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M&A & Special Situations

M&A Advisory

Sale, acquisition and partnering structures for companies at an inflection point.

Overview

The right owners for the next stage of growth

We advise on sales, acquisitions and partnering structures for companies at an inflection point, unlocking the technology and commercial value of the business to bring in the shareholder base it needs to grow to the next level.

For emerging, capital-intensive businesses, value often sits in technology, assets and strategic fit rather than current earnings. We position the company on that basis, and design a process that fits the situation, whether that is a full sale, a partial stake or a strategic partnership.

When We Are Engaged

Four moments that call for a transaction

Shareholders seek an exit

Founders or investors are looking for a full or partial exit.

A fundraise gets stuck

A round has stalled and alternative paths need to be considered alongside it.

A partner solves more than capital

A corporate partner would bring technology, supply chains or market access that money alone cannot.

A segment starts to consolidate

Consolidation is beginning, and it pays to be a buyer, a partner or a well-positioned target.

How We Work

A mandate typically involves

  1. Positioning and valuation

    Analysis grounded in asset value, technology position, and the commercial and financial profile.

  2. Buyer mapping

    Targeted mapping of, and outreach to, industrial, strategic, financial and international acquirers.

  3. Process design

    A broad auction, a targeted process or a bilateral negotiation, optimised for the situation.

  4. Marketing materials

    The information memorandum, data room and management presentations.

  5. Negotiation

    Negotiating the structure, price mechanics and transaction documentation.

  6. Through to completion

    Due diligence and project management through to signing and completion.

Who We Engage

Acquirers and partners worldwide

Industrial acquirers

Industrial and engineering groups adding technology or capacity to their core business.

Strategic acquirers

Corporates entering a new market, securing supply or building a position in a new technology.

Financial sponsors

Private equity, growth and infrastructure investors looking for platforms and assets.

International buyers

Acquirers and partners from outside the company's home market.

Questions

Frequently asked questions

How do acquirers value a business whose value sits in technology rather than earnings?

Usually on strategic value: the technology and IP, the team, time to market and what it would cost the buyer to replicate. Evidence that de-risks the technology, such as pilots, offtake agreements and independent validation, tends to move value more than revenue multiples.

Can a sale process run in parallel with a fundraise?

Yes. A dual-track process creates competition and a credible alternative, but it needs tight control of messaging, timetable and information flow so that neither track undermines the other.

When does a strategic partnership beat a sale?

When market access, supply or capability matter more than liquidity, or when value cannot yet be proven. A partnership, joint venture or minority investment can keep the upside and build the evidence for a later transaction.

How do we protect IP and sensitive data when bidders are competitors?

Through staged disclosure: confidentiality agreements, clean-team arrangements and holding back the most sensitive technical and commercial information until a late stage, or until a preferred bidder is exclusive.

How should existing investor rights be handled before launching a process?

Liquidation preferences, drag and tag rights and consent matters should be reviewed early, as outcomes can differ significantly across share classes. Aligning shareholders before going to market avoids surprises late in the process.

Are earn-outs a good way to bridge a valuation gap?

They can be, but they shift risk to the seller. Milestones should be objective and measurable, with protections on how the business is run during the earn-out period.

What are the options if a fundraise has stalled?

Typically a strategic investment, a merger, an asset sale or a structured partnership, alongside re-cutting the round. Assessing these early, while there is still runway, keeps the most options open.

Related Services

Often combined with

Sectors where we advise on transactions:

Get In Touch

Considering a sale, acquisition or partnership?

Speak to the team, in confidence, about your options.

Reach out to us