Teaser

The process of selling a company begins with a problem: you need to attract potential buyers’ interest without revealing which company is for sale. The teaser is the tool that resolves that contradiction: a document designed to generate enough appeal for a buyer to want to know more, without giving clues that could identify the company.

What is a teaser

A teaser (also called a blind profile or investment summary) is a brief executive summary — typically one to three pages — that anonymously presents the key characteristics of a company for sale. It is used in the early stages of a sale process to gauge potential buyers’ interest before revealing the company’s identity and before they sign a confidentiality agreement (NDA).

The teaser is the first marketing piece of the M&A process. Its objective is not to provide all the information, but to generate enough interest for the potential buyer to say: “I want to know more.”

What a teaser includes

An effective teaser presents sufficient information to evaluate strategic fit without compromising confidentiality:

• Sector and subsector. “Company in the food sector specialising in frozen products” (without naming the company).
• General geographic location. “Eastern Spain” or “northern Spain” (not the exact city).
• Size. Revenue range and employee count (“revenue between 15 and 20 million euros”).
• Key financial metrics. EBITDA or operating margin, historical growth (usually as ranges, not exact figures).
• Value proposition. Competitive advantages, market position, customer base (described generically).
• Reason for the transaction. Founder’s retirement, search for a strategic partner, asset diversification.
• Transaction type. Sale of 100%, majority stake entry, sale of a division.
• Timeline. Expected process calendar.

What a teaser should NOT include

• Company name or owner names.
• Exact address or identifiable facilities.
• Names of customers, suppliers, or key employees.
• Exact figures that could be cross-referenced with public records.
• Photographs of recognisable products or facilities.

How it is used in the sale process

The teaser fits into a logical sequence:

1. Teaser preparation by the M&A adviser (Blue Mountain, in our case).
2. Identification of potential buyers (long list of 30-100 candidates).
3. Teaser distribution to selected candidates, accompanied by a brief introduction from the adviser.
4. Interest assessment. Buyers who respond positively sign an NDA.
5. Delivery of the information memorandum once the NDA is signed.
6. Access to the data room for buyers advancing to the offer stage.

Why getting it right matters

A poorly designed teaser carries two opposing risks:

• Too much information: It allows the company to be identified, breaking confidentiality. In niche sectors, two or three cross-referenced data points are enough for a competitor to know exactly who it is.
• Too little detail: It does not generate sufficient interest. Professional buyers receive dozens of teasers every month; if the document does not stand out, it ends up in the bin.

The balance between both extremes is an art that requires experience and market knowledge.

A practical example

Blue Mountain prepares a teaser for the sale of an industrial maintenance services company in eastern Spain:

Investment opportunity — Industrial sector

Established industrial maintenance and shutdown services company with over 20 years’ track record in eastern Spain.

• Revenue: EUR 12-15M
• Normalised EBITDA: EUR 1.8-2.2M (EBITDA margin ~15%)
• Headcount: 120-150 employees
• Average 5-year growth: 8% per annum
• Customer base: 50+ active contracts with companies in the petrochemical, pharmaceutical, and energy sectors
• Reason: Founder’s retirement
• Transaction: Sale of 100% of the share capital

Seeking an industrial or financial buyer with experience in the industrial services sector and commitment to management team continuity.

This teaser provides enough information to evaluate fit without revealing the specific identity of the company.

Frequently asked questions

Why doesn’t the teaser reveal the company’s identity?

To protect confidentiality. If employees, customers, suppliers, or competitors discovered the company was for sale, it could seriously damage the business. The teaser allows measuring market appetite without exposing the identity until the buyer signs an NDA.

What information does a teaser include?

Sector, size (revenue range), general location, key financial metrics, competitive advantages, reason for the sale, and transaction type. All presented in a way that prevents identification.

What is the difference between a teaser and an information memorandum?

The teaser is anonymous and brief (1-3 pages), sent before an NDA is signed. The information memorandum is a detailed document (30-80 pages), identifies the company, and is only delivered after the confidentiality agreement is signed.

Related articles

• How to Prepare Your Company for Sale
• The Company Sale Process: Step by Step
• Confidentiality in the Sale of a Business