Behind the Billion: 8 M&A Stories You Won't Hear Anywhere Else

One critical insight from each deal that demonstrated how we think about exits.

Eight deals closed. Approximately R1 billion in transaction value. One year that showcased exactly how we deploy our playbook across radically different situations.

The business press won’t publish these stories. Most M&A advisors won’t share them. But buried in each of these eight transactions is a demonstration of how advanced M&A strategy actually works when you know what you’re doing.

I’m not going to walk you through every detail—I don’t want to bore you, and also need to tread carefully around issues of confidentiality. Instead, I want to share the one critical insight from each deal that demonstrated how we think about preparation, positioning, and premium exits.

Some of these deals required our standard competitive process. Others demanded we break our own rules. All of them showcase what decades of M&A experience look like when applied to real-world complexity.

Let’s dive in.

Deal #1: Strategic Patience Creates Asymmetric Advantage

When this braai equipment manufacturing client hit a Section 42 asset swap that triggered an 18-month regulatory freeze, most advisors would have stepped back and said, “call us when you’re ready.”

We saw it differently.

That 18-month window became our staging ground. We used the time to optimise business operations while simultaneously cultivating relationships with potential acquirers. We identified buyers, initiated preliminary conversations, and built an understanding of the opportunity—all while the regulatory clock ticked down.

By the time SARS cleared the way, we weren’t starting from scratch. We were launching warm conversations with buyers who already understood the business and were ready to move quickly.

The result? When we formally went to market, we hit the ground running with engaged, educated prospects. What seemed like a frustrating delay became our competitive edge.

The demonstration: Strategic timing isn’t about finding the perfect moment—it’s about controlling what happens during mandatory waiting periods to create competitive advantage.

Deal #2: Market Feedback Beats Theoretical Preparation

Brothers running a diesel engine remanufacturing business wanted us to take them to market as-is. Rough operations, owner-dependent systems, messy BBBEE structure. EBITDA around R10 million.

We had concerns, but we took them to market anyway.

The market spoke clearly: We could only attract second and third-tier acquirers who couldn’t structure appealing deals—too much debt, too little equity. These weren’t the quality buyers the business deserved, and the deal structures weren’t acceptable.

Here’s what separates how we work: During that failed attempt, the brothers started implementing exactly what we’d discussed on day one. They separated themselves from operations. Pushed responsibility down to their team. Most dramatically, they completely removed their BBBEE structure—went non-compliant rather than maintaining a complex façade that was distracting them from real business value.

Their EBITDA grew to nearly R40 million.

Round two? Exceptional acquirers competed for the business. Premium price. Clean structure. Deal closed successfully.

The irony? The winning acquirer brought 51% black ownership—so they achieved genuine BBBEE compliance by abandoning their artificial structure and focusing on building a valuable business.

The demonstration: Our approach prioritises market-validated improvements over generic “M&A readiness” checklists—we’re willing to go to market to prove what needs fixing, then work with clients who act on that feedback to actually shift buyer perception and business value.

Deal #3: The Right Buyer Becomes Your Problem-Solving Partner

Cross-border foundry acquisition by a Chilean buyer. Complex family dynamics. International transaction mechanics.

An 85-year-old business with property complications that had plagued the owners for decades.

This is where finding the right buyer matters.

Property sitting in your operating entity creates three immediate problems: it limits your buyer pool (some want property, some don’t), complicates valuation (operating business multiples versus real estate multiples), and creates normalisation nightmares around market-related rent.

In this case, it was even worse. One of the properties—next door, unused—came with its own contingent liabilities that the owners had been unable to resolve for years.

We didn’t solve these problems during preparation. The reality is that we found an acquirer willing to go through the pain and still make it work. We found the buyer who saw such real strategic value in owning this foundry that they were willing to work through structural issues that would have killed deals with lesser buyers.

The Chilean acquirer didn’t walk away from complexity—they became partners in resolving problems the 85-year-old business couldn’t solve on its own.

The demonstration: If you find the right buyer who sees real value in owning your business, they’ll assist you in resolving issues that might seem insurmountable. Strategic conviction from the right acquirer can solve problems that have existed for decades—because their desire to own the asset is stronger than their concern about structural complications.

Deal #4: Competitive Tension Requires Controlled Orchestration

This facilities services business owner—garden services, security, cleaning—had already tried selling independently and failed at due diligence. When they came to us, they were frustrated and sceptical that anyone could sell their business.

We deployed our standard competitive process: comprehensive buyer research across their sector, simultaneous personalised approaches to qualified acquirers, carefully orchestrated timelines that created decision pressure, and professional information packaging that was immediately due diligence-ready.

The result? Three quality offers landed. The owner could choose based on price, deal structure, cultural fit, and post-acquisition vision for the business.

This isn’t luck—it’s process. The business itself wasn’t exceptionally unique. But professional positioning, quality information that could withstand scrutiny, and genuine competitive tension transformed a “difficult to sell” business into a successful exit with multiple options.

The demonstration: We don’t hope for multiple offers—we engineer them through systematic buyer research and process control that creates real competition and genuine choice for our clients.

Notice a pattern? The businesses that command premium valuations aren’t necessarily the cleanest or most profitable—they’re the ones where we’ve deployed the right strategic approach for their specific situation.

But not every deal follows the standard playbook...

Deal #5: International Premium Requires International Proof

Johannesburg software business with 30% international revenue. That single metric changed everything.

We knew this data point would unlock international buyer appetite, so we made it central to our positioning. The business had proven they could win and retain international clients—this wasn’t theory or aspiration, it was demonstrated capability.

Six offers came in. Five from international buyers. The spread? The lowest offer was higher than the owner’s original offer before engaging us. The highest offer was more than double the lowest.

But here’s where experience separates outcomes: In December, the business was significantly beating its own targets. Most advisors would stay quiet, avoid rocking the boat, and close the deal quickly.

We went back to every interested party with updated performance data.

Result? Most revised their offers upward. Significant additional value captured through one strategic communication at exactly the right moment.

The acquirer? They opened a Cape Town office post-acquisition and are now actively hunting more South African businesses to acquire. We didn’t just facilitate one transaction—we opened an entire market channel that didn’t exist before.

The demonstration: We understand how to position South African businesses for international premiums—not through theory or claims, but through proven international revenue that demonstrates cross-border viability, then strategic process management that maximises that positioning.

Deal #6: Strategic Precision Beats Spray-and-Pray Volume

Commercial kitchen and refrigeration equipment manufacturing. Tough sector, relatively low barriers to entry, crowded market. Conventional wisdom says run a broad process with hundreds of contacts and hope for the best.

We knew better.

Through our deep industry relationships and portfolio knowledge from previous transactions, we identified one perfect strategic buyer—a company we’d worked with before, whose portfolio had an exact gap this business would fill.

Instead of our typical 50-150 buyer outreach, we made one highly targeted approach. The fit was immediate: perfect synergies, clear management integration plans, complementary product lines, and a clean deal structure.

Exceptional outcome. One shareholder retained a minority stake to participate in future upside. The acquirer gained capabilities they desperately needed.

This isn’t about taking shortcuts or being lazy—it’s about knowing when strategic precision with perfect fit creates better outcomes than process volume with average matches.

The demonstration: Decades of relationships and industry knowledge allow us to know when to break our own rules—sometimes the best deal comes from targeted expertise and relationship capital, not competitive auction volume.

Deal #7: Exit Strategy Is Wealth Strategy

Mining support business specialising in enhancing yellow metal equipment. Previous failed attempt with another advisor. Simple 70:30 shareholder structure, with underlying complexities—senior founding shareholder and operational incumbent with completely different objectives and needs.

Most advisors would have focused purely on maximising the headline transaction price. We understood this required sophisticated wealth engineering, not just deal execution.

Multiple offers came in. The lowest was 50% of the highest—a spread that demonstrates why competitive processes matter. But price was only part of the equation.

The critical outcome: The founding shareholder extracted significant wealth to his personal balance sheet, achieving his primary objective of liquidity and diversification.

The incumbent? He sold half his shares, securing his family’s financial future with immediate liquidity, while retaining meaningful equity in a business poised to grow exponentially with the support and capital of a deep-pocketed Africa-focused private equity backer.

This required managing not just financial structures and tax optimisation, but emotional journeys—helping shareholders navigate one of the most significant decisions of their lives while maintaining deal momentum through a complex, lengthy process.

The demonstration: Our mandate isn’t “sell the company at the highest price”—it’s “optimise our client’s wealth position.” That requires understanding tax strategy, estate planning, post-exit growth potential, family financial security, and personal objectives—not just transaction mechanics.

Deal #8: Complex Stories Require Masterful Packaging

Well-known brand in the equipment hire space. Complex franchise structure with ownership at multiple levels. Multiple previous attempts to sell—private equity firms repeatedly gave the same feedback: “We just don’t get it. We don’t understand the opportunity.”

The business wasn’t the problem. The packaging was.

We invested heavily in story architecture—creating clear visual frameworks showing ownership structures, cash flow mechanisms, value drivers at each level, and future growth mechanics. We mapped how money flowed through the system, where value was captured, and how an acquirer could participate in and enhance that value.

What had been confusing became crystal clear. The opportunity that multiple sophisticated buyers couldn’t grasp suddenly made complete sense.

Three to four quality offers resulted. The winning buyer saw maximum future value in the financial structure and operating model—not because they were smarter than previous prospects, but because we made a complex opportunity comprehensible without losing strategic nuance.

The demonstration: When private equity can’t understand your business structure in 30 minutes, you don’t need a simpler business—you need sophisticated story packaging that makes complexity clear while preserving the strategic depth that creates value.

What These Eight Deals Demonstrate About Advanced M&A Strategy

If you’re looking for the pattern across these eight transactions, here it is:

Premium exits don’t follow templates—they require playbook adaptation based on specific business contexts.

The diesel engine business needed operational transformation before going to market. The software business needed strategic positioning around proven international capability. The franchise required story clarity that made complexity comprehensible. The facilities business needed competitive orchestration. The catering business needed relationship deployment instead of process volume.

Generic advice misses this entirely.

Here’s what these deals demonstrate about how we work:

Foundation Phase: We identify the specific strategic challenge for each business. Not the generic checklist of “M&A readiness” from a consulting playbook, but the actual constraint preventing premium value realisation. Property structures. International proof points. Story packaging. Market feedback incorporation. Shareholder alignment.

Preparation Phase: We determine the optimal go-to-market approach. Sometimes that’s broad competitive processes with 70+ acquirers creating maximum deal heat. Sometimes it’s targeted precision with one perfect buyer where fit trumps competition. Experience and judgment teach you which situations demand which approaches.

Execution Phase: We manage not just deal mechanics—due diligence, negotiations, legal documentation—but wealth strategy and emotional journeys. Founders aren’t just selling businesses—they’re transferring decades of wealth accumulation into diversified personal balance sheets while securing their legacies and their families’ futures.

Worth Remembering:

These eight deals showcase decades of M&A experience deployed across radically different contexts:

• International buyers who’d never invested in South Africa are opening offices here post-acquisition

• Business transformations that took companies from “unsellable” to premium acquisitions through market-validated improvements

• Complex ownership structures made comprehensible through masterful story packaging

• Strategic patience that created a competitive advantage from regulatory constraints

• Wealth optimisation that balanced immediate liquidity with future growth participation

The common thread? We don’t apply cookie-cutter processes because we’ve done this before. We deploy sophisticated strategic judgment to determine which elements of our playbook matter most in each specific situation.

Your Situation Is Unique (But The Principles Aren’t)

If you’re building toward exit—whether next year or in five years—your business won’t fit neatly into any of these eight categories.

But the strategic principles will apply.

You’ll have specific structural issues to address before going to market. Specific positioning challenges that require sophisticated solutions. Specific buyer universes that need to be researched with precision. Specific deal structures that optimise your wealth position beyond just maximising headline price.

The difference between acceptable exits and premium outcomes isn’t luck or market timing—it’s strategic expertise applied to your specific situation with judgment developed over decades of transactions.

Want to discuss how these principles apply to your specific business?

Let’s have a conversation about your situation—where you are now, where you’re heading, and which elements of our playbook will matter most for your premium exit.

We don’t do generic consultations or sales pitches. We conduct strategic assessments to determine what your business actually needs to achieve a premium outcome.