Buy-Side Mandate · India → Europe

Buy European Companies

Cezanne Partners is a buy-side M&A boutique on the Europe–India industrial corridor. We act under exclusive mandate for Indian acquirers buying European companies, from €20M to €80M of enterprise value.

What an Indian acquirer actually buys in Europe

An Indian industrial group or family holding rarely buys a European company for its revenue line. It buys the things that take years to build and months to acquire: regulatory access, an installed client book, a certification, a plant already inspected.

In practice that means a marketing authorisation, an EU GMP inspected site, an EN 9100 or IATF certification, a REACH registration, a European distribution network with named accounts. Assets that no greenfield project delivers inside a five-year horizon, and that a single transaction transfers intact.

€20M – €80M
The enterprise-value band we work in. Below it, no adviser can fund proper origination. Above it, the bulge-bracket process takes over.

Origination is the work

Most cross-border acquisition failures are not execution failures. They are origination failures: the buyer never saw the right company, because nobody was paid to look for it.

Proprietary origination means building the target list before anyone sells it to you. We map the perimeter you validate, geography, sector, enterprise-value range, exclusion criteria, and profile forty to eighty European companies against it. Ten to fifteen are qualified and scored on a grid you approve. The companies we could not access, and the ones we recommend against, are part of the deliverable.

That is the difference between a mandated buy-side boutique and an introducer. An introducer shows you the companies they happen to know, and is paid only if you buy one of them. We are paid for the search, which is what gives us the right to tell you not to buy.

Where we originate: three industrial verticals

Certified speciality chemicals and pharma

European sites carrying EU GMP inspections, REACH registrations and marketing authorisations, where an Indian acquirer buys regulatory standing rather than capacity.

Advanced industry and CleanTech

Precision mechanics, aerospace and automotive subcontracting, and the CleanTech industrial base, energy efficiency, water treatment, recycling equipment, where European process know-how meets Indian volume.

IT services, software and embedded technology

European software houses, embedded-systems teams and IT service firms with client relationships that an Indian delivery platform can extend rather than replicate.

In-bonis and distressed: two moments, one question

We work both. A healthy company sold in an orderly process and a company sold under court supervision raise the same question, whether the asset is worth owning, at two different tempos.

On an in-bonis file the timetable is negotiated. On a distressed file it is set by a court and measured in weeks, which changes what preparation means: funding documented, investment committee identified, merger control and foreign-investment screening analysed before the first approach, not after the letter of intent. An unmandated buyer discovering their own authorisation constraints during a procedure is not a buyer; they are a delay.

How the mandate runs

Three phases, three separate remunerations. A fixed fee for the market mapping and origination work, delivered dated and verifiable. A monthly retainer through the approach and diligence phase. A success fee at closing.

The first phase is sold on its own. A buyer who does not know us can commission three weeks of origination work, read it, and stop there. Nothing obliges you to continue.

Key takeaways

  • Indian acquirers buy European regulatory standing, certifications and client books, not revenue lines.
  • Origination, not execution, is where cross-border acquisitions are usually lost.
  • Exclusive mandate, buy-side only: we never act for a seller, and never on both sides of a transaction.
  • Three verticals: certified speciality chemicals and pharma, advanced industry and CleanTech, IT services, software and embedded technology.
  • Phase one is sold alone, a fixed fee, a dated deliverable, no obligation to continue.

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Buy Indian companies, the other direction of the corridor → Why an exclusive buy-side mandate serves every party → The three industrial verticals →