style and Cultural Shifts
30:09 Final Reflections and Advice for Future Searchers