We are interested in the acquisition of promising companies that manufacture and sell innovative products

Investment Criteria

Adval Capital is interested in companies with revenues up to €30m

Investment size

Investment size Equity tickets €5m-€10m
Enterprise Value €10m-€30m

Geographic Focus

By priority: Serbia, Ex-Yu, Europe

Sector Focus

Agriculture related processing
Pet Food
Biotechnology, pharmacy, supplements
Production in niche industries where innovation drives value creation
Specialty retail & online marketplaces
Roll Up of vet clinics, laboratories, pharmacies, dentists, cosmetic parlors in cooperation with an industry expert

Target Operating characteristics

Positive cash flow
EBITDA od €0.8-€4m
Low CAPEX intensity
Minimum 20% gross margins, minimum 15% EBITDA margins
Base case business plan shows doubling of EBITDA in 5 years
Low human intensity

General Criteria

Advantage for targets where the founder will stay on as a motivated minority and capable of delivering growth with a good management team
Preference for 60%-80% acquisitions
Preference for products with export potential
Innovation driven company in a growing industry or a new technology in a pioneering industry
Exit potential

Adval Capital’s team has significant investment and transaction experience enabling efficient negotiations and execution with mutually beneficial outcomes for all sides.