- Medium-sized companies or subsidiaries of conglomerates.
- Turnover: EUR 50 - 500 million.
- Cash-flow: stable in core businesses, positive.
- Earnings: explainable losses may be acceptable.
- Manufacturing, capital goods, engineering companies (machinery and plant engineering), industrial wholesale or service industry.
- Typically not: software, internet, biotech, fashion.
- Interested in legally and economically complex situations, e.g. restructuring or insolvency situations.
- In overleveraged situations bailout of banks possible.
- Up to EUR 100 million (buying out bank loans as part of the transaction is an option).
- Focus in Italy with buy-and-build option in other European countries.
- Leading position in relevant market (Nr. 1-3).
- Fragmented market structure with potential for industry consolidation.
- Stable market.
- Low single customer/single order risk.