Investment criteria
What we look for in a company, and where we do not invest.
Investment criteria
What we look for in a company
Sound Portuguese industrial companies, profitable and exporting, where a change of ownership is also the moment to professionalise and grow.
| Criterion | Requirement |
|---|---|
| Location | Portugal; operations elsewhere in the EU welcome as a complement |
| Sector | Industrial, within the three verticals of the thesis |
| Revenue | €5–30 million |
| EBITDA | €1–10 million, positive in the last two financial years |
| Ownership | Majority control; minority stakes only with a contractual path to control or strong protective rights |
| Situations | Succession, growth, carve-out or consolidation |
| Accounts | Audited, or auditable within a timeframe compatible with closing |
Verticals
Sector-flexible within industry
Opportunities outside the three verticals can only proceed with a specific rationale and the unanimous approval of the Investment Committee.
Manufacturing & Industrial
Portugal has a broad, export-led industrial base: metalworking, components, plastics, moulds and equipment, with strong clusters across the North and Centre. Nearshoring brings new demand from European and US customers, and many of these companies are ready for a step change in scale and automation.
- Precision machining and metalworking
- Automotive (Tier 2) and aerospace components
- Industrial plastics
- Moulds and tooling
- Equipment and automation
Revenue €5–25M · EBITDA €1–5M
Agrofood & Packaging
A strong export position in olive oil, wine and canned food. Customer and regulatory pressure for sustainable packaging and traceability opens room for consolidation and innovation.
- Canned and processed food
- Export olive oil and wine
- Sustainable packaging
- Functional ingredients
Revenue €8–30M · EBITDA €1.5–5M
Defence & Dual-Use
The modernisation of Europe's defence industrial base creates demand for dual-use capabilities. Reinforced compliance due diligence: export control, end users and information security.
- Electronic components and systems
- Protection structures
- Secure communications and cybersecurity
- Advanced materials
Revenue €5–20M · EBITDA €1–4M
For founders and sellers
A buyer that stays to build
Conversations are confidential and start without commitment.
A succession plan
We agree a transition period with the founder and keep the company's name, team and roots.
An operating partner
Professional finance, ERP, lean and certifications, delivered with management rather than imposed on it.
Capital to grow
Bolt-on acquisitions and expansion into Spain and the rest of Europe.
Exclusions
Where we do not invest
- Controversial weapons and anything under EU or UN sanctions.
- Tobacco, gambling, adult content and thermal coal.
- Companies with serious unresolved environmental, labour or tax issues.
- In defence and dual-use, only legitimate uses and end customers in the EU, NATO or allied countries.
Qualified investors