Author Archiv: Vero

Why family business succession in Germany rarely fits a classic private equity mandate, and why Permanent Capital is the structural answer. An essay by Tactical Management on what Mittelstand owners give up in a handover, and what they keep.

A boardroom-analytic view from Tactical Management on the 2026 European special situations cycle: non-performing loans, rate normalisation, margin compression, and the kind of Mittelstand balance sheet that deserves Permanent Capital rather than a fund clock.

An editorial from Tactical Management on why financial sponsors systematically under-price operating responsibility, and why the top quintile of mid-market returns is built on leadership discipline rather than leverage or multiple arbitrage.

An analytical essay on the German succession gap, the withdrawal of strategic corporates from mid-market industrial, and why Permanent Capital, not classic PE funds, matches the structural timing of the Mittelstand.

Tactical Management treats Iberia as a primary geography, not an expansion bolt-on. A boardroom view on Spanish mid-market valuations, ownership structures, the Barcelona private office, and the cross-border sector theses that bind Spain and the DACH-Mittelstand.

Why established Mittelstand brands trade at a discount and earn superior margins once refocused. An analytical view from Tactical Management on the operating economics of heritage brand investment in the mid-market.

Classical PE governance was built to protect a fund structure, not to run a company. In the Mittelstand, that distance destroys value. A boardroom view on why Permanent Capital, partner-level accountability, and a working Beirat produce better decisions than investment committees and exit clocks.

Why carve-outs from industrial groups deliver better risk-adjusted returns than venture investment, and how Tactical Management runs operational separation in-house rather than outsourcing the work that actually decides the outcome.