Service 04 · Company Acquisition

Where it makes sense, we take on ownership responsibility ourselves.

Sometimes advice is not enough. When capital is missing, succession is unresolved or a group wants to divest a business, we step in as investor: with an equity stake, bridge financing or a full acquisition. From our own balance sheet, with a long-term horizon and no fund life.

Submit a special situation

Direct: +49 177 2266267Call-back within 60 minutes (Mon–Fri)Written assessment within 72 hours

In short

Tactical Management acquires or invests in mid-sized companies, business units and brands in special situations across Germany, Austria and Switzerland: turnaround, distressed, carve-out, spin-off, succession and acquisitions out of StaRUG or insolvency proceedings. We invest from our own balance sheet, provide a written assessment within 72 hours and typically close transactions six to twelve weeks after the indicative offer.

Our investments often grow out of an advisory mandate. We know the company, the numbers and the management before we invest. That makes decisions faster and the acquisition safer, for sellers, employees and lenders alike.

Just as often, enquiries come to us directly: from shareholders without a successor, from groups with non-core businesses, and from insolvency administrators and restructuring advisers looking for a buyer who can actually decide.

Updated: September 2026 · Responsible: Dr. Raphael Nagel (LL.M.), Founding Partner

Typical situations

When we step in as investor.

The turnaround is viable, but fresh equity is missing.
The owner cannot find a successor within the family or management.
A group wants to divest a business that is no longer strategic for it.
An insolvency administrator is looking for a buyer for a viable business.
Shareholders are in dispute or want to exit.
A private equity fund has to sell a portfolio company at the end of its fund life.

What we actually do

How we invest.

Majority acquisition

Full or majority acquisition, as a share deal or asset deal. With continuation of the company and its workforce.

Minority investment

Equity for the turnaround or the next phase of growth, without the entrepreneur giving up control.

Succession solution

Acquisition from the founder or the family, with an orderly handover that preserves name, location and culture. See Succession.

Carve-out acquisition

Acquisition of group businesses with a TSA phase and build-up of stand-alone capability. See Carve-out.

Acquisition out of proceedings

Investor under a StaRUG or insolvency plan, or acquisition by way of a transferring restructuring (übertragende Sanierung), an asset deal out of insolvency. See Distressed M&A.

Bridge financing

Capital for a transitional period, for example until refinancing or the completion of a turnaround. See Financing (in German).

Criteria

What we acquire.

We are sector-agnostic. What matters is substance: a real market, customers, products, an operating base and a reason why a normal sale process does not work.

Criterion	Parameters
Region	Germany, Austria, Switzerland; selectively international
Size	Revenue typically EUR 20m to 500m; smaller and larger situations are reviewed case by case
Earnings position	Profitable, loss-making or in proceedings
Occasion	Turnaround, distressed, carve-out, spin-off, succession, shareholder dispute
Transaction structure	Share deal, asset deal, equity stake, insolvency or restructuring plan
Speed	Written assessment within 72 hours, closing typically 6 to 12 weeks after the indicative offer

Process

From enquiry to closing.

72 hours

Initial assessment

Confidential review based on a few key figures. Written feedback on whether and how we can invest.

1 to 2 weeks

Indicative offer

After reviewing the key documents, an indicative offer with structure and conditions.

4 to 8 weeks

Due diligence and contract

Focused due diligence, negotiation, alignment with lenders, the works council and, where relevant, the court.

Closing

Development

Stabilisation and repositioning under new ownership. We do not strip assets, we build the business.

More than advisory

Adviser, partner and buyer from a single source.

Most investors see a company for the first time in the data room. We often know it from working together on liquidity and restructuring. That shortens due diligence, reduces risk and makes our offer reliable. For the seller, it means less uncertainty, less time lost and a buyer who delivers on what it promises. More on our approach under Investment thesis and Acquisition and process.

FAQ

Frequently asked questions.

Do we have to hire Tactical as an adviser first for Tactical to invest?

No. We also review direct enquiries from shareholders, groups, insolvency administrators and advisers. Conversely, an advisory mandate does not automatically lead to an investment. Both remain a free decision.

How does Tactical handle the conflict of interest when it advises and might later buy?

Openly and in writing. As soon as an investment or acquisition by Tactical comes into consideration, we disclose this to shareholders, the advisory board and lenders. The valuation is then validated by independent third parties, and the seller is free to approach other buyers. An advisory mandate never obliges anyone to transact with Tactical.

How quickly can Tactical acquire a company?

The written assessment follows within 72 hours, an indicative offer usually within one to two weeks. Closing typically takes place six to twelve weeks after the indicative offer, and faster in court proceedings.

Does Tactical also buy companies with losses or debt?

Yes, provided there is substance. Losses and debt are often the reason for the special situation and are reflected in the structure, for example through an asset deal, a restructuring plan or an agreement with creditors. See also Selling a GmbH with debt (in German).

What happens to employees after an acquisition?

We acquire companies in order to continue and develop them. In a transfer of undertaking, employment relationships pass to the acquirer under § 613a of the German Civil Code (BGB), comparable to TUPE in the UK. Where adjustments are needed, we plan them openly and together with the works council and management.

Is Tactical a private equity fund?

No. Tactical invests as a permanent capital platform from its own balance sheet and with partners, without a fixed fund life cycle. We do not have to sell investments again after a few years.

Related services

One thing usually leads to another.

Sale

Let us talk before your options narrow.

Three lines are enough. The founding partner replies personally, confidentially and with a concrete assessment.