Context · Succession

Succession investor for the DACH mid-market.

Succession is a question of trust, not valuation. We acquire mid-market companies in owner transition with the commitment to continue sites, employees and customer relationships under new ownership.

● Permanent capital · Site commitment · Multi-year holding perspective

Last updated: 1 June 2026

A succession investor acquires mid-market companies in which the ownership or management structure must transition due to age, lack of family-internal continuation, or strategic re-ordering — and continues the company under new ownership. Tactical Management is the sector-agnostic succession investor for the DACH mid-market, with the commitment to continue sites, employees and customer relationships under new ownership. We assess companies with revenue between EUR 10 and 200 million, issue a written initial assessment within 72 hours, and structure transition phases in which the prior owner remains involved if desired. Closing typically 8 to 14 weeks from indication. Related routes: Sell your business, Special Situations.

Succession in the DACH mid-market is structurally driven by demographics — owner generations born 1955–1964 (baby boomers) entering retirement, often without family-internal continuation. The seller decision is rarely about price. It is about the continuation of what was built.

The demographic context

Around 40% of DACH mid-market managing directors are over 55. KfW surveys document that for the first time since survey inception, more mid-market businesses want to wind down than transition to a successor. The succession gap is structural, not cyclical.

For every acquisition-interested party there are 2.4 entrepreneurs willing to sell. Buyers place increasing demands on structure, transparency and future viability. Without early preparation the sale chance diminishes substantially.

Trust, not valuation

The succession decision is rarely the highest paper bid. It is the buyer the owner already knows and trusts. Owners ask about sites. Boards ask about employees. House banks ask about structures not driven by five-year exit cycles.

Tactical Management positions through permanent capital — no fund lifecycle, multi-year holding perspective. Site commitments are anchored in the SPA. Employee commitments are not contract-attached but contractually formulated.

Investment criteria

What we acquire

Substance and transition readiness

Revenue typically EUR 10–200 million. Owner readiness for structured transition. Operational substance viable for continuation.

Site and employee continuity

We continue sites and employees. Pure asset acquisition without continuation is not our model.

Transition architecture

Structures in which the prior owner remains involved during a transition phase, if desired.

Transaction capability

Permanent capital as holding logic

We acquire under permanent capital — no fund lifecycle, no five-year exit pressure. The decision to hold or sell follows the operating logic of the company, not the lifecycle of a vehicle. For succession sellers this is the structural difference from classic mid-market PE.

Permanent capital is the economic foundation for the commitment to site, employees and customer relationships. These commitments are not pre-IPO marketing. They are the holding-economics that make multi-year operational development the dominant return source.

Process

From scoping to closing

Scoping call

Confidential first contact. NDA on request before any further step.

Written initial assessment

72 hours. Substance assessment, structuring options, transition phase outline.

Indicative offer

Few business days. Valuation range, structuring proposal, transition design.

Due diligence and closing

Structured process. Typically 8–14 weeks from indication. Site and employee commitments anchored in SPA.

Frequently asked questions

FAQ

What is a succession investor?

A succession investor acquires mid-market companies in which the owner or management generation transitions out, typically without family-internal continuation. The investor commits to continuing sites, employees and customer relationships under new ownership.

What revenue range does Tactical Management assess in succession contexts?

Typically EUR 10 to 200 million. Smaller and larger mandates assessed where the special situation is structurally distinctive.

Does Tactical Management offer transition phases in which the prior owner remains involved?

Yes, if desired. Transition phases are structurable from 6 months to 3 years, with the prior owner in board, advisor or operational role. The architecture follows the seller's preference and the operational needs of the company.

One action

Confidential succession conversation?

Written initial assessment within 72 hours. GDPR-compliant.

Submit a succession case →