80%
Off-market opportunities in active mandates
Capittal
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Services / Buy-side - Company acquisition
Buying a company requires access, judgement and execution. Not just search.
We define the mandate, source on-market and off-market opportunities, filter real value and support negotiation, due diligence, financing, closing and integration.
Direct answer
How is a company bought in Spain?
Buying a company in Spain is done through a buy-side mandate structured in four phases: definition of the thesis and acquisition criteria, identification and confidential approach to target companies, due diligence and negotiation of price and structure, and closing with a sale and purchase agreement and integration. The full process takes between 6 and 12 months. An M&A advisor provides access to off-market opportunities, a real-value filter and coordination of financing through closing.
The reference price of a target company is estimated by applying a multiple to normalised EBITDA, contrasted with comparable transactions in the sector. The usual financing combines own equity, bank debt and vendor financing (part of the price deferred and paid to the seller).
- Average process duration
- 6-12 months
- Usual revenue range
- EUR 1M-EUR 50M+
- Off-market access
- 80% of opportunities not publicly listed in active mandates
- Fee model
- Mandate retainer + success fee at closing
- Confidentiality
- Discreet, direct approach to owners
100+
Due diligence checkpoints
6-12m
Usual acquisition timeline
47
Acquisitions and buy-side mandates worked
EUR 325M
Aggregate value in analysed pipeline
Mandate
Before searching for companies, we define what deserves to be bought.
The acquisition starts with a thesis: where to create value, which risks to accept and which financial structure can support the transaction.
Criterion 01
Sector, geography and growth thesis
Criterion 02
Size, EBITDA, debt and financing capacity
Criterion 03
Seller profile and real closing probability
Criterion 04
Synergies, integration and operational risk
This filter avoids wasting months on assets that look interesting but do not have a real seller, viable financing, defensible synergies or fit with the buyer.
Process
From an investment thesis to a closed transaction.
We define criteria, filter targets and reduce risk before committing capital.
1-2 weeks
Strategy and criteria
Sector, size, geography, EBITDA, financial capacity and seller type.
4-8 weeks
Identification and approach
Target mapping, prioritisation, discreet contact and validation of real interest.
6-12 weeks
Due diligence and negotiation
Financial, legal, tax and commercial analysis plus term structuring.
Closing
Closing and integration
Legal coordination, financing, signing and first post-acquisition months.
Advantages
Why a buy-side mandate is not a generic search.
Access, due diligence, negotiation and integration are the pieces that turn a search into an executable transaction.
80%
Off-market access
We map opportunities that are not public and open discreet conversations with owners.
100+
Integrated due diligence
We coordinate financial, legal, tax, commercial and operational review before committing capital.
15%
Specialised negotiation
We structure price, warranties, earn-outs, debt, vendor financing and closing conditions.
6m
Post-acquisition integration
We support the first months so the investment thesis translates into results.
Buyers
Not all buyers are looking for the same thing.
The approach, filter and negotiation change depending on buyer type. A serious buy-side mandate starts by adapting the search to that reality.
Strategic
Corporates
Inorganic growth, new geographies, vertical integration or competitor acquisition.
Financial
Private equity
Search for platforms, add-ons, buy-and-build and assets with clear value levers.
Operator
Search funds
Identification of profitable, defensible companies with possible management continuity.
Owner
Entrepreneurs
Acquisitions to diversify, professionalise or replace owners without succession.
How long does it take to buy a company?
Between 6 and 12 months on average: criteria definition, target identification, confidential approach, negotiation, due diligence, legal documentation and closing.
What are the phases of a company acquisition mandate?
First, strategy and criteria: sector, size, geography, EBITDA and financial capacity. Second, identification and approach: target mapping, prioritisation and discreet contact with owners. Third, due diligence and negotiation: financial, legal, tax and commercial analysis, and term structuring. Fourth, closing and integration: legal coordination, financing, signing and the first months after the acquisition.
How is a company acquisition financed?
Most mid-market transactions combine the buyer's own equity, bank debt and vendor financing. In some cases external investors join. Designing a financeable structure before negotiating avoids losing deals for lack of funds at closing.
What is an off-market opportunity?
A company that is not publicly for sale but whose owner is open to a conversation. In Capittal's active buy-side mandates, around 80% of the opportunities analysed are off-market, which reduces competition from other buyers and improves entry terms.
How much does an M&A advisor charge for a buy-side mandate?
The usual model combines a mandate retainer and a success fee aligned with closing. The structure depends on scope, exclusivity, transaction size and process complexity, and is agreed before starting.
FAQ
Questions before starting a buy-side search.
Short answers on criteria, timing, financing and risks before activating a mandate.
What type of companies can I acquire with Capittal?
We advise on acquisitions of SMEs and mid-market companies in Spain, usually from EUR 1M to EUR 50M+ revenue, across industrial, technology, services, distribution, food, construction and other sectors with a clear growth thesis.
How long does an acquisition process take?
An acquisition usually takes between 6 and 12 months: criteria definition, target identification, confidential approach, negotiation, due diligence, legal documentation and closing.
How do you identify target companies?
We combine our own database, sector analysis, owner network, intermediaries, financial buyers and direct owner approach. The filter is not only availability: it is also value, fit, financeability and closing probability.
What financing do I need to buy a company?
It depends on size, stability and structure, but many transactions combine own equity, bank debt, vendor financing and sometimes external investors. We help design a financeable structure before negotiating price.
Do you also do due diligence?
Yes. We coordinate financial, legal, tax, commercial and operational due diligence and translate findings into price adjustments, conditions precedent, warranties or decisions not to proceed.
Do you only charge if the transaction closes?
The usual model combines a mandate retainer and a success fee aligned with closing. The structure depends on scope, exclusivity, transaction size and process complexity.
What risks does buying a company involve and how are they covered?
The main ones are overpaying, inheriting hidden liabilities and failing the integration. They are covered with full due diligence, price adjustments, seller warranties, conditions precedent in the contract and an integration plan for the first months.
What is vendor financing in a company acquisition?
It is the part of the price the seller receives deferred, financing the buyer directly. It reduces the need for bank debt, aligns the seller with the transition and is common in SME and mid-market transactions in Spain.
Connected services
Buying well requires coordinating price, risk and contract.
The opportunity only makes sense if it passes valuation, due diligence, financing, tax structure and legal documentation.
Do you have an acquisition thesis? Let's turn it into an executable mandate.
In a first conversation we can organise criteria, financing, sectors, risks and the type of opportunity that really deserves time.
Define acquisition mandateConfidential from the start
Real opportunity filter