M&A Advisory · Portugal & Spain · Lower Middle Market
Sell stronger.
Buy smarter.
In Iberia.
Klatt M&A advises owners and acquirers on private company transactions across Portugal and Spain. We provide deep local insights and senior attention on every mandate.
Who we work with
Two sides of the same market.
We work with owners of private companies in Portugal and Spain preparing or running a sale — and investors, funds, and corporates acquiring here. Enterprise values of €5M to €50M.
Selling
You will sell your company once.
Your buyer has done it twenty times. They know what a tired seller looks like, what an unprepared data room means, and exactly what both are worth to them. Our job is to remove that asymmetry — to prepare the business properly, to bring more than one credible buyer to the table, and to hold the process together from first approach to signing.
Explore a confidential saleSee what it might be worthBuying
The best Iberian companies are not on a platform.
They are owned by people who have not decided to sell yet, and who will only take the conversation if it comes from someone introduced properly, in their own language. We map the sectors you care about, approach owners directly and discreetly, and bring you a small number of companies that genuinely fit your thesis.
Share your acquisition criteriaSelected transactions
Work we can point to.
Sell-side
Sector · size band · year
One line on the situation and the outcome. No client name needed.
Sell-side
Sector · size band · year
One line on the situation and the outcome. No client name needed.
Buy-side
Sector · size band · year
One line on the situation and the outcome. No client name needed.
Why Partner With Us
We know what it takes to get a good deal done in Iberia.
Iberian market intelligence, maintained continuously
We map the Iberian lower middle market sector by sector: who owns what, how fragmented each niche still is, who is actively consolidating, and what has genuinely changed hands and on what terms. It is not a database we bought. It is research we do — and we publish enough of it that you can judge the quality yourself.
Read our researchLocal relationships, international reach
Iberian owners sell to people they trust, introduced by people they know. We are on the ground in Portugal, we work in Portuguese, Spanish, English and Dutch, and we bring serious international acquirers to companies that would never appear on a listings platform — and would not reply if they did.
How origination worksA boutique advisory service, tailored to you
We provide a highly personal boutique advisory experience designed entirely around your specific needs. We take the time to genuinely listen to your objectives so we can seamlessly adapt our approach to fit you perfectly, ensuring you feel supported, informed, and confident as we secure an exceptional outcome on your behalf.
Discuss your specific needsOur Services
Six engagements.
Three for owners preparing or running a sale. Three for acquirers building a position in Iberia.
Sell-side
Exit Readiness Review
An indicative valuation and a prioritised plan to raise it, one to three years before a sale.
ExploreSell-side
Value-Creation Partnership
A longer engagement to build value ahead of a sale, working on the things buyers actually pay for.
ExploreSell-side
Sell-Side Advisory
Full preparation, positioning and execution of a company sale, from valuation through to signing.
ExploreBuy-side
Origination Service
Sector mapping and direct, discreet approaches to owners who are not on the market.
ExploreBuy-side
Buy-Side Advisory
Evaluation, negotiation and execution for acquirers entering or expanding in Iberia.
ExploreBuy-side
Buy & Build Programmes
A sustained acquisition pipeline for platform owners and sponsors consolidating a fragmented niche.
ExploreSector coverage
Sector agnostic. Deep in almost every one of them.
We do not confine ourselves to two or three verticals. In this market, outcomes are decided less by the industry code than by how fragmented the sector is, how much of the business still sits with the owner, and who the credible acquirers are. We bring sector knowledge and transaction experience across almost every part of the Iberian lower middle market.
Manufacturing, installation, electrical engineering, industrial maintenance. Owner-managed, technically demanding, and rarely well advised.
The market thesis
Why Iberia. Why now.
Four things are true in the Iberian lower middle market at the same time. They will not all stay true — and none of them reads accurately from outside the region.
Ownership is changing hands
A large cohort of Iberian owner-managers is approaching retirement with no family successor. Succession here is becoming a transaction question rather than a family one — and most of those owners will run a sale process for the first and only time.
The arbitrage is vertical, not geographic
Iberian companies are not cheap because they are Iberian. They are cheaper because they are small. A platform at €5M EBITDA trades at a materially higher multiple than the €1M EBITDA businesses it acquires — and that spread is the return.
Fragmentation is still real
In several Iberian sectors no consolidator yet holds a meaningful share: hundreds of sub-scale, owner-run businesses, no obvious acquirer, and no visible process. That window closes the moment one consolidator moves.
Capital is arriving
International acquirers and funds are increasingly active in Iberian mid-market transactions. Competition for good assets is rising — good news if you are selling, a deadline if you are buying.
And the advisory market has not kept up
Companies worth €5M to €50M sit in a gap. They are too small for the international banks and too demanding for a listings-driven broker. The result is a market in which good businesses are sold badly, and good buyers miss the companies they would have paid the most for. Closing that gap takes local knowledge of who owns what, the language the conversation happens in, and a process run to the standard an international acquirer expects.
Every figure we publish is labelled reported, derived or estimated, and sourced. Sources and methodology
Who you will be working with
Kelvin Klatt
Kelvin founded Klatt M&A to give owners and acquirers in the Iberian lower middle market the standard of advice that companies twice the size take for granted.
He spent over fifteen years as a management consultant, advising SME owners on strategy, operations and M&A. Long enough to know how a good deal is built — and to have seen what a badly run one costs an owner. Having spent his career working alongside founders, he brings a deep respect for the human side of succession, transition, and legacy.
“Most owners only sell once. That should not be the reason they get less than their life's work is worth.”
Arrange a confidential conversationJoin us in Lisbon
We are building a small, senior team.
Klatt M&A is early, and whoever joins now will shape it. If you have real transaction experience, work in Portuguese, Spanish or English, and would rather own a mandate end to end than staff someone else's, we should talk.
Get in touchReady to talk about Iberia?
Whether you are considering an exit, strengthening the business before one, or building an acquisition programme in Portugal or Spain, the useful first step is the same: get clear on the objective, the timing and the real constraints. That is exactly what we do in an introductory call.
Arrange a confidential conversationThirty minutes with Kelvin Klatt. No cost, no obligation.
Research
What we are seeing in the market.
We publish our research including sector notes, transaction commentary and full reports — sourced and labelled.
The monthly Iberian market note
One useful decision tool each month, for owners, buyers and advisers.
Most owners think about selling for two to five years before appointing anyone. This is for that period.