A potential acquirer (acquéreur potentiel) is any entity — industrial group, private equity fund, family office or management team — that could plausibly acquire a target company based on strategic fit, financial capacity and acquisition criteria alignment. In a structured sale process, identifying and qualifying potential acquirers is the first step: strategic buyers (competitors, adjacent sector players, international groups) may pay control premiums for synergies, while financial buyers (PE funds) use leverage to amplify returns. The composition of the buyer universe directly conditions the competitive tension and ultimately the price achieved.

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Example: in the sale of a Swiss industrial precision company, Hectelion identifies 48 potential acquirers across three categories: 22 strategic industrial buyers (Swiss, German and French), 18 PE funds active in Swiss industrial M&A, and 8 management teams with sector experience. After qualification screening, 12 are approached with a teaser — generating 7 NDAs and 5 indicative offers, creating genuine competitive tension that drives the final price above the initial valuation benchmark.

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Hectelion builds comprehensive potential acquirer universes for every sell-side mandate, combining proprietary databases with sector expertise to maximise competitive tension.