+500
Employees
CapEx Review Validates True Investment Needs and Enables a Successful Acquisition
Industry: Food & Beverage
Industry: Private Equity
Service: Cost and Value Engineering
Our Client
A private equity fund with a global portfolio and over $11 billion in committed capital. For this transaction, the firm evaluated a mid-sized industrial bakery in Portugal operating two factories and selling private-label and co-manufactured products across Europe.
2
Factories
$82M
Global sales
The Challenge
The investor required an independent operational due diligence to validate the robustness of the target’s three-year investment plan and uncover potential risks before acquisition. EFESO was asked to assess three critical dimensions:
- CapEx and asset strategy: Validation of historic investments, asset condition, and the accuracy of the planned CapEx envelope
- Maintenance maturity: Effectiveness of maintenance practices and reliability of equipment
- Operational foundations: Food safety, supply chain maturity and capacity alignment with projected sales
With only a short window for decision-making, the review needed to be precise, fact-based and actionable — providing early detection of any show-stoppers that could derail the transaction.
Real Results Achieved Together
The due diligence delivered a complete, evidence-based view of the target’s operational readiness and true investment needs. EFESO’s analysis enabled recalibration of CapEx requirements and clarified operational improvement opportunities without identifying any acquisition blockers.
+105%
Capex adjustments identified
3
Critical domains assessed: CapEx, maintenance and operations
Transformation Impact
- CapEx requirements revalidated through deep dives, asset condition checks and supplier benchmarking
- Clear maturity mapping for food safety and supply chain processes
- Confirmation that projected volumes and capacity expansion plans were aligned
- Identification of operational upsides through efficiency benchmarking
- Supported the investor in reaching a confident and successful acquisition decision
Our Approach
EFESO deployed a three-week, multi-disciplinary international team to evaluate the target across CapEx, maintenance and operations.
The methodology included:
- Investment plan deep dive: Variance analysis between planned vs. actual investments, cost-benefit reviews, and prioritization of CapEx levers
- On-site expert assessments: Evaluation of asset condition, maintenance practices, operational performance and improvement opportunities
- Maintenance and organization review: Assessment of reliability, structure, capabilities and efficiency of the maintenance function
- Capacity and safety validation: Analysis of food safety compliance, supply chain maturity and production capacity versus sales projections
- Third-party benchmark quotations: Independent validation of CapEx estimates for major projects
This structured approach enabled a precise recalibration of the investment plan and a comprehensive operational risk assessment, ensuring the investor had a clear view of both risks and upsides.
Related Services
Cost and Value Engineering
Rising costs demand optimization from design through production. We apply cross-functional value engineering, zero-based redesign, and continuous cost tracking to protect margins.
Facing Similar Private Equity Due Diligence Challenges?
- Need independent validation of CapEx and OpEx requirements before an acquisition
- Want clear insights into operational maturity, capacity, and asset reliability
- Looking to de-risk a transaction with a fact-based assessment across multiple sites
- Require a rapid, expert-led diligence to reveal both risks and upside potential
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