Acquisition strategy
An external growth strategy is won or lost on the quality of the analysis: understanding what a target really does, where it sits in the value chain, what it is worth and what it would bring.
I support CFOs, funds and acquirers - including those without an in-house M&A team - from the analysis of inbound opportunities to the preparation of the investment decision, which remains in your hands.
What the engagement covers
Target screening
Sector mapping, building longlists and shortlists for build-up strategies
Target analysis
Business, business model, position in the value chain, strategic rationale, synergies and risks, with a reasoned conclusion on relevance
Review of inbound opportunities
Analysis of teasers and Information Memoranda received, with a structured view on whether to enter the process
Valuation
Trading comparables, transaction comparables, DCF, and a critical review of the target’s business plan: growth, margin, working capital and capex assumptions
Process monitoring
Preparation and analysis of offers (letters of intent, indicative and binding offers), due diligence coordination, Q&A management through to closing
Decision preparation
Investment notes and committee materials directly usable by management, partners and investment committees
Work carried out on real strategies
Locala - buy-side M&A support
Buy-side M&A support to the CFO: analysis of acquisition targets and inbound opportunities, preparation of investment decisions
Wedia - take-private completed by Cathay Capital
Analysis of build-up targets and exit routes, company valuation and day-to-day process monitoring
Case study - Buy-side M&A support to Locala’s CFO →
The transactions listed are public. The roles described reflect personal scope of work within the teams involved or through jmp advisory.
Start with the value chain
Every target is analysed from its actual place in the sector’s value chain: what it does, for whom, what sets it apart - before any reasoning about valuation or synergies.
Clear-cut conclusions
Every analysis ends with a view: strong fit, moderate fit or weak fit, with the reasons why. Management teams decide better on a reasoned recommendation than on a compilation of data.
Discuss your strategy →How the engagement starts
- A confidential conversation to understand your project - answer within 24 hours
- An NDA signed before any sensitive information is shared
- An engagement proposal and an itemised quote - no cost before your agreement
- A possible start within 24 to 48 hours
Frequently asked questions about external growth
How do you screen inbound opportunities?
With the same framework for each: size, activity and position in your value chain, strategic fit, implied price, and what would need to be true for the deal to work. You get a view within days: high, medium or low relevance, with the reasons.
How do you value a target?
Through transaction and trading multiples applied to normalised EBITDA, checked against a critical reading of the business plan, and a DCF when the plan supports one. Synergies are quantified separately: they are negotiated, not paid for upfront.
What does an investment note contain?
The thesis in one sentence, what the target changes for your company, the price and its mechanics, the risks, the downside case, and what happens if you do not buy. Written for the CEO and the board, not for the analyst.
Do you work with funds on their portfolio companies?
Yes: alongside the CEO or CFO of the portfolio company, on its add-on acquisitions or the preparation of its exit. The fund follows the deal without doing it in their place.
Do you stay involved through closing?
Yes, when the engagement provides for it: letter of intent, coordination of due diligence, Q&A, review of draft agreements with your lawyers. The decision remains yours at every step.
An acquisition under consideration?
Describe your project in full confidence: I will come back to you within 24 hours with an approach, a timetable and a quote.
Get in touch