with DC Moore · Atlantic Technology Group
LenderHawk analysis. Not affiliated with or endorsed by Search Funded: The ETA Podcast.
DC Moore traces a mid-career path from engineering and consulting into M&A and operating leadership in South Africa, then into a traditional search. He explains why he chose a traditional search over self-funded or independent sponsor routes, why he wanted a seller who would stay involved, and how that led to acquiring Atlantic Technology Group in enterprise wireless infrastructure. The episode also compares search in the U.S. versus Africa and argues that ETA can widen beyond the fresh-MBA template.
Mid-career professionals, ETA investors, and aspiring searchers who want to understand how a non-traditional searcher structured a fundraise, chose a deal thesis, and negotiated seller continuity.
A mid-career searcher can use prior operating and M&A experience as an edge with sellers and investors, especially when the background signals credibility in the target industry.
A traditional search structure can be a better fit than self-funded search when the buyer wants a larger, more complex business and values experienced capital partners.
If the seller’s expertise is central to the business, keeping that person engaged can be a feature rather than a flaw, as long as incentives are aligned with meaningful rollover equity.
Transparency during fundraising helps investors self-select, reducing the risk of a later mismatch around age, profile, or acquisition style.
Mid-career searchers may face skepticism from classic search investors, so warm introductions and a strong pre-existing network can materially shorten the fundraising process.
Searchers in capital-intensive service businesses need to model upside growth as well as downturn risk, because rapid growth can create working-capital pressure just as quickly as a recession can.
In people-driven businesses, the long-term value creation often comes from upgrading systems, hiring, and development, not just from closing the acquisition.
ETA can be adapted to different profiles and markets, but the buyer must fit the business, the seller, and the investor base rather than forcing a single template.
Moore spent roughly eight to nine years in South Africa in a role that split about 45% M&A, 45% operations, and 10% board/investor reporting.
He describes the operating and investing mix in his listed-company role before starting the search.
He raised his search fund in about three months.
He gives the approximate fundraising timeline after deciding to pursue the traditional search model.
Atlantic Technology Group’s legacy mobility line is now only about 5% of the business.
He contrasts the original handset/tablet provisioning business with the current infrastructure-heavy mix.
The business primarily supports indoor connectivity for wireless signals as 5G frequencies increase and penetration becomes harder.
He explains why demand is growing for distributed wireless infrastructure inside buildings.
He says the seller became the third-largest individual investor after Moore and another investor through rollover equity.
He explains how the deal was structured to keep the founder economically aligned.
Choose the search model that matches the role you actually want after close, not the one that sounds most prestigious, because the operating versus investing tradeoff is different across traditional search, self-funded search, and independent sponsor paths.
Why: Moore wanted to operate a business, not primarily sit on boards, so he ruled out models that skewed too far toward investing.
Be explicit with investors about the kind of business and seller relationship you want, because transparency lets mismatched investors opt out before they create friction later.
Why: He said he wanted self-selection up front rather than surprises after closing.
Model rapid upside growth as carefully as downside risk, because a hockey-stick revenue jump can wipe out working capital in a project-based business.
Why: He underestimated the cash needed to fund inventory and execution during a fast-growth phase.
Treat hiring as a long-term system, not a quick fix, because a people-based business becomes fragile if turnover rises and roles are undefined.
Why: He emphasized that human capital is the core asset and poor hiring can damage valuation and operating stability.
Spend extra time understanding the seller’s real motivations and personal goals, because the best deals may come from relationship fit rather than the fastest transaction.
Why: He argued that taking a more consultative, people-focused approach helps avoid buying the wrong business.
Position yourself against private-equity-backed strategics by building trust with owners and understanding their needs better than a purely transactional buyer.
Why: He believes lower-middle-market competition is increasing and seller empathy becomes a differentiator.
Moore moved to South Africa without a job and relied on his existing network to land consulting work. Two board members recommended him to a listed infrastructure company, and the CEO asked him to draft his own role; he ended up becoming chief investment officer despite feeling underqualified at the start.
Lesson: Credibility plus network density can create operating opportunities that formal recruiting would never surface.
Moore searched for a complex, growable business where the owner would stay involved instead of handing over the keys and leaving. He eventually returned to ATG after earlier talks stalled, and the seller remained a major equity holder and operating partner.
Lesson: The right acquisition can emerge from a relationship that initially looks like a miss if the seller fit is strong enough.
He and a partner tried to launch an Africa-focused private equity fund, but fundraising slowed materially once COVID hit. That experience pushed him back toward the U.S. and into a traditional search process.
Lesson: Capital formation timing can completely change the feasible acquisition model, even when the underlying thesis is sound.