Acquisitions
Buy-side origination, valuation, structuring, and execution for strategic targets.
M&A Advisory
Strategic combinations for the lower-middle market.
Acquisitions, roll-ups, succession, and partial exits, executed with institutional discipline at SME scale. We advise founders and platforms on growth-by-acquisition and structure the financing that makes it possible.
The Approach
M&A is a capital strategy, not an event.
For an SME, an acquisition is rarely a one-off. It is a lever in a longer capital plan: a way to consolidate a fragmented market, acquire capability, or solve succession on the founder's terms. Run well, it compounds enterprise value. Run badly, it absorbs capital and attention the business cannot spare.
KH brings investment-banking process to transactions most boutiques consider too small and most brokers run too loosely. We originate, structure, finance, and execute, with the same rigour we apply to a fundraising mandate.
"The best acquisition is the one that strengthens the next round, not the one that strains this one."
Transaction Types
Where we advise.
Seven transaction types across the SME lifecycle, each with its own structuring, financing, and diligence demands.
Roll-Ups
Platform thesis, target pipeline, and a repeatable acquisition engine.
Strategic Combinations
Mergers of equals and capability-driven combinations between complementary businesses.
Succession
Founder and family transitions structured to protect legacy, people, and value.
Partial Exits
Liquidity for founders and early backers while retaining upside and control.
Growth-by-Acquisition
Acquisition as an explicit growth strategy, sequenced into the funding roadmap.
Acquisition Financing
Debt, mezzanine, and equity structured to fund the transaction without over-diluting.
Acquisition Financing
Structuring the capital stack.
Most SME acquisitions are funded by a blend of instruments, not a single cheque. We engineer the stack to minimise dilution, match cash flows to repayment, and keep the founder in control, then run the process to secure each layer.
A typical structure layers senior debt and mezzanine over a vendor loan or earn-out, with equity sized to close the gap. The right blend depends on EBITDA quality, asset base, and the seller's objectives.
Equity
Sponsor / founder capital, the control layer
Vendor Loan / Earn-out
Seller financing tied to performance
Mezzanine
Subordinated debt bridging the gap
Senior Debt
Lowest-cost capital, secured & amortising
The Process
A disciplined transaction process.
From mandate to completion, run as a managed institutional process, not a series of introductions.
01
Strategy & Origination
Define the thesis, build the target pipeline, and make first approaches with discretion.
02
Valuation & Structuring
Value the target, design the offer, and engineer the financing structure.
03
Diligence & Financing
Manage diligence, secure the capital stack, and negotiate terms.
04
Completion & Integration
Documentation, close, and a hand-off into post-deal integration planning.
Explore a Transaction
Considering an acquisition, a roll-up, or an exit?
Start with a confidential conversation. We'll assess the opportunity, the structuring, and how it fits your wider capital strategy.