Honoring the Heritage. Building the Future.

We acquire and operate enduring businesses in Portugal, partnering with founders who care about what they leave behind.

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About Douro Partners

Douro Partners is a search fund focused on acquiring and operating a single high-quality business in the Portuguese market. We are two hands-on operators who partner with motivated founders to ensure their business continues to thrive and grow under new ownership.

Investment Criteria

Financial

  • Recurring and contractual revenue streams
  • Annual revenues > €6 million
  • Annual EBITDA > €1.5 million
  • Profitable and cash flow positive
  • EBITDA margins > 15%
  • Low debt
  • Low cyclicality
  • Low ongoing CAPEX needs

Industry

  • High organic growth potential
  • Large, fragmented market
  • Low risk of adverse regulatory changes
  • Low risk of technological obsolescence
  • Non-commoditized product or service
  • High barriers to entry
  • Low external and exogenous risks

Business

  • Private and concentrated ownership
  • Motivated sellers with >70% equity
  • Opportunity for Douro Partners to add value
  • High operating leverage
  • Low customer concentration and churn
  • B2B Services

Our Approach

Confidential, No Obligation

Every conversation is confidential and without obligation. We move at a pace that respects your business, your employees, and your customers.

Backed by Experienced Investors

We are backed by a group of Portuguese and international investors with deep operating and industry expertise across multiple sectors.

Hands-On Operators

We don't just provide capital — we run the business day to day, working alongside your team to protect what you've built and help it grow.

The Searchers

AR André Rocha

André Rocha

6 years at Jeronimo Martins, one of Portugal's largest food retailers, leading a 1B EUR store revamp programme. Founded a D2C startup. Background in consumer goods, retail, e-commerce, digital products, food, and supply chain.

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AC António Carvalho

António Carvalho

8 years at Idaho Forest Group managing a $40M portfolio to develop new revenue streams, with one patent granted and 2 pending. Also worked at Yazaki on the first fully electric Mercedes. Background in manufacturing, machinery, industrial, and operations.

LinkedIn →

We met at INSEAD, worked together across several projects, and believe our combined background gives us a differentiated perspective across a wide range of industries.

Get in Touch

Whether you are a founder considering a sale, an investor, or simply curious - we would love to hear from you.