Nashton Partners and Its Search Fund Process

Teaching Note for HBS No. 212-006. In 2008, Jay Davis (HBS’ 08) and Jason Pananos (HBS’ 08) formed Nashton Partners and raised $500,000 from investors to fund their search. After 30 months of searching, and exhausting the money they raised to fund their search, Davis and Pananos were contemplating the purchase of Vector Disease Control, Inc. (VDCI). Their alternative was to conclude their search without an acquisition. The case explores the economics of a funded search, the search process itself, the impact of failed deals and the evaluation of an acquisition prospect.