Stovall Capital Builds Search Fund Backing from Northspring Partners, Ventura Search Capital, and Others to Pursue Single-Asset Acquisition Strategy
Stovall Capital, an entrepreneur-led search fund based in Dallas, has emerged as an early-stage investment vehicle focused on acquiring and operating a single enduring small business through a long-term ownership model. Founded in 2025 by Ben Frazer, the firm represents a growing cohort of search funds pursuing succession solutions for retiring business owners in the lower middle market.
Rather than operating as a traditional private equity fund, Stovall Capital is structured around a single-acquisition strategy, where the founder commits to identifying, acquiring, and personally operating one established business. The firm’s stated mission is to provide business owners with a smooth and values-aligned exit while preserving legacy, employee stability, and long-term operational continuity.
The funding structure of Stovall Capital is built around a group of committed investors who support the acquisition search and eventual buyout process. These backers include a network of experienced entrepreneurs, operators, and investment professionals from search fund and lower-middle-market ecosystems. According to publicly shared disclosures from the founder, the investor group includes individuals and firms such as Archipelago Capital Partners, Hadley Family Capital, Heritage Holding, Martell Capital Partners, Ventura Search Capital, Northspring Partners, and Generational Transfer Entrepreneurs, among others.
Among the key supporters is Northspring Partners, a private equity firm that partners with search fund entrepreneurs by providing minority capital and operational guidance for small business acquisitions. Northspring’s involvement reflects its broader strategy of backing emerging CEOs pursuing succession-driven ownership transitions in fragmented industries.
Another notable participant is Ventura Search Capital, a search-fund-focused investment firm that supports entrepreneurs acquiring and operating small businesses. Ventura Search Capital’s participation aligns with its mandate to invest in long-term, operator-led businesses rather than short-horizon financial engineering models.
The investor group also includes Martell Capital Partners, a lower-middle-market investment firm that supports search fund entrepreneurs and small business acquisitions. Martell Capital typically provides capital and strategic mentorship to first-time CEOs navigating acquisition and operational transitions.
In addition, Archipelago Capital Partners is listed among the supporting investors, reflecting its focus on backing entrepreneur-led acquisition strategies and succession planning in privately held companies. Archipelago’s participation further reinforces the search-fund nature of Stovall Capital’s capital base.
The firm also counts participation from Hadley Family Capital and Heritage Holding, both of which are known for backing long-term, operator-led investments in small and mid-sized businesses. These investors typically support deals that emphasize continuity, local ownership, and sustainable growth rather than rapid scaling or exit-driven strategies.
Stovall Capital’s approach is part of a broader global trend in search fund investing, where emerging operators—often MBA-trained professionals with finance backgrounds—raise committed capital before identifying a target acquisition. The model emphasizes alignment between investors and operators, with the expectation that the entrepreneur will acquire a single business and run it for an extended period.
In addition to committed capital, Stovall Capital emphasizes long-term operational involvement by the founder, who intends to relocate to the community of the acquired business and take direct responsibility for day-to-day management. This hands-on structure is designed to ensure continuity for employees and preserve the legacy of the selling owner.
While the firm has not disclosed a traditional venture capital-style funding round, its investor network effectively functions as its capital base for acquisition financing and deal execution. The backing structure reflects a hybrid between search fund commitments and lower-middle-market private equity participation.
As Stovall Capital moves forward with its acquisition search, its funding model positions it within a niche but growing segment of private capital focused on generational business transitions. With support from firms such as Northspring Partners, Ventura Search Capital, Martell Capital Partners, Archipelago Capital Partners, and others, the company is actively pursuing its goal of acquiring and operating a single enduring business for long-term stewardship.
