Context · Turnaround

We acquire companies with substance and adjustment need.

Turnaround is not a restructuring promise. Turnaround is the acquisition of a company that has substance but operationally or strategically needs re-orientation — under an owner who actually carries that responsibility.

● 72-hour response · Sector-agnostic · DACH

Last updated: 1 June 2026

A turnaround investor acquires mid-market companies with operational or strategic adjustment need, whose substance — customers, products, employees, market position — remains viable, and develops them under new ownership without entering formal insolvency proceedings. Tactical Management is the sector-agnostic turnaround investor for the DACH region with offices in Munich (Karlsplatz 3), Vienna (Graben 12) and Zug (Neuhofstrasse 3c). We assess mid-market companies with revenue between EUR 20 and 500 million, issue a written initial assessment within 72 hours, deliver an indicative offer within a few business days, and close typically 6 to 12 weeks after indicative agreement. Six acquisition contexts in our doctrine: Turnaround, Distressed, Carve-out, Spin-off, Divestiture, Succession.

A turnaround case is not the end of a company — it is the end of its current ownership or steering structure. Tactical Management acquires companies whose substance (customers, products, employees, market position) remains viable but whose operational reality needs a different ownership logic. We re-orient without extracting.

When turnaround is the right path

A turnaround acquisition is the right answer when a company simultaneously displays: existing substance with sustainable market relevance; operational or strategic adjustment need; a window in which adjustment is not yet foreclosed by liquidity erosion; and ownership or steering structures no longer capable of carrying the necessary change themselves.

What turnaround is not: not pure liquidity support, not restructuring advisory, not acquisition for asset extraction. Where the underlying business no longer carries itself, turnaround is not the instrument. Where stakeholders are not ready for an orderly transition, the same applies.

The turnaround doctrine: responsibility, not extraction

The DACH mid-market discourse of recent years has shifted toward expecting a coherent doctrine after closing — documented site commitments, multi-year holding perspective, transparent stakeholder communication. Owners, boards and house banks evaluate buyers against this expectation today, not against headline price alone.

Tactical Management positions clearly. Our turnaround doctrine: we acquire companies with a commitment to operational development. Employees, sites, customer relationships and supplier structures are understood as the substrate of our value creation — not as exploitation material.

Investment criteria

What we acquire

Substance size

Revenue typically EUR 20–500 million; employees typically 100–2,000. Smaller and larger special situations assessed case by case.

Operational status

EBITDA from negative to moderately positive. Decisive is not current earnings but whether operational substance and market position remain viable.

Owner posture

Seller readiness for transition (owner, corporate, insolvency administrator or bank) and a concretely structurable acquisition architecture.

Transaction capability

What makes us transaction-capable as a turnaround acquirer

Where the specific transaction allows, we can 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.

Each of these capabilities serves stabilisation of the acquired company, not its extraction. Employees and sites are part of our investment case, not negotiation material. This distinction is not marketing — it is the economic foundation of our holding logic.

Process

From scoping to closing

Scoping call

Confidential first contact. Outline of situation, stakeholders, timing.

Written initial assessment

72 hours. Substance assessment, structuring options, recommendation.

Indicative offer

Within a few business days. Valuation range, structuring proposal, pre-DD conditions.

Due diligence and closing

Structured process. Typically 6–12 weeks from indication. Closing certainty documented.

Frequently asked questions

FAQ

What is a turnaround investor?

A turnaround investor acquires companies that need operational or strategic re-orientation but whose substance remains viable. The investment logic differs from a distressed investor (who primarily acquires in financial crisis) and from a growth investor (who scales established profitability). The turnaround investor assumes operating responsibility for the re-orientation.

What revenue sizes does Tactical Management assess in turnaround contexts?

Typically EUR 20 to 500 million revenue. Smaller mandates assessed where the special situation is structurally distinctive (carve-out from a larger group, technological platform, mid-market succession with a special angle). Larger mandates assessed where transaction structure and contractually allocable risk are clearly defined.

Does Tactical Management also acquire loss-making companies?

Yes. EBITDA from negative to moderately positive is the rule in the turnaround context. Decisive is not current earnings but whether operational substance — customers, products, employees, market position — remains viable and whether a development path is concretely structurable.

How does Tactical Management differ from other DACH turnaround investors?

Tactical Management positions through three objective properties: a permanent capital mandate without fund lifecycle pressure, allowing multi-year holding perspective; sector-agnostic selection logic with substance and special situation as filters, not industry preference; three DACH offices in Munich, Vienna and Zug with direct accessibility of the Founding Partner. Written initial assessment within 72 hours.

Which stakeholders does a turnaround acquirer typically engage with?

Owners, banks, creditor committees, boards, employee representatives, restructuring advisors and CROs. Tactical Management negotiates transparently with all parties. Readiness for structured transition is a hard precondition — turnaround against stakeholder will is not our model.

Which sectors does Tactical Management exclude?

None. The Tactical doctrine is sector-agnostic. Risk-based exclusions apply: no pure concepts without operational substance, no situations with non-assessable legal or compliance risks, no transactions without realistic control. These exclusions are risk filters, not sector filters.

One action

Do you have a turnaround case?

Written initial assessment within 72 hours. GDPR-compliant. NDA on request before any further step.

Submit a turnaround case →