For buyers
A comprehensive guide to acquiring a company: process, valuation, financing, due diligence, and legal considerations. Everything you need to know before taking the step.
Hundreds of middle market transactions close in Spain every year. Yet for many buyers, it is their first acquisition. The difference between a successful deal and one that destroys value often comes down to preparation, process discipline, and access to the right information.
This guide draws on experience accumulated across more than 200 transactions: from identifying the right company to structuring the financing, through the most common due diligence mistakes and the legal traps to avoid in the purchase agreement.
Blue Mountain Capital is a Spanish family office with over fifteen years of experience buying companies directly. We operate with proprietary capital, without private equity funds behind us, and acquire companies with revenues between 3 and 50 million euros to hold and grow them long-term.
Advantages
An operating company offers advantages that a greenfield project simply cannot match.
A company with a track record generates immediate revenue. There is no loss-making launch period or product-market fit uncertainty.
Inheriting a trained team and recurring customer base saves years of organic growth and reduces operational risk.
A company with years of history has brand recognition, supplier relationships, and established market positioning.
Operating systems, processes, and know-how are market-validated. Optimising them is far easier than creating them.
Banks finance acquisitions of profitable companies more readily than new ventures, as they can evaluate historical cash flows.
A buyer with fresh ideas, capital, or market access can unlock growth that the previous owner could not or chose not to pursue.
Guides by topic
Select the topic that interests you most to access related articles.
From searching for opportunities to notarial signing: every stage of the acquisition process explained in detail.
Financing options, debt structures, vendor finance, and earn-outs for middle market acquisitions.
What to review before buying: financial, legal, tax, operational, and commercial. Mistakes that cost millions.
SPA contracts, warranties, representations, non-compete clauses, and shareholders' agreements.
Valuation methods, sector multiples, and how to determine a fair price before negotiating.
The first 100 days after the purchase. How to integrate teams, systems, and culture without destroying value.
The process
Before searching, you need to know what you are looking for. Sector, size, geography, business model, price range, and non-negotiable criteria. A well-defined profile saves months of work.
The best companies are rarely publicly for sale. Access to proprietary deal flow, intermediary networks, and sector relationships are critical for finding quality opportunities.
A preliminary valuation based on available information allows you to present a non-binding indicative offer. The LOI defines the indicative price, structure, and key conditions.
In-depth review of financial statements, contracts, tax, employment, operational, and commercial matters. This is the phase that protects the buyer and where valuation hypotheses are confirmed or not.
Negotiation of the share purchase agreement, including warranties, representations, price adjustments, and conditions precedent. Notarial signing and fund transfer. Closing is not the end -- it is the beginning.
Our experience
Blue Mountain Capital has completed over 200 transactions in fifteen years of activity. Our approach is direct: we buy 100% of shares with proprietary capital, without external financing or investment committee approvals.
We look for companies with revenues between 3 and 50 million euros, positive EBITDA, and a solid management team. The sector matters less than the quality of the business model and recurring cash generation.
Unlike private equity funds, we have no exit deadline. We buy companies to hold, get operationally involved, and grow the business alongside the existing team.
Our investment thesis200+
Transactions completed
15+
Years buying companies
80+
Active portfolio companies
100%
Proprietary capital
If you wish to explore a potential collaboration or present an investment opportunity, we invite you to contact us. We guarantee absolute confidentiality in all our conversations.