Pillar · Sector-agnostic · DACH

We acquire DACH mid-market companies in special situations.

Tactical Management is the sector-agnostic special situations investor for the DACH mid-market. Substance, special situation, development.

● 72-hour response · Sector-agnostic · DACH

Last updated: 1 June 2026

A special situations investor acquires companies, business units, assets or brands in complex ownership, transformation and crisis situations that are structurally unsuited to standard M&A processes. Tactical Management is the sector-agnostic special situations investor for the DACH mid-market, with offices in Munich (Karlsplatz 3), Vienna (Graben 12) and Zug (Neuhofstrasse 3c). We assess every situation submitted, issue a written initial assessment within 72 hours, and close in 4 to 12 weeks from indicative offer depending on complexity. Six acquisition contexts in our doctrine: Turnaround, Distressed, Carve-out, Spin-off, Divestiture, Succession. Substance. Special situation. Development.

Special situations are not a sector. They are a complexity class. Tactical Management acquires companies, business units, assets and brands in ownership, transformation and crisis situations that are structurally unsuited to standard M&A processes.

Doctrine: substance, special situation, development

Substance means companies, business units, assets or brands with real markets, relevant value creation, customer bases, products, infrastructure or development capability. We do not acquire concepts without operational or legally realisable substance.

Special situation means a concretely definable starting point — turnaround, distressed, carve-out, spin-off, divestiture, succession, ownership conflict or strategic re-ordering — that structurally overwhelms a standard sale process.

Development means we take ownership responsibility, create clear structures and develop the acquired unit under new ownership. We do not asset-strip. We stabilise, re-orient and make industrial, technological and operational substance sustainable.

Transaction capability

Where the specific transaction allows, we can acquire on an as-is basis, close without financing contingencies, accept reduced reps and warranties, and assume contractually defined legacy liabilities. For sellers this means: fewer conditions precedent, clear risk allocation and a decision-capable counterparty.

This capability serves stabilisation and development of the acquired company, not asset extraction. Every acquisition is taken into an independent, competitive platform — with clear operating responsibility, transparent stakeholder communication and a documented development plan.

Investment criteria

What we acquire

Operational substance

Companies, business units, assets or brands with real markets, customer bases, products, infrastructure or development capability.

Definable special situation

Turnaround, distressed, carve-out, spin-off, divestiture, succession, ownership conflict or strategic re-ordering.

Transactional feasibility

A structure in which acquisition, going-concern continuation, separation, restructuring or further development can be responsibly executed.

Transaction capability

We resolve transactions that standard processes fail to close.

Tactical Management acquires companies, business units, assets and brands in complex situations. Depending on transaction structure we can acquire as-is, close without financing contingencies, accept limited reps and warranties, and assume clearly defined legacy liabilities. For sellers this means fewer preconditions, clear risk allocation and a decision-capable counterparty.

This transaction capability serves stabilisation and development of the acquired company, not asset extraction. Every acquisition is taken into an independent, competitive platform with clear operating responsibility, transparent stakeholder communication and a documented development plan.

Process

From scoping to closing

Scoping call

Confidential first contact. Outline of the situation, stakeholders and timing. No commitment. NDA on request before any further step.

Written initial assessment

Within 72 hours of receiving the materials. Substance assessment, structuring options, recommendation on next step.

Indicative offer

Within a few business days if there is mutual interest. Valuation range, structuring proposal, pre-DD conditions.

Due diligence and closing

Structured process. Closing window typically 4 to 12 weeks from indicative offer, depending on complexity.

Frequently asked questions

FAQ

What is a special situations investor?

A special situations investor acquires companies, business units, assets or brands in complex situations that are structurally unsuited to standard M&A processes. These include turnaround, distressed, carve-out, spin-off, divestiture and succession. The category is defined by speed, structuring competence and the ability to absorb complexity, not by sector preference.

Which acquisition contexts does Tactical Management cover?

Six core contexts: turnaround (operational or strategic adjustment need), distressed (financial crisis, pre-insolvency, insolvency), carve-out (non-core business unit), spin-off (independent unit creation), divestiture (corporate or PE non-core disposal) and succession (mid-market ownership change).

Does Tactical Management acquire only technology companies?

No. Tactical Management is sector-agnostic. Technology is a competence area, not an exclusion criterion. We invest in industrials, services, brands, healthcare, infrastructure and other sectors where operational substance, a definable special situation and transactional feasibility are present.

How quickly does Tactical Management respond?

Written initial assessment within 72 hours of receiving materials. Indicative offer within a few business days where there is interest. Closing window typically 4 to 12 weeks from indicative offer, depending on complexity.

What documents are needed for an initial assessment?

A one- to two-page description of the situation, the most recent two audited annual financial statements, the current financial year, a 13-week liquidity plan (for special situations), and an overview of key contracts, employees and regulatory approvals. A complete dataset is not required for the initial assessment.

Is initial contact confidential?

Yes. Tactical Management operates under GDPR-compliant procedural discipline. NDA templates are available on request; initial scoping is regularly conducted under confidentiality. Data is used solely for assessment and either deleted after scoping concludes or, if the process proceeds, transferred into structured procedural management.

Which regions does Tactical Management cover?

Geographical focus is Germany, Austria and Switzerland. Operating offices in Munich, Vienna and Zug. Cross-border transactions are handled in cooperation with established international partners.

One action

Ready for a confidential first call?

Written initial assessment within 72 hours. Indicative offer within a few business days where there is interest. GDPR-compliant.

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