Services

We advise on the transactions that change the ownership, the size or the capital structure of a company.

Sell-side M&A

Sale of the whole company or of majority or minority stakes to industrial or financial investors. We analyse the business, define the transaction that maximises its value, prepare the documentation, select the investors together with the shareholders and run a competitive process up to signing and closing.

Buy-side M&A

Acquisitions as part of a growth strategy. We identify and approach target companies on an anonymous and confidential basis, carry out preliminary economic and financial checks, and support the client in negotiations from the letter of intent to the sale and purchase agreement.

Capital raising

The entry of private equity funds or industrial partners through a capital increase or the purchase of stakes, built around a structured and sustainable development plan shared with the entrepreneur.

Stock market listings

Advice to companies seeking a listing: feasibility study, equity story, business plan and pro-forma financial statements, selection of the Euronext Growth Advisor and Global Coordinator, support through due diligence, meetings with Borsa Italiana and the investor roadshow, coordination of all advisers and, with the Global Coordinator, the valuation that leads to a placement price consistent with the company’s fundamentals.

Minibonds

Advice to SMEs issuing minibonds as a source of medium-term financing alongside bank credit.

How a sale process works

  1. Company analysis

    Competitive positioning, organisation and production structure, economic, balance sheet and financial analysis.

  2. Transaction structuring

    The transaction that maximises value, agreed with the shareholders.

  3. Documentation

    Progressively more detailed materials for financial and industrial investors.

  4. Investor list

    A targeted selection of investors, shared with and authorised by the company.

  5. Letters of intent

    Parallel management of interested investors up to non-binding offers.

  6. Due diligence

    Support through financial, tax, legal and environmental due diligence.

  7. Negotiation and closing

    Investment terms and agreements, alongside the client’s lawyers, through signing and closing.

Different counterparties, different approaches

Industrial investors Financial investors Stock market listing
Logic Synergies Value creation through organic and external growth High-growth business plan
Horizon Long term Medium term (3–5 years) Medium term
Stake Usually majority, sometimes minority Majority or minority Minority
Valuation Typically higher than financial investors Multiples and profitability Multiples, profitability and equity story