INSIGHTS
Practical perspectives on transactions, capital and company growth
Commentary, analysis and resources on M&A, business valuation, raising capital and preparing companies for a transaction.
Valuation
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SUCCESSION
Family business succession – pass it on to your children, hire a manager or sell?
Succession doesn't have to mean handing the company to your children. Five scenarios: family, outside management, a family foundation, an investor or a sale.
M&A TRENDS
AI in M&A – how technology is changing company sales and the work of advisors
What AI already automates in deal processes, where experience is still needed and how the advisory fee model may change.
M&A PROCESS
How much does an M&A advisor cost when selling a company?
Retainer, success fee, minimum fee and accelerator – with data on European rates and how advisory fees are settled.
PRIVATE EQUITY
Private equity funds in Poland and CEE – which companies do they invest in?
Market size, deal sizes, sectors and the models for selling a company to, or raising capital from, a PE fund.
VALUATION
How are companies valued in small and mid-market M&A?
EBITDA multiples, DCF, comparable transactions, assets and replacement value – and why a strategic investor may pay more.
VALUATION · SAAS
SaaS multiples in 2026
The median EV/Revenue multiple has fallen from 6.3x to 3.1x, while deal volume is at a record high. What this means for an owner considering a sale.
VALUATION · IT
Software house valuation multiples in 2026
EV/EBITDA multiples for IT services in CEE and globally, differences between sub-sectors and the impact of AI on valuation.
VALUATION
EBITDA multiples in M&A – what is a company worth?
Multiples across 13 CEE sectors, the size premium and the factors that raise or lower a valuation.
VALUATION · MANUFACTURING
M&A multiples for industrial companies in 2026
EBITDA multiples in CEE manufacturing and the impact of deal size, customer concentration and CAPEX on the value of a plant.
PRICE MECHANICS
EBITDA normalisation, working capital and net debt
How EBITDA and a multiple turn into the actual price for the shares. A worked example: PLN 10m of EBITDA and PLN 53.6m in the owner's account.
DUE DILIGENCE
Quality of Earnings – what does the buyer check?
Six questions a QoE answers: revenue recurrence, margin sustainability, add-backs and EBITDA-to-cash conversion.
DEAL STRUCTURE
Earn-outs in Polish deals – where do disputes arise?
Five areas of conflict in Polish share purchase agreements (SPAs): the EBITDA definition, control of the company, information rights and the settlement procedure.
DEAL STRUCTURE
Earn-outs – when is it worth agreeing to one?
Data show that sellers receive on average 21% of the potential amount. How to choose the KPI, measurement period and safeguards.
VENTURE CAPITAL
VC fund exit routes
Trade sale, secondary, IPO, buyback and merger. How the routes differ and what drives the choice.
VENTURE CAPITAL
How to prepare a company for a VC fund exit
Exit readiness, the diverging interests of the fund and the founder, IP rights, financial data and timing the sale.
M&A TRENDS
AI in M&A – how technology is changing company sales and the work of advisors
What AI already automates in deal processes, where experience is still needed and how the advisory fee model may change.
M&A PROCESS
How much does an M&A advisor cost when selling a company?
Retainer, success fee, minimum fee and accelerator – with data on European rates and how advisory fees are settled.
PRIVATE EQUITY
Private equity funds in Poland and CEE – which companies do they invest in?
Market size, deal sizes, sectors and the models for selling a company to, or raising capital from, a PE fund.
VALUATION
How are companies valued in small and mid-market M&A?
EBITDA multiples, DCF, comparable transactions, assets and replacement value – and why a strategic investor may pay more.
VALUATION · SAAS
SaaS multiples in 2026
The median EV/Revenue multiple has fallen from 6.3x to 3.1x, while deal volume is at a record high. What this means for an owner considering a sale.
VALUATION · IT
Software house valuation multiples in 2026
EV/EBITDA multiples for IT services in CEE and globally, differences between sub-sectors and the impact of AI on valuation.
VALUATION
EBITDA multiples in M&A – what is a company worth?
Multiples across 13 CEE sectors, the size premium and the factors that raise or lower a valuation.
VALUATION · MANUFACTURING
M&A multiples for industrial companies in 2026
EBITDA multiples in CEE manufacturing and the impact of deal size, customer concentration and CAPEX on the value of a plant.
PRICE MECHANICS
EBITDA normalisation, working capital and net debt
How EBITDA and a multiple turn into the actual price for the shares. A worked example: PLN 10m of EBITDA and PLN 53.6m in the owner's account.
DUE DILIGENCE
Quality of Earnings – what does the buyer check?
Six questions a QoE answers: revenue recurrence, margin sustainability, add-backs and EBITDA-to-cash conversion.
DEAL STRUCTURE
Earn-outs in Polish deals – where do disputes arise?
Five areas of conflict in Polish share purchase agreements (SPAs): the EBITDA definition, control of the company, information rights and the settlement procedure.
DEAL STRUCTURE
Earn-outs – when is it worth agreeing to one?
Data show that sellers receive on average 21% of the potential amount. How to choose the KPI, measurement period and safeguards.
VENTURE CAPITAL
VC fund exit routes
Trade sale, secondary, IPO, buyback and merger. How the routes differ and what drives the choice.
VENTURE CAPITAL
How to prepare a company for a VC fund exit
Exit readiness, the diverging interests of the fund and the founder, IP rights, financial data and timing the sale.
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