Dulve

             Finance Advisory  Ltd

About Dulve

Dulve Finance Advisory is an EU-focused boutique firm specializing in M&A, equity/asset transfers, and end-to-end transaction advisory and execution support. Our team consists of experienced financial advisory professionals covering the full deal lifecycle—from strategy and valuation, target screening and diligence coordination, to deal structuring, negotiation support, signing, closing, and post-deal handover—ensuring a smooth, controlled, and efficient transaction process.

Our advisory team combines senior transaction expertise with specialist execution capabilities. This includes professionals with backgrounds in PwC Transaction Services (Amsterdam) ,Deloitte and McKinsey & Company, alongside dedicated domain leads covering valuation & pricing, deal materials (Teaser/IM/CIM), and negotiation support. Individually, our experts have supported €5m–€200m+ transactions, delivered 250+ founder/advisory mandates, completed 1,000+ transaction-materials projects, and contributed to $1.6B+ in raised capital, across Europe and cross-border contexts — always under strict confidentiality.

Built for complex EU deals, we take a compliance-first, outcome-driven approach: decision-ready outputs, rigorous risk management, and negotiation support that protects value and accelerates closing.

What clients can expect

  • Investor-grade deliverables — decision-ready, audit-friendly outputs.
  • Evidence-led diligence and QoE — clear EBITDA bridge, NWC peg logic, and risk attribution.
  • Negotiation leverage — term impact tables and concession maps that protect value.
  • Specialist workstreams, one coordinated team — valuation, materials, diligence, legal/tax interface.
  • Controlled execution — structured cadence, tight timelines, and closing discipline.
  • Confidentiality & compliance-first — NDA-first, data-room hygiene, GDPR-aligned handling where applicable.



Why Choose Dulve？

· Deal Certainty

At Dulve Finance Advisory, we are structured around one objective: helping clients close high-stakes transactions with clarity, control, and certainty. We combine senior-level judgment with disciplined execution—so the deal moves forward, risks are surfaced early, and decisions are made on clean, decision-ready information.

· Full-Lifecycle Coverage

We provide integrated support across the entire deal journey: strategy and valuation, target screening, diligence coordination, deal structuring, negotiation support, signing and closing, and post-deal handover. This full-chain approach reduces fragmentation, shortens iteration cycles, and keeps all stakeholders aligned at critical milestones.

· Proven Track Record

Our advisory team is composed of experienced finance and transaction professionals who have collectively supported hundreds of millions of US dollars in M&A and transfer engagements. We bring practical, market-tested experience to each stage—helping clients avoid common execution failures and navigate complex stakeholder dynamics.

· Compliance & Risk Control

We operate with a compliance-first mindset and a strong focus on risk management. Our process emphasizes structured documentation, clear accountability, and early identification of red flags—supporting smoother approvals and a more robust closing pathway, especially in cross-border contexts.

· Confidential by Default

Transactions require trust. We apply strict confidentiality standards and work under NDAs when needed. Many engagements cannot be publicly disclosed, but our operating principle remains consistent: discretion, precision, and high-quality execution.

· Clear Deliverables

Clients value predictability. We run engagements with defined scope, timelines, deliverables, and decision gates, ensuring each phase produces clear outputs—valuation views, issue lists, negotiation points, and closing checklists—so progress is visible and controllable.

Frameworks & Standards


Dulve run every mandate through a disciplined, repeatable execution standard — so outcomes are driven by evidence, not intuition.

1) Financial Diligence & QoE Methodology

  • Three-statement integrity: P&L, Balance Sheet, and Cash Flow are reconciled to ensure a single source of truth.

  • EBITDA normalization: one-offs, owner adjustments, non-recurring items, and accounting inconsistencies are identified and quantified.

  • Revenue quality: customer concentration, contract structure, cut-off testing, churn/retention (where relevant), and pricing/margin dynamics.

  • Working capital mechanics: seasonality, NWC bridge, and NWC peg recommendations aligned with deal structure.

  • Debt-like items & contingencies: off-balance exposures, accruals, deferred items, and other value leakage risks.

2) Valuation & Deal Economics

  • Triangulated valuation: DCF / trading comparables / transaction comparables (as applicable) to anchor value ranges.

  • Sensitivity & scenario analysis: pricing, margin, working capital, and growth assumptions stress-tested to quantify downside.

  • Value bridge: operational drivers translated into financial impact, linking diligence findings to price and terms.

3) Negotiation Support Standard

  • Issue list & negotiation pack: deal-critical issues mapped into “must-have / tradeable / walk-away” categories.

  • Concession pathway: structured give-get logic with quantified impacts (earn-out, escrow/holdback, WC peg, indemnities).

  • Evidence-led positions: every negotiation point tied back to diligence evidence, model outputs, or market benchmarks.

4) Project Governance & Delivery Discipline

  • RACI & cadence: clear ownership, weekly checkpoints, and a decision log to prevent drift.

  • Data room hygiene: request list control, versioning, and audit-friendly documentation.

  • Confidentiality-first: NDA-first workflow and strict access discipline (aligned with GDPR principles where applicable).

What clients receive (typical outputs)

  • Diligence Request List (DRL) and data tie-out schedule 
  • QoE summary, EBITDA bridge, and NWC analysis (where required)

  • Negotiation pack: issue list, term impact table, concession map

  • Executive memo: key risks, mitigations, and deal recommendations

Pricing Standard


Our fees are structured and transparent. Each mandate is priced per project based on two objective factors:

(i) deal complexity 

(ii) the indicative enterprise valuation / transaction size range.

Before work starts, we confirm a written scope (deliverables, timeline, responsibilities) to ensure pricing consistency and change-control.

Payment Structure

  • Kick-off Fee (on signing): initiates the engagement, reserves capacity, and covers setup (scope finalisation, data-room / request list setup, initial analysis).

  • Milestone Payments (delivery-based): the remaining fee is paid against clearly defined deliverables at pre-agreed checkpoints (e.g., first findings, draft deliverable, final deliverable).

  • Scope Change Control: if scope changes materially, we confirm the revised scope and fee in writing before proceeding.

This model ensures clients pay for measurable outputs, maintains budget control, and avoids unexpected charges.


Dulve Management

Felix Windsor

Founder & CEO of Dulve Finance Advisory

 EU–China finance entrepreneur.

He specializes in EU–China corporate transactions and financial advisory, with long-standing experience in M&A, equity/asset transfers, and end-to-end deal execution support. As a cross-border transaction entrepreneur and deal driver, he is adept at delivering executable solutions under complex stakeholder dynamics and regulatory requirements—covering valuation, diligence coordination, deal structuring, term negotiation, and closing pathways—and advancing transactions through a disciplined, milestone-based management approach to achieve a controlled deal close.

In practice, he leads multidisciplinary workstreams spanning finance, legal, tax, data compliance (GDPR), and acquisition finance, operating with a compliance-first, risk-forward, outcome-driven mindset. He supports buyers, sellers, and shareholders in improving decision quality and increasing deal certainty in volatile markets. Leveraging a strong understanding of both the EU business environment and China market context, combined with bilingual cross-cultural communication capabilities, he is committed to building a more efficient and trusted cross-border transaction execution framework for clients.

Dulve Advisory Team

Pawel Kaniuk

Senior  Finance Advisor  (M&A)

Pawel Kaniuk is a Senior M&A Finance Advisor and FCCA-qualified accountant with over 20 years of cross-border transaction experience, built on a foundation at PwC Transaction Services in Amsterdam, where he led buy-side and vendor financial due diligence for transactions from €5m to €200m+ across banking, insurance, manufacturing, and retail. He has since executed 12+ cross-border mandates across the EU — including post-merger integration lead on a €150m industrial acquisition and finance integration manager for a PE-backed 8-country European carve-out. His defining capability is transforming opaque SME financials into decision-ready, audit-grade data rooms: authoring IMs grounded in QofE and normalised EBITDA, coordinating multi-workstream diligence, and modelling working capital and cross-border tax exposure to support defensible key terms from screening through to close.

Mihai Zamfir

Negotiation Support Analyst

Deal Materials Lead

Mihai Zamfir is a strategic presentation and investment materials specialist focused on M&A, fundraising, and board-level communications. He has supported 250+ founders, advisory firms, and corporate teams in preparing confidential teasers, IMs/CIMs, and investor-grade transaction documents, and has delivered 1,000+ completed projects across startups, funds, and corporates. His work has contributed to $1.6B+ in raised capital and supported multiple closed transactions across Europe, the US, Australia, and Asia. He works directly with senior stakeholders under strict confidentiality.

 

Omair Dilawer

Valuation & Pricing Advisor

Omair Dilawer is the Founder of AJ Valuation Advisory and holds the CVA (NACVA, USA; Certificate No. 1029415) and the FMVA® (CFI, Canada) credentials. He specializes in business valuation, financial modeling, and pricing narrative development, having completed 50+ valuation engagements. His work supports M&A transactions, tax compliance, financial reporting, and investment and fundraising decision-making.

Yazid Ershied

Deal Materials Lead

Yazid Ershied is a former Manager at McKinsey & Company specializing in deal advisory and private-market transactions across mid-market and cross-border environments. He supports founders, investors, and advisory teams from early screening through diligence and execution, translating incomplete operational and financial information into decision-ready transaction logic. He brings strong experience in teaser/IM preparation, commercial positioning, and diligence coordination, helping maintain deal momentum toward signing and closing.

 Pedro Mendes

Diligence Workstream Lead (FDD/QoE)

Corporate Finance Lead (M&A)

Seasoned financial consultant with 15 years of experience in M&A advisory (both buy and sell-side), fundraising, pitch presentation, financial modelling, valuations, business planning and financial due diligence.

Former Deloitte Senior Manager for EMEA region. Also an entrepreneur and business founder, having successfully created and existed a startup.

Has assisted more than 300 clients and advised on deals worth globally more than USD 1 billion. Portfolio includes from SMEs to large international groups in various industries, such as healthcare, tourism & leisure, financial services, manufacturing, sports, IT & SaaS, e-commerce, amongst other.

Morris John

Corporate Finance Analyst (M&A)

Morris John is a Financial Data Analyst and Modelling Consultant focused on corporate finance, valuation, and transaction modelling, supporting EU-based SME M&A and business transfer mandates. He supports Dulve by producing valuation ranges, transaction models, scenario and sensitivity analyses, and buyer/seller-ready deal materials across the deal lifecycle. Previously, he worked as a Cost Accountant and later a Finance Officer at Alladin World of Brands (Kenya), supporting the business through its start-up stage as it expanded to multiple branches nationwide within three years.

Confidentiality & Compliance

We operate a confidentiality-first, compliance-led engagement standard designed for sensitive M&A and private transaction contexts. Our workflows are structured to protect information, manage conflicts, and ensure disciplined handling of client data throughout the deal lifecycle.

1) NDA-First Policy

No sensitive information is requested or reviewed before confidentiality is in place. We execute an NDA (or adhere to the client’s NDA) before accessing any non-public financials, commercial details, or transaction documentation. Where required, we also support counterparty NDA workflows to maintain controlled information sharing.

2) Data Room Access Controls

We apply structured data-room controls to reduce leakage risk and maintain auditability. Typical controls include:

  • Role-based access (e.g., viewer vs. downloader)

  • Watermarked documents for traceability

  • Time-bound access where appropriate

  • Version control and document logs to maintain a clear record of what was shared and when

3) GDPR & Data Handling Principles

Where personal data is involved, we handle information in line with GDPR-aligned principles: purpose limitation, data minimisation, access restriction, and retention discipline. We only request data that is necessary for the defined scope, restrict access to authorised personnel, and maintain a controlled process for storage and retention consistent with the engagement requirements.

4) Conflict-of-Interest Checks

We perform a conflict check prior to engagement acceptance. If any potential conflict is identified (e.g., overlapping mandates, sensitive counterparty involvement), we disclose it promptly and agree mitigation measures before proceeding. If a conflict cannot be appropriately managed, we will decline or terminate the engagement to protect client interests.

5) Professional Scope Disclaimer (Legal / Tax)

Dulve provides transaction advisory and execution support. Unless explicitly agreed in writing, our work does not constitute formal legal or tax advice. Where legal or tax input is required, we coordinate with the client’s counsel and/or qualified licensed professionals (including external legal and tax advisors) to ensure appropriate coverage and compliance.

 

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Compliance & Information

Security Notice

Dulve Finance Advisory provides corporate M&A and transaction advisory services only. We do not provide investment advice or securities research, and nothing on this website constitutes an offer, solicitation, or recommendation in respect of any financial product. We do not engage in asset management, custody, escrow, payment handling, or the execution of securities/financial instrument transactions, nor do we conduct public fundraising, underwriting, brokerage, or other regulated activities requiring authorization. We operate under applicable compliance requirements (including, where relevant, anti-bribery, AML and sanctions compliance). Client information and deal materials are exchanged and managed under confidentiality arrangements (NDA) as appropriate. Where personal data is processed, we comply with GDPR and applicable data protection requirements and, where necessary, enter into a Data Processing Agreement (DPA) to define roles and processing boundaries. Legal, tax, and audit opinions are provided by appropriately qualified professionals; we may coordinate with external advisors where required.