We acquire established businesses, consolidate fragmented industries, and build institutional platforms with access to public capital markets.
We identify fragmented industries where dozens of profitable, founder-led companies operate below institutional scale. Through disciplined acquisition and operational integration, we consolidate these businesses into a single platform that commands higher valuations, wins larger contracts, and attracts institutional capital. Our preferred path to public markets is through a reverse merger with an existing listed shell — a faster, more capital-efficient route than a traditional IPO.
A publicly listed platform unlocks capabilities that private companies simply cannot access: listed equity becomes acquisition currency, enabling faster roll-up without dilutive capital raises. Institutional debt instruments — corporate bonds, credit facilities — become available at lower cost. The company gains credibility for large government and enterprise contracts. And the permanent capital structure allows us to compound value over decades, not fund cycles.
We don't go public to exit. We go public to build. The listing is the beginning of the growth phase, not the end.
Acquire 2-4 complementary businesses in a target vertical. Build critical mass of €5M+ combined EBITDA. Centralize operations, integrate back-office, and establish shared services infrastructure.
Execute a reverse merger with an existing listed vehicle on a European exchange. Achieve public status without the cost and delay of a traditional IPO. Establish institutional reporting and governance standards from day one.
Use listed equity as acquisition currency to accelerate the roll-up. Access institutional debt at lower rates. Qualify for large government and enterprise tenders. Compound value through continuous acquisition and organic growth.
We target regulated European exchanges that offer the right balance of accessibility, credibility, and institutional investor reach.
Europe's third-largest exchange by market capitalization. Strong regulatory framework, deep institutional investor base, and established infrastructure for mid-cap industrial companies.
Pan-European exchange spanning Paris, Amsterdam, Brussels, and Lisbon. Ideal for companies with multi-country European operations and cross-border acquisition strategies.
Leading exchange for growth-oriented companies in Northern Europe. Strong track record with technology and industrial platform companies. Attractive for companies targeting Scandinavian institutional capital.
Listed equity becomes a tool for acquiring companies without depleting cash reserves. Sellers receive liquid stock, enabling larger and faster transactions. This is the engine that accelerates the roll-up beyond what private capital alone can achieve.
Public companies attract higher-caliber executives and operators through equity compensation, career visibility, and institutional credibility. This solves the critical talent bottleneck that limits most private roll-ups.
A public listing signals governance, transparency, and permanence. It opens doors to government contracts, enterprise clients, and institutional debt instruments that are simply unavailable to private companies of equivalent size.
We target profitable, established businesses with €500K+ EBITDA in fragmented industries. Our focus is on industrial services, technology, and business services companies with strong fundamentals, recurring revenue, and skilled teams. We do not invest in startups or pre-revenue companies.
A reverse merger is a process where a private company merges with an existing publicly listed shell company, achieving public status without the time, cost, and regulatory complexity of a traditional IPO. It allows us to access public markets faster and more efficiently, typically within 3-6 months rather than 12-18 months.
Acquired companies gain access to institutional capital, lower-cost debt, larger contract opportunities, and the ability to attract top-tier talent through equity compensation. They also benefit from shared services, centralized operations, and the credibility that comes with being part of a publicly listed group.
We believe in the people who built the business. In most cases, existing management teams remain in place and continue to run day-to-day operations. We provide institutional support — finance, legal, HR, technology — so operators can focus on what they do best: growing the business.
From initial conversation to closing, a typical acquisition takes 60-90 days. We move quickly because we have clear criteria, experienced deal teams, and pre-established legal and financial infrastructure. We respect founders' time and aim to make the process as straightforward as possible.
Our primary targets are Börse Frankfurt, Euronext, and Nasdaq Nordic. The specific exchange is selected based on the vertical, geographic footprint, and investor base that best matches each platform's profile. All three offer strong regulatory frameworks and deep institutional investor participation.
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