Mid-market M&A. Sell-side and buy-side.

End-to-end M&A process management for transactions between €10m and €300m. A senior partner leads every mandate from origination through closing — no associate hand-off, no principal in absentia.

How we work

We run two sides of the same market with one philosophy: a disciplined process, a considered counterparty universe, and a structure that actually closes. Sell-side mandates maximise value and certainty; buy-side mandates build value beyond the headline price. Most partners on the team have worked both sides — which is part of how we price, structure, and negotiate.

Below: the two playbooks, side by side. They share the diligence, valuation, and negotiation craft. They differ in where the work starts and what success looks like.

Playbook A · for owners & shareholders

Sell-side.

You are ready — or nearly ready — to exit. We run the process end-to-end, defend valuation under diligence, and take you through closing.

Positioning & equity story
Business narrative, base-case numbers, sector context, buyer angle.
Buyer universe
Curated long-list — strategic, financial, international. Typically 40–120 counterparties.
Teaser & CIM
Anonymised teaser, full Confidential Information Memorandum, process letter.
Outreach & NDA
Partner-led outreach, NDA management, information rights.
Data room & diligence
Q&A management, management presentations, site visits, vendor-due-diligence coordination.
LOI & negotiation
Multi-party LOI negotiation, exclusivity, SPA negotiation, closing conditions, W&I.
Closing & post-close
Working-capital true-up, escrow release schedule, management of earn-out mechanics.

Typical duration: 6–9 months
Typical fee structure: Success-fee only (Lehman variant, 1–3%)
Deal-size range: €10m – €300m enterprise value
Partner time: Senior partner lead, end-to-end

Playbook B · for acquirers & PE platforms

Buy-side.

You have a thesis and capital to deploy. We translate it into a live pipeline, run proprietary origination, and close at a price that still earns its return.

Acquisition thesis & criteria
Geography, sector, size, margin profile, capital structure — written so the team can act on it.
Long-list & mapping
Structured map of the target universe (200–600 companies). Ownership, filings, signals.
Proprietary outreach
Partner-led, personalised approaches. Off-market sourcing is our advantage over intermediated processes.
Initial diligence & valuation
Quick-scan commercial & financial; indicative valuation range; fit against thesis.
Non-binding offer
Term sheet drafting, structure, earn-out design, rollover mechanics, W&I pre-agreement.
Full DD coordination
Commercial, financial, tax, legal, HR, IT — coordinated against a single issue log.
SPA & integration handoff
SPA negotiation, closing, Day-1 plan. Handoff to Value Creation or Operating Partner teams where needed.

Typical duration: 4–12 months per target
Typical fee structure: Monthly retainer + success fee (1–2%)
Engagement shape: Per-target, or platform mandate (2–6 bolt-ons/year)
Partner time: Senior partner lead throughout

Buy-side · deep dive

Three buy-side mandates we are particularly set up for.

①

Corporate bolt-ons.

Single-target acquisitions for corporate acquirers — typically €5m–€50m — where the target is off-market and the seller needs convincing. We find the right counterparties before they hit a banker's desk, and run the relationship-led approach that gets a first conversation.

②

Platform buy-and-build for PE.

Dedicated deal teams for PE-backed platforms executing 2–6 bolt-ons per year. Thesis work, origination infrastructure, pre-LOI diligence, SPA through closing. We staff the platform; your team owns integration.

③

Search-fund & ETA acquisitions.

We advise search funds and entrepreneurs-through-acquisition on their single platform acquisition — thesis sharpening, origination discipline, diligence, financing stack, and SPA. Fixed-fee or success-fee structures available.

Adjacent · capital markets

Capital raising & refinancing.

Growth equity, minority recaps, senior debt, unitranche and sponsored LBO financing. Sourced against the right universe of institutional counterparties — European mid-market equity funds, private debt providers, family offices, sovereigns active in our sectors. Typically integrated into a sell-side or buy-side mandate rather than run standalone.

Frequently asked

M&A FAQ.

What is your fee structure on sell-side vs buy-side?

Sell-side: typically success-fee only, structured on a Lehman variant (1–3%). Buy-side: monthly retainer plus a smaller success fee (1–2%). Platform buy-and-build mandates: fixed monthly + per-closed-deal success. We discuss fees transparently in the first call.

What deal sizes do you cover?

We focus on mid-market transactions with enterprise values between €10m and €300m. Buy-side bolt-ons can go down to €5m where it fits a platform thesis.

Do you cover cross-border deals?

Yes. Roughly half our mandates are cross-border across EMEA and Africa. We manage international workstreams directly, and where a transaction requires specific in-market reach — particularly in CEE, DACH, Nordics, and Francophone Africa — we coordinate through ICFN network partners. Local tax and legal counsel is engaged where required.

On buy-side, how do you source targets that haven't been intermediated?

Proprietary outreach led by a partner, mapped against a structured target universe. We write personal approaches to founders, not blast emails. Off-market sourcing is the reason buy-side clients hire us over a generalist firm.

How are you different from a business broker?

Brokers list businesses and wait for buyers. We run structured, competitive processes targeting a curated buyer universe — which typically produces 15–40% higher exits. On buy-side, we originate before targets hit an intermediated process.

Who will actually work on my deal?

A senior partner leads every engagement from kick-off to close. You won't be handed off to an associate.

For sellers · after the LOI

The offer isn't what lands in your account. The terms are.

Once a competitive process delivers a strong headline number, what determines the founder's actual net receipt is what happens next — working capital peg, earnout structure, vendor loan, tax treatment, warranties, escrow versus W&I, and lock-up period. We work through all twelve levers on the seller's side before anything is signed.

Whole Transaction Maximiser — net proceeds optimisation →

Running a process in the next 6–18 months, or deploying capital?

Talk to a partner about timing, buyer (or target) universe, and indicative economics — confidentially, no slide deck.

Book a discovery call → See our track record