Publications
Driving Business Growth with Incremental Acquisitions
Peter Hubert, Partner, MDN Group
In an increasingly volatile European market, businesses are moving away from traditional large-scale, high-stakes transactions and gravitating toward smaller, incremental acquisitions. This approach, often described as “buy and build,” offers a level of strategic flexibility that can be critical in uncertain times.
Rather than committing massive resources to a single, transformative deal, companies are instead opting to accumulate value through a series of carefully selected, smaller-scale purchases. This measured strategy enables them to respond to evolving market conditions, mitigate risk, and secure a more sustainable growth trajectory.
Key Differences Between Heads of Terms and Sale & Purchase Agreements
Robert Nilsen, Associate, MDN Group

When preparing to buy or sell a business within the European Union, it is important to understand the various documents that guide the transaction. While negotiations and due diligence often take centre stage, it is equally necessary to know the differing legal instruments that structure the deal. Among the key documents are the preliminary Heads of Terms and the more formal Sale & Purchase Agreement (SPA).
Explore the respective roles of these documents, their defining characteristics, and how they help shape the progression from initial negotiations to a fully executed transaction.
…Steadying the Ship: Packaging Sector M&A Trends in 2024
Gabriel Hansen, Associate, MDN Group

The European packaging sector, like many other global industries, faced multiple moving targets during 2024. However, despite challenges, including elevated interest rates, supply chain disruptions, and economic uncertainty, mergers and acquisitions in the packaging industry demonstrated a measured resilience.
Though deal volumes remained somewhat subdued, several notable transactions highlighted that both strategic buyers and financial sponsors still see long-term growth potential, especially as companies invest in sustainable technologies and innovative materials.
…Evaluating Business Value with EBITDA
Peter Hubert, Partner, MDN Group

Assessing the value of a business requires careful analysis of financial metrics. Among these, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a critical indicator.
By isolating core operational performance, EBITDA provides essential insights for investors, analysts, and business owners.
…Unlocking Mid-Market M&A: What Acquirers Seek in 2024
David Wong, Partner, MDN Group

The European mid-market mergers and acquisitions (M&A) terrain is complex and presents a number of unique challenges. Economic headwinds, rising operational costs, and political uncertainties have made acquirers more selective than ever.
As businesses prepare for 2024, understanding the criteria that acquirers prioritize is crucial for those aiming to attract investment or plan a successful exit strategy.
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