Buy-Side

M&A Advisory

Dulve Business Acquisition Advisory

 
Dulve Finance Advisory provides EU-focused Buy-Side M&A and Transaction Advisory, applying disciplined deal governance from target screening through signing and closing. Our mandate is execution-led: we convert opportunities into decision-ready, closeable transactions. We anchor pricing with valuation and financial modelling, run diligence workstreams (FDD/QoE, legal, tax, GDPR) through structured issue tracking and risk closure, and translate findings into negotiation-ready positions across pricing mechanics, conditions precedent, and protective provisions. Engagements are managed on a milestone basis with clear deliverables—models, valuation ranges, issue trackers, term red-lines, and closing checklists—helping buyers improve decision quality, reduce execution risk, and increase deal certainty.

Dulve Buy-Side Process & Deliverables

0) Kick-off & Acquisition Criteria

(Week 0–1)

Objective: Define the investment thesis, scope, and decision gates.
Key actions:

  • Set target profile (sector, geography, size, EBITDA, risk appetite)

  • Confirm funding path and timeline (equity vs. acquisition finance, approvals)

  • Establish initial valuation range and bid principles
    Deliverables: Acquisition criteria & screening framework, project plan (milestones + owners), initial risk log.

1) Target Sourcing & Screening

(Week 1–3)

Objective: Narrow the opportunity set to a shortlist worth diligencing.
Key actions:

  • Build and qualify longlist/shortlist (fit, access, basic validation)

  • Rapid commercial/financial assessment (KPIs, margin quality, key risks)

  • Stage information exchange (NDA where required)
    Deliverables: Longlist/shortlist, one-page investment summary (per target), initial valuation range and risk flags.

2) Valuation & Bid Preparation

(Week 2–4)

Objective: Build a defensible pricing logic and offer strategy.
Key actions:

  • Valuation and modelling (triangulated across methods)

  • Scenarios and sensitivities (growth, margins, WC, capex, rates)

  • Offer structure and core terms strategy (pricing mechanics, WC/Net Debt, CPs)
    Deliverables: Valuation model and range, bid recommendation (incl. key terms), assumptions & sensitivity conclusions.

3) LOI / Term Sheet & Negotiation

(Week 4–6)

Objective: Move to an executable framework for diligence and documentation.
Key actions:

  • Draft/review commercial terms of LOI/Term Sheet

  • Negotiate pricing mechanics and protections (exclusivity, information rights, break conditions)

  • Confirm diligence scope, cadence, and data room requirements
    Deliverables: LOI/Term Sheet (commercial version), terms red-line list, diligence plan & request list.

4) Diligence Workstream Leadership

(Week 6–10)

Objective: Keep diligence controlled and translate findings into price/terms/closing conditions.
Key actions:

  • Data room structure + Q&A governance (issue tracker, cadence control, prevent scope creep)

  • Coordinate FDD/QoE with legal, tax, and GDPR workstreams

  • Map findings into: price adjustments, protections, CPs, closing mechanics
    Deliverables: Issue tracker + weekly status, decision-ready QoE/FDD findings summary, risk register & mitigations, proposed term adjustments.

5) Documentation, Signing & Closing

(Week 10–14)

Objective: Align documents, conditions, financing path, and closing steps to completion.
Key actions:

  • Coordinate commercial positions across SPA/APA drafts (with legal counsel)

  • Manage CPs (consents, regulatory items, financing/bank conditions)

  • Confirm closing checklist and funds flow
    Deliverables: Signing/closing action plan, CP list with owners, closing checklist, final key-term confirmation points.

Buyer Qualification

 

To protect execution quality and deal certainty, we onboard buyers with clear decision authority and funding pathways.

Typical onboarding inputs include:

  • Defined acquisition criteria (sector, geography, size, deal structure)

  • Decision chain and governance (IC/board process, timeline, key stakeholders)

  • Funding readiness (equity availability and/or acquisition finance feasibility)

  • NDA readiness and information boundaries (as required)
    This ensures a disciplined process and avoids stalled mandates driven by unclear authority or financing.

Mandate Types

 

We support a range of EU buy-side mandates, including:

  • SME Acquisitions (platform or standalone transactions)

  • Add-on Acquisitions (bolt-ons to existing operations)

  • Carve-outs (acquisition of business units or asset packages)

  • Share Deals and Asset Deals (equity and asset transactions)

  • Special Situations (time-sensitive or structurally complex acquisitions)