Mergers & Acquisitions

An M&A deal is often the most important decision an entrepreneur will ever have to make, so it is crucial to have a solid strategic vision, supported by an experienced, multidisciplinary team. Our objective is to accompany owners in all the key steps of their proposed M&A project. Devcas relies on our in-depth knowledge of industrial dynamics, the networks we have spent 25 years developing, our unique methods, our databanks and our numerous sectoral studies to identify the ideal buyer that is willing to pay the highest multiple.

An important decision

A team that measures up to the challenge

Key steps

9 key steps

Sell-side mandate

Devcas’s main objective is to represent our client in the sale of the company or its merger with another organization, coaching the client in all key phases of the process.

Step 1 Signing the Engagement Letter and the Non-Disclosure Agreement (NDA)

Our Engagement Letter is based on a trust relationship that is established early in the M&A process. Our approach is very effective, and the features of our Engagement Letter, outlined below, reflect our confidence that we can close good deals that meet your expectations.

  • Mandates are usually non-exclusive.
  • A success fee is paid only at the end of the process ("closing") according to a formula based on the total transaction value initiated by Devcas.
  • The client always retains the right to reject any sale or merger deal initiated by Devcas if the proposal is not deemed to be in the best interests of the business or the shareholders.

The Non-Disclosure Agreement is critical since confidentiality and discretion are key Devcas values.

Step 2 Crafting a high-level Confidential Information Memorandum (CIM)

  • Company profile / Vision & Mission
  • Operations
  • Markets, clients, strategic positioning
  • Organization
  • Ownership structure
  • Key technologies and innovative working methods
  • Competitive advantages
  • Key financial data and analyses
  • Growth plan

Step 3 Strategic mapping


  • Identify potential local and international buyers willing to pay high multiples given industry practices.
  • Promote competition among potential buyers.
  • Identify buyers who match the seller's objectives, in terms of both the sustainability of the organization and the sale price.


  • Specialized databanks.
  • Targeted, proactive prospection.
  • Market analyses in numerous sectors.
  • Devcas shareholder network.

Step 4 Signing Non-Disclosure Agreements (NDA) with potential buyers

NDAs duly signed with potential buyers are key to a serious M&A process.

Step 5 Workshops with potential buyers and the seller

We help the seller prepare for meetings with potential buyers.

The following topics are often discussed :

  • Vision
  • Key trends
  • Growth objectives and business strategies
  • Market positioning
  • Internal issues
  • Synergies

Coherent and detailed strategic thinking is essential to achieving a higher multiple. Devcas’s expertise in strategic planning becomes paramount.

As in strategic planning mandates, a common vision must be fostered in which both parties agree on strategic objectives.

Step 6 Letter of interest

We assist our client in the following steps:

  • Prioritize negotiation issues.
  • Accept or reject the proposed transaction structure and, if necessary, propose a new one.
  • Ensure the business valuation is competitive.
  • Gather a team of professionals for specific needs (lawyer, tax expert, etc).

Step 7 Due diligence

  • Reasonable deadlines are necessary, but the due diligence must not last too long.
  • Devcas has access to world-class virtual data rooms when needed.
  • The due diligence approach should be discussed in advance. Devcas does not favour due diligence that allows for price adjustments other than the usual basic adjustments (working capital and cash).

Step 8 Legal contracts

We coach our client in the following legal phases:

  • Purchase agreement.
  • Shareholders agreement.
  • Employment contracts.
  • If applicable, dividend policy, new leases, various resolutions, etc.

Step 9 Closing

  • Within the scope of our mandates, we promote a pre-closing that precedes the closing by a few days, to conclude fast, effective, orderly transactions.