Cross-border M&A · ITA ⇄ GER

Cross-Border M&A
between Italy and Germany.

An independent advisory boutique for small-cap transactions between Italian and German companies.

Let's talk Selected experience
  • 100 %Partner-led on every mandate
  • IT · DE · ENNative in both markets, trilingual on every mandate
  • € 5 – 50mEnterprise value — small-cap mandates

Who we are

An independent boutique for Italian–German transactions.

Cambio Capital is a senior-led M&A advisory built around a single conviction: deals between Italy and Germany deserve advisors who live in both worlds — language, business culture, and capital markets.

We work exclusively on small-cap mandates where partner attention, discretion, and cross-border execution decide the outcome.

What we do

Three mandates. One discipline.

Sell-side Advisory

End-to-end support for owners and boards — from positioning and buyer mapping to negotiation and closing.

Buy-side Advisory

Targeted origination and execution for strategic acquirers and PE funds expanding across the Alps.

Strategic Advisory

Joint ventures, minority investments, succession planning, and capital structure reviews.

Network of connections between Italy and Germany

Our edge

Where two of Europe's largest economies actually trade.

Germany and Italy are each other's most important manufacturing partners — and yet cross-border M&A is consistently underserved by generalist banks.

  • Native bilingual partners — nothing lost in translation.
  • Direct relationships with Mittelstand owners and Italian industrial families.
  • At home in both legal, tax and accounting frameworks (GmbH / S.r.l., HGB / OIC).
  • On-the-ground presence in both jurisdictions for confidential origination.
  • € 158bnGoods trade between Italy and Germany in 2025.
  • #1Germany is Italy's largest trading partner.
  • Family-ownedMost small-cap targets are still founder- or family-led.

Sector focus

Where DE and IT small-caps create value.

  • Industrials & Machinery

    Specialty manufacturing, automation, components — the spine of both economies.

  • Consumer & Branded Goods

    Premium consumer, food & beverage, fashion, design-led products.

  • Technology & Software

    B2B SaaS, industrial software, digital platforms with cross-border footprint.

  • Energy & Transition

    Renewables, efficiency, electrification, climate-tech infrastructure.

  • Business Services

    Specialty B2B services, testing & certification, technical distribution.

Our approach

Five steps. One team, start to finish.

  1. 01

    Strategy

    Positioning, equity story, structuring options.

  2. 02

    Preparation

    IM, financial model, data room, perimeter design.

  3. 03

    Outreach

    Curated buyer/target lists, bilingual approach.

  4. 04

    Negotiation

    Bid management, term sheets, SPA negotiation.

  5. 05

    Closing

    DD coordination, regulatory, signing & completion.

The partners

Three principals. One table.

  • Dr. Christian Reif

    Dr. Christian Reif

    Founding Partner

    Italian and German national. Former investment banker; runs his family's family office and advises US private equity funds on hydropower investments in Italy.

    Investment BankingFamily Office
  • Roland Plecher

    Roland Plecher

    Founding Partner

    German lawyer, active in Italy for more than twenty years. Advises Italian companies and business associations on their operations in Germany.

    Legal AdvisoryItalian Companies
  • Dr. Malte Iversen

    Dr. Malte Iversen

    Founding Partner

    German M&A lawyer, formerly Latham & Watkins and McDermott Will & Emery. Founded and sold a German industrial company; serves on supervisory and advisory boards.

    M&AEntrepreneur

Track record

Selected experience.

Selected transactions and mandates of the partners, including experience prior to the founding of Cambio Capital.

Dr. Malte Iversen

As lead counsel and adviser before Cambio Capital, 2011–2026.

  1. 2025–26

    Sale of a family-owned pet-food producer to a PE buyer

    Share deal, mid double-digit €m EV; seller rollover, W&I insurance, long-term site leases. Sell-side lead counsel.

  2. since 2021

    Greenforce Future Food AG — plant-based food

    Lead counsel on several financing rounds; former supervisory board member and investor.

  3. 2021–22

    Fazua GmbH — e-bike drive systems

    Advising a co-founder through financing rounds and the sale to Porsche.

  4. 2018–21

    Montredo GmbH — exit to a Swiss acquirer

    Advising the majority shareholders on financing rounds and the cross-border sale.

  5. 2014

    Sale of Secusmart GmbH to BlackBerry

    ≈ €100m transaction value; sell-side, advising the shareholders from SPA to closing.

  6. 2014

    Sale of Lieferando to Takeaway.com

    Advising several investors on the SPA and closing.

  7. 2013–14

    Acquisition of three hydropower plants

    Buy-side for a German single family office: process, asset purchase agreements, due diligence.

  8. 2011

    Sale of SimonsVoss Technologies AG

    For a Luxembourg-based seller, with rollover into the PE-backed buyer. Sell-side.

Dr. Christian Reif

Transactions, investments and operating leadership, 2005–2026.

  1. since 2018

    Borchardt Logistics — radioisotope logistics

    Operational leadership; organising worldwide supply chains for radioactive isotopes.

  2. since 2010

    Hydropower plants across Europe

    Ownership, operation, acquisition advisory and brokerage; total investment volume of more than €350m.

  3. since 2010

    Family office investments

    Responsible for numerous corporate and real estate investments of the family.

  4. 2014

    Sale of Secusmart GmbH to BlackBerry

    Specialist in encrypted mobile communications; sale to a strategic acquirer.

  5. 2008–10

    Managing Director, German bank subsidiary

    Development and placement of closed-end investment structures.

  6. 2008

    Sale of Thermomed to the trans-o-flex Group

    Sale to a strategic acquirer in the logistics sector.

  7. 2005

    Sale of VfW AG to DHL / Deutsche Post Group

    Sale to a DAX-listed strategic acquirer.

Roland Plecher

German counsel to Italian companies and banks, 2008–2026.

  1. 2019

    Sale of Westhouse Group

    Legal advice in connection with the sale of the German Westhouse Group. Transaction support on the sell-side.

  2. 2016

    Acquisition search for a leading Italian restaurant group

    Advising a major Italian restaurant group on its search for a German acquisition target. Legal due diligence covering corporate and employment law; introduction of a German partner for target scouting.

  3. 2010–26

    Cross-border acquisitions and disposals of German SMEs

    Advising Italian corporate clients on numerous share deals involving German SMEs, in particular German subsidiaries and distribution companies of international groups.

  4. 2008–12

    UniCredit Milan German Desk — German buyer searches

    Supporting UniCredit Milan’s German Desk in identifying and approaching potential German acquirers for Italian companies, including several sizeable and well-known Italian businesses.

Why Cambio Capital

Built for the deals that don't fit the standard playbook.

  1. 01

    Senior attention

    The partners you meet are the partners who run your process.

  2. 02

    True bilingualism

    Negotiation, documentation, and culture — handled natively in both markets.

  3. 03

    Independence

    No conflicts, no captive lending. Advice that serves the mandate.

  4. 04

    Execution-grade legal depth

    Two of three partners are transaction lawyers. We read an SPA the way the other side's counsel does — and negotiate accordingly.

Colonnade leading into the distance

Let's talk.

We're happy to discuss specific situations under NDA — sell-side mandates, target screens, or strategic options across the DE/IT corridor.

Write to us
Contact
Roland Plecher
rp@cambio.capital
Email
info@cambio.capital
Locations
Milan · Munich