Operand Group

Operand exclusively invests in the search-fund model. It recruits, evaluates, and backs entrepreneurs — called searchers — who raise an initial fund to cover their living expenses while they hunt for a single small business to acquire and operate. Once an acquisition target is identified, Operand provides acquisition capital and board-level oversight, holding the investment for four to seven years before exiting.

The firm's stated geographic focus is the United States and Canada. Its portfolio includes Canadian-based companies, such as Hometurf Lawn Care, which was acquired in 2020 by former searcher Matthew Hooper and sold to a US private equity fund in 2023.

Co-founder Michael Miles built and sold SeatonCorp, a staffing company that grew to over $700 million in revenue before its 2014 sale to TrueBlue (NYSE: TBI). That operating background, combined with Co-Founder and Managing Director Carlos' derivatives trading and quant experience at Spot Trading, gives the firm an operator-plus-capital-markets lens on search-fund investing.

Operand targets small, privately held lifestyle businesses whose owners are seeking a transition. The firm typically looks for companies generating $1 million to $3 million in EBITDA, a segment it argues is underserved by institutional capital and offers operational upside through professionalization and reinvestment.

Operand's capital is deployed directly alongside the search-fund entrepreneurs it backs. The firm does not commit to external private equity funds; its investment vehicle structure follows a traditional drawdown fund model, with Operand Fund IV currently being raised from accredited investors.

Operand is a private equity fund manager, not a family office. While founded by Michael Miles — who reinvests personal capital and operational expertise — the entity pools outside accredited investor capital through a series of closed-end funds.

Operand reports several successful exits through the search-fund model. Named outcomes include Explora Biolabs, Innflux, Workplace Answers, and Caravel Autism. The firm's Partner Matthew Hooper also realized a strong exit as CEO of Hometurf Lawn Care, selling to a US private equity fund in 2023 after four years of operational improvement.