Find the right company. Acquire it on the best possible terms.
Active target sourcing, independent valuation and advisory through negotiation to closing. Access to off-market deals and applying the judgment of advisors who are also investors.
Who is this service for?
- →PE or VC fund seeking an acquisition (incl. add-on)
- →Industrial or services company with an inorganic growth strategy
- →Search fund seeking its first acquisition
- →Management team backed by financial sponsors seeking to complete a Buy-In or Buy-Out
"What I valued most was that they understood the process from the inside. As buyers themselves, they knew exactly how the seller thinks — and that changes the entire negotiation."
Acquiring a company is a decision that shapes the trajectory of a fund or business for years. At Dextra, we advise private equity funds, industrial companies and management teams on their acquisition processes in the Spanish mid-market, applying the same rigour and execution standard we use for our own funds.
What sets our buy-side advisory apart is that we are also buyers. Through Gemba Capital and Atalaya, we have executed our own acquisitions, negotiated with sellers who had deep emotional ties to their businesses, coordinated complex due diligences and managed post-closing integrations. That first-hand knowledge fundamentally transforms the quality of advice we can offer to acquirer clients.
Deal access is another real advantage. Our network in Spain — built over more than 13 years — and our position as CFA Worldwide representatives in Spain allows us to identify targets that are not published on any platform. Many of the best mid-market businesses in Spain are sold in discreet processes, and being in that conversation from the start makes the difference.
The process, step by step.
Define the acquisition thesis
We work with the buyer to set clear search criteria: sector, size, geography, management profile and target financial metrics. Without a clear thesis, there is no efficient process.
Target identification and screening
We build a target universe using proprietary databases, our network and accumulated sector knowledge. This includes companies not actively for sale.
Confidential approach to the seller
We contact owners in a discreet, personalised way. Our background as investors allows us to open doors that a direct buyer simply cannot.
Target analysis and valuation
We assess the company from the buyer's perspective: management quality, EBITDA quality, hidden risks, growth potential and a reasonable value range to negotiate from a position of knowledge.
Negotiation and Letter of Intent
We advise on offer structuring and negotiate the LOI — the document that sets the economic terms of the deal before entering due diligence.
Due diligence coordination
We manage the DD process alongside the buyer's legal and financial advisors. We identify critical issues and translate findings into price adjustments or warranties.
Structuring and financing
We advise on the optimal deal structure (equity, debt, earn-out, deferred payments, ...) and coordinate with financial institutions when leverage is required.
Signing, closing and transition
We accompany the SPA (Share Purchase Agreement) and SHA (Shareholders' Agreement) signing, satisfaction of conditions precedent and the first months of integration to protect the value of the investment.
What makes us different.
We are also investors
We manage Gemba and have managed Atalaya. We understand the acquisition process from the inside and the psychology of the buyer when weighing the risk-return trade-off.
100% senior execution
Founding partners Stephan Koen and Iker Zabalza lead every mandate from start to finish. The buyer deals directly with the most experienced level, with no intermediaries.
Access to off-market deals
Our network in Spain and through the CFA Worldwide network (30+ offices) lets us identify companies that are not on the market and do not appear on any platform.
A buy-side mandate is advisory provided to the acquirer in a merger or acquisition. It covers everything from defining the acquisition thesis to closing, including target sourcing, valuation, negotiation and due diligence coordination. The goal is for the buyer to acquire the right company, at a fair price and on the right terms.
Through our direct network — lawyers, auditors, tax advisors, sector executives — and through CFA Worldwide. Many of the best mid-market opportunities are never listed on any platform. Our track record as advisors opens doors that are not available to buyers acting on their own.
We primarily work in the Spanish mid-market: companies with revenues between €10M and €150M. That said, we equally handle crossborder (international) transactions where either the buyer or seller is not from the Spanish market. For this we rely on the CFA Worldwide network, which gives us reach and access to companies across most continents.
From thesis definition to closing, a well-executed buy-side process takes between 6 and 18 months. The range reflects how long it takes to find the right target, the negotiation process and due diligence complexity.
Yes. We advise on the optimal structure (equity, bank debt, private debt, earn-out, vendor loans, deferred payments) and coordinate with financial institutions when leverage is needed. We also work with private debt funds when traditional bank financing is insufficient or unsuitable.
Yes, we have specific experience working with search funds through their search and acquisition process. We understand the model, its capital constraints and typical timelines. If you are in search mode, we can discuss how to structure the collaboration.
Next step
Shall we talk about
your deal?
Founding partners respond directly. No intermediaries.