M&A advisory for family-owned and industrial businesses
M&A advisory supports a business through a sale, an acquisition or the arrival of a new shareholder: valuation, preparation of the information memorandum, search and selection of counterparties, negotiation through to closing. Alma Next does this from Monaco, for Italian, French and Monegasque owners, with one point of contact from start to finish.
At a glance
What we do
Studies and analysis, valuation, deal structuring and execution, counterparty search
Who for
Owners and families who are selling, buying or opening up their capital
Where
From Monaco, on transactions in Italy, France and the Principality
Timing
From first analysis to closing takes months, not weeks: preparation is half the result
Confidentiality
No name is shared without your written consent
When you need an M&A adviser
You want to sell the business
Because there is no successor, because the market is right, or because a group has already approached you. We prepare the business, set a price you can defend and bring more than one party to the table, so the negotiation does not hinge on a single buyer. This is sell-side advisory.
You want to grow by acquisition
A competitor stepping back, a supplier to bring in-house, a technology or a market you are missing. We set the criteria, search for and qualify targets, make the approach and run the negotiation through to completion. This is buy-side advisory.
You want to open up the capital
To fund a step change in size, to buy out a shareholder or to prepare the succession without selling everything. We structure the transaction, identify the right partners and support you in the discussions with them.
How we run a transaction
Five phases, always the same, from the first meeting to the transfer of shares. At every point you know where you stand and what comes next.
01
Analysis and valuation
We read the accounts, the customer base, the contracts and the organisation. The outcome is a reasoned value range and a list of what needs fixing before the business is shown to anyone.
02
Information memorandum
We prepare the document that presents the business to an investor: figures, market, strengths, risks already explained. An honest, readable memorandum shortens due diligence and protects the price.
03
Counterparty search and selection
We build a list of possible buyers or investors, trade and financial, and approach them on a no-names basis. You decide who enters the process and who stays out.
04
Negotiation and due diligence
We manage the offers, the comparison of terms and the due diligence phase, working with your lawyers and accountants. Our job is to keep control of the process and defend value when requests for price reductions arrive.
05
Closing and handover
Signing, payment, warranties, and what comes after: the transition period, key people, communication to customers and staff. A successful transaction shows six months after signing.
What your business is worth
A company’s value is not a single number: it is a range that moves with the method used, with who is buying and with how well prepared the business is. We always cross-check at least two methods, then explain the differences.
| Method | What it measures | When we use it |
|---|---|---|
| EBITDA multiples | The value the market gives to comparable businesses, by sector and size | Almost always, as a market benchmark |
| Discounted cash flow | The cash the business will generate, discounted to today | When the plan is robust and cash flows are predictable |
| Net asset method | The value of the assets, net of debt | Businesses with significant property, plant or inventory |
| Comparable transactions | Prices paid in recent deals in the same sector | To test the range against real cases |
In practice, three things drive a valuation: the quality of margins, reliance on the owner and customer concentration. They are also the three that can be improved in the months before a sale.
For groups and funds that acquire
We also support industrial groups and funds in finding companies that fit their growth plan, in Italy, Monaco and France.
- A confidential deal flow of family-owned SMEs in Italy, Monaco and France.
- Prepared files and readable numbers, with timelines stated from the start.
- An advisor who knows the owner and leads the negotiation.
Frequently asked questions
How long does it take to sell a business?
Months, not weeks. Preparation and valuation take the first weeks, the counterparty search and negotiation the longest stretch, due diligence and closing the final phase. Deals that are rushed are the ones that close badly, or not at all.
How is the price set?
By cross-checking at least two methods, for example sector EBITDA multiples and discounted cash flow, and comparing the result with comparable transactions. The final price then depends on the type of buyer: a trade buyer looking for synergies and a financial investor do not value the same business in the same way.
Do I need an adviser if I already have a buyer?
That is when you need one most. Someone arriving with an unsolicited offer knows the value of your business better than you do and has already decided what to pay. Our job is to check the range, create a credible alternative and run the negotiation, because a single buyer at the table sets the terms.
How are your fees structured?
Our fee is generally tied to the completion of the transaction (success fee). Only for some transactions is an initial fee charged. All terms are agreed in the mandate, before the engagement begins: no surprise costs.
Will employees and customers find out?
Not from us. Initial approaches are anonymous, and names are only shared after a confidentiality agreement and with your written consent. When and how to tell employees and customers is decided together, usually close to completion.
Do you also work on cross-border acquisitions?
Yes. From Monaco we handle transactions in Italy, France and the Principality, and we look for counterparties outside the company’s home country when that is the right market. Where local expertise is needed, we work with professionals on the ground chosen with you.
Read on
Corporate restructuring and turnaround
When the business needs to be put back on an even keel before a sale is even considered.
M&A in Milan and Northern Italy
How we work with companies in Lombardy, Piedmont and Emilia.
When the question is not who to sell to, but who will run the business tomorrow.
A transaction to assess
Tell us about the situation in a few lines. We will reply personally, in confidence, even if only to tell you whether the timing is right.
Contact us.
A first meeting, with no commitment and in the strictest discretion, about the transaction you are considering.
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