Capital
Allocation &
Governance

CAG

Clear economics for disciplined capital strategy and board-level control.

Improve EBITDA, cash generation and long-term company value through capital strategy, corporate transformation and board-level governance.

For established enterprises with approximately €55 million to €1 billion in annual revenue—typically with 500 to 5,000 employees—operating across multiple business units, product lines, assets, legal entities, markets or regions.

We work alongside boards, owners, investors and senior executive teams to decide where capital should be invested, retained, redirected or withdrawn; reorganise the business around stronger performance; prepare to raise capital, acquire, merge, manage succession or exit; and put effective governance and board controls into practice.

Scoped engagement Scope and fee agreed before work begins.
Senior advisers Direct work with boards, owners and senior executive teams.
Two-phase programme Diagnostic, decision gate and value-creation execution.
Capital strategy & allocation Invest, retain, redirect or withdraw capital to improve EBITDA, cash generation and long-term value.
Corporate transformation Reshape business units, product lines, assets and responsibilities around stronger performance and growth.
Board governance Strengthen board control, decision rights, accountability and the evidence required for approval.
M&A, succession and exit Prepare to raise capital, acquire, merge, manage succession or exit on the board’s terms.

Is CAG right for you?

Is capital being invested, retained, redirected or withdrawn according to return and strategic value?
Can the board see EBITDA, cash generation, risk and value across business units, product lines and assets?
Does the organisation still support performance and growth—or does it need to be reorganised?
Is the company ready to raise capital, acquire, merge or sell?
Are board control, decision rights, approval limits and responsibilities explicit?
Is the business prepared for succession or exit on the board’s terms?

How CAG works

1
Diagnostic and value baseline During Phase I, use interviews, financial analysis and calculations to establish the company’s EBITDA, cash, capital, organisational and governance baseline.
2
Define the strategic choices Determine where capital should be invested, retained, redirected or withdrawn and which business units, product lines, assets or responsibilities need to change.
3
Transformation Plan Book Bring the capital priorities, transformation choices, governance measures, responsibilities and value-creation plan into one decision document.
4
Board decision gate Enable the board to approve, reject or revise the proposed capital allocation, organisational changes and major transactions before execution begins.
5
Value creation and execution During Phase II, implement the approved changes, strengthen governance, execute transactions and measure progress against EBITDA, cash generation and company value.

What you receive

Economic and organisational baselineEvidence showing EBITDA, cash generation, capital performance and value across business units, product lines, assets and legal entities.
Capital allocation and portfolio mapA clear view of where capital should be invested, retained, redirected or withdrawn—and what should be reorganised.
Governance and transaction-readiness packBoard reporting, decision rights, approval limits and evidence required for capital raising, M&A, succession or exit.
Transformation Plan Book and Supported ImplementationThe board-approved priorities, organisational changes, named owners, measures and execution roadmap in one decision document.

Illustrative acquisition and funding decision

Starting situation. A maritime technology company developed autonomous drones for offshore inspection, environmental monitoring and port operations. The technology was proven, but revenue came from a mixture of product sales, development projects and customised integrations. Product costs, R&D expenditure and margins were not consistently separated, while important customer, technical and commercial decisions still depended on the founders. The owners wanted to prepare the company for sale.

What we structured. The work created an economic and organisational baseline across products, projects and customers. EBITDA and cash generation were normalised, product profitability and working-capital requirements were examined, and the ownership of intellectual property, customer contracts, technical assets and legal obligations was verified. The product portfolio, governance structure and responsibilities were reorganised around a credible sale process.

Leadership use. The owners and board used the analysis to decide which products and development activities should continue, where capital should be withdrawn or redirected, and which commercial, contractual and governance issues had to be resolved before approaching buyers. Named owners, deadlines and approval limits were established for the sale-readiness work.

Outcome. The company would enter a sale process only when its EBITDA, cash generation, product economics, intellectual property, contractual obligations, governance and principal risks could be explained clearly, supported by evidence and defended under buyer due diligence.

Who leads the engagement

Marcelo Galati Marcelo
Galati Senior Advisor
Heleny Campoy Heleny
Campoy Senior Advisor
Marcelo Kalil Marcelo
Kalil Senior Advisor
Senior advisors. Direct involvement. Practical recommendations. We work alongside leadership teams to drive execution.

Do not commit capital before the business can defend the decision.

Discuss the investment, acquisition, sale or funding decision facing the company and what the board needs before approving it.

We remain involved while the decision is implemented.

Talk to the team →

Schedule a conversation with our team.
No commitment. A first conversation about the decision.