You don't need the wildcards (SEARCH automatically searches within other text anyway) so you can remove those and use this formula in result column to get the INDEX value
=IFERROR(LOOKUP(2^15,SEARCH('LookupList'!$A$1:$A$2,List1[[#This Row],[Company]]),'LookupList'!$B$1:$B$2),"")
That will give you a blank if there is no match - change the "" at the end to text like "No match" if required