Lafayette Entrepreneur Launched Search Fund in August
Local operator Luke Villermin is seeking to acquire a business with annual revenue between $5 million and $50 million.
Updated on Oct. 13, 2026 in Business Strategy
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Luke Villermin, founder of Glass Bay Capital, officially began a nationwide acquisition search in August 2026 to identify an established company to purchase and manage. The firm focuses on firms with annual revenues ranging from $5 million to $50 million.
Why it matters
Villermin is pursuing an acquisition strategy that favors purchasing a proven, functional operation over building a company from the ground up. This approach requires raising external capital from experienced entrepreneurs to cover the search process, including due diligence and travel.
Glass Bay Capital has set a target acquisition capacity of up to $100 million for its search. This follows a broader market trend where 862 search funds were formed between 1984 and 2025.
The players
Luke Villermin
Founder of Glass Bay Capital and former ExxonMobil employee who earned an MBA from Northwestern University's Kellogg School of Management.
Glass Bay Capital
An investment firm focused on acquiring and operating single companies with annual revenues between $5 million and $50 million.
Axial
A platform that lists and tracks middle-market business search funds and private deal activity.
The details
Villermin uses his background, including nearly seven years at ExxonMobil and an MBA from Northwestern University, to screen potential targets. The process involves direct company research and expert consultations before moving to the evaluation of financial records. By raising initial capital from experienced CEOs, the fund offsets operational costs such as travel and salary while the search is underway.
Timeline
August 2026: Glass Bay Capital officially began its acquisition search.
September 2026: Axial identified 12 active search funds operating within Louisiana.
Market Landscape
The formation of Glass Bay Capital follows the historical trajectory of the search fund model as documented by the Stanford Graduate School of Business data series. This activity marks a continuation of the trend toward decentralized, entrepreneur-led acquisitions in the U.S. market.
Operators of businesses with $5 million to $50 million in annual revenue may find themselves as potential targets for such acquisition funds. Business owners should ensure their financial records are transparent and audit-ready should they choose to engage with professional search firms.
The takeaway
Search funds provide a pathway for entrepreneurs to skip the startup phase and immediately manage a cash-flowing business. Owners should track this trend if they are considering succession planning, as search fund managers often seek businesses where the founder is ready to exit.
Further reading
For more on acquisition strategies, visit Business Strategy.
Source note: This article includes information reported by Technical.
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