Acquisition Thesis
Source: Playbook v2 EN — Ch. 2 (canonical). Last synced 2026-05-13.
Amended 2026-08-28 per Mike's MEMO card (feedback on screening): auto repair (autokorjaamo) removed from Target Sectors, and the revenue ceiling (liikevaihtokatto) deleted as a criterion. The €400K floor stands; the asking-price cap (€1M) was not part of that change and still applies.
Criteria — ALL must be met
| Criterion | Target |
|---|---|
| Annual Revenue | €400K minimum — no ceiling (revenue cap removed 2026-08-28, MEMO card) |
| Annual Profit (EBITDA) | €100K+ (adjusted — see below) |
| Asking Price | Max €1M |
| Company Age | Minimum 10 years (LLC / Oy) |
| Employees | Minimum 5 |
| Geography | Finland only — Sweden and Estonia paused (partner decision, recorded 2026-10-02) |
| Entity type | Osakeyhtiö (Oy) or equivalent |
Target Sectors
- Cleaning & laundry services (siivouspalvelu, pesula, pesutupa)
- Property maintenance (kiinteistöhuolto, LVI, putkiasennus, sähköasennus, nuohous)
- Waste & recycling collection (jätehuolto)
- Funeral services (hautaustoimisto)
- Transport & logistics (kuljetus)
- Tyre services (rengasliike)
- Security (vartiointi)
- Painting (maalausliike)
Immediate Disqualifiers
- ✗ Business less than 5 years old
- ✗ No recurring revenue
- ✗ No credible exit in 3–5 years
- ✗ Cannot be operated at max 5 hrs/week post-optimisation
- ✗ Cannot generate min €100K capital gain per owner on exit
- ✗ Concept/franchise/webshop sale (no operating business, just an idea or storefront template)
Sector Ratings (from completed sweeps)
| Sector | Rating | Sweet Spot Density | Consolidation Exit |
|---|---|---|---|
| Property maintenance | 8/10 | High (11,500 cos) | High (Alltime, Tapiolan Lämpö) |
| Funeral homes | 8/10 | Moderate (~500 cos) | Low (Memoria network) |
| Waste collection | 7/10 | Low (barbell) | High (L&T/Luotea) |
| Industrial cleaning | 7/10 | Low (~300 cos) | High (L&T, ISS, Alltime) |
Ideal Seller Profile
- Founder aged 55–70, approaching retirement
- No clear successor
- Business 15–40 years old
- Owner salary compressed into the business
- Located outside Helsinki metro (preferred, not required)
Adjusted EBITDA — The Melers Pattern
Many thesis-grade businesses look less profitable than they are. Watch for: - Owner pays themselves a modest salary but works full-time - Equipment depreciation is aggressive - Personal expenses run through the business
Always calculate: Adjusted EBITDA = reported profit + owner salary + excess depreciation + personal expenses
The reported number is almost never the real number. Always adjust before scoring.
Geography Notes
v2 EN (canonical) sets geography as Finland + Sweden + Estonia, but Sweden and Estonia are paused for the time being (partner decision, recorded 2026-10-02 per Mike). Until the partners turn them back on:
- Finland — the only active market; all sourcing crons cover it.
- Sweden / Estonia — don't sweep, flag or card leads from them. Treat a Swedish or Estonian lead as a
geography fail, the same as any other out-of-scope country. The Swedish broker sources
(bolagsplatsen.se Swedish categories, exitpartner.se) are documented in
playbook-sourcingso they can be switched back on quickly.
Known Constraints
- The barbell problem: the €400K–1.5M sweet spot is thinner than expected.
- Financial verification is non-negotiable: always verify via finder.fi when available.
- High exit-readiness + weak financials = distressed, not hidden gem.
- Follow-on flexibility: if a company is a credible add-on to an existing Askel holding (e.g. Melers Oy), normal thesis filters can be relaxed. Flag with the "Add On Acquisition" Trello label.