The flow
European mid-caps, EUR 50m to EUR 800m of enterprise value, invest south for proximity to demand, local content rules and shorter supply chains, cost base among the reasons, not the first. Alongside the seller sit host regulators, the buyer's sanctions and anti-bribery perimeter, and its banks.
What a deal turns on here
Valuation with thin comparables
Regional comparables are thin. European multiples and a European cost of capital err the same way: both overstate value unless country risk is priced. The number is built locally, then documented.
Signed is not completed
Signature, approval and completion sit in different places: a corporate board, a family shareholder group, a competition authority, national or regional, sometimes a ministry. We map it before signing.
Repatriation architecture
Convertibility, dividend limits and withholding decide how much of a modelled return arrives; remittance can depend on registering capital at entry.
Thirty minutes, confidential, no engagement. If this is not our corridor, we will say so and point you elsewhere.
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