Permanent-capital investment company

Permanent capital.
Active ownership.

Active Investment & Asset Stewardship

AIAS Holding is a permanent-capital investment company dedicated to acquiring, owning and actively stewarding mission-critical B2B service businesses — electricity, HVAC, refrigeration and recurring technical maintenance — over the long term. We combine patient capital, operational expertise, disciplined finance and AI-enabled improvement to protect what works and build the essential systems of tomorrow.

Confidential review. Direct access to the decision-maker. No obligation.
Acquisition pipeline
  1. 01
    Screen
    Mandate fit, financial quality, customer concentration
  2. 02
    Understand
    Owner objectives, management, transition design
  3. 03
    Structure
    Valuation, financing, governance, incentives
  4. 04
    Acquire
    Focused diligence and closing
  5. 05
    Steward
    Operations, technology, long-term ownership
€1M–€5M
Preferred enterprise value
€250K–€1.2M
Normalised EBITDA
70%–100%
Ownership sought
Permanent
Intended holding horizon
FR · CA
Initial geographic focus

Larger transactions may be considered alongside selected co-investment partners.

Our investment mandate

We buy businesses to steward them, not to flip them.

AIAS Holding is an operator-led, permanent-capital investor. We acquire controlling interests in established companies and assets, and support them with stronger management systems, financial discipline, technology, automation and patient investment.

We do not depend on rapid resale or multiple expansion to generate returns. Every acquisition must be supported by existing cash flow, responsible leverage and a credible long-term operating plan.

01

Control investments

We normally acquire between 70% and 100% of the company while remaining open to founder or management reinvestment.

02

Permanent ownership

We invest without a fund life or exit clock, and are prepared to own exceptional companies indefinitely.

03

Responsible financing

We use acquisition debt conservatively and require the business to remain resilient under downside scenarios.

04

Active stewardship

We improve reporting, pricing, procurement, working capital, sales processes, automation and management capabilities — without damaging the company's core strengths.

Our principles

Intelligence, talent, competitiveness and resilience.

01

Intelligence

Rigorous analysis, clear thinking and informed judgment in every decision we make.

02

Talent

We back exceptional people and help them build durable, well-run businesses.

03

Competitiveness & challenge

We raise standards continuously — of operations, performance and long-term outcomes.

04

Determination & resilience

We persist through complexity, setbacks and market cycles to protect and grow what we own.

What we acquire

Our focus: mission-critical B2B services

We acquire the essential services that keep modern life running — from cooling, electricity and technical maintenance to energy and digital infrastructure. Cold and heat, power and uptime: the systems businesses such as the food industry and data centers cannot operate without.

We operate for the long term, preserve local expertise and build the essential systems of tomorrow.

Core focus

Electrical, HVAC, refrigeration & climate

  • ·Electrical installation & maintenance
  • ·HVAC services
  • ·Commercial & industrial refrigeration
  • ·Refrigeration & kitchen-equipment maintenance
  • ·Cold rooms & cold-chain support
  • ·Heating & boiler maintenance
  • ·Data-center cooling
  • ·Energy services & efficiency
Cold & warm essential for businesses — food industry, data centers, critical facilities
Core focus

Recurring technical & facility services

  • ·Facility maintenance
  • ·Commercial cleaning
  • ·Fire-safety inspection
  • ·Pest control
  • ·Grease-trap and waste services
  • ·Specialised commercial laundry
  • ·Recurring technical maintenance
  • ·Compliance-driven inspection services
Necessary services · Recurring schedules · Fragmented markets
Selective opportunities

Adjacent sectors we will review case by case.

  • Energy & digital infrastructure services
  • Testing, inspection and certification
  • Niche industrial and technical services
  • Accounting, finance and compliance services
  • B2B information and workflow businesses
  • Property and facility management
  • Specialist logistics
  • Route-based services
What makes a business attractive

The businesses we value most

  • €1.5M to €15M of revenue
  • €250,000 to €1.2M of normalised EBITDA
  • Recurring or highly repeatable revenue
  • Essential or mission-critical customer demand
  • Strong cash conversion
  • Limited maintenance capital expenditure
  • Stable customer relationships
  • Pricing power
  • Low customer churn
  • Capable management or transferable operating model
  • Limited dependence on the founder
  • Opportunities for automation and professionalisation
  • Fragmented market with bolt-on potential
  • Capable of servicing acquisition debt from existing operations
Situations we support

A flexible partner for business succession

01

Founder retirement

A responsible transition for owners who want to protect their employees, customers, reputation and legacy.

02

Partial liquidity

Sell a controlling interest while retaining minority ownership and participating in future value creation.

03

Management transition

Support an existing management team with capital, governance, financial expertise and operational tools.

04

Corporate carve-out

Acquire non-core divisions with established teams, customers, assets and identifiable financial performance.

05

Buy-and-build platform

Support strong local companies capable of becoming a regional or national consolidation platform.

Our investment discipline

Every acquisition must survive the downside.

AIAS applies a standardised underwriting framework to every opportunity. Each case is tested independently before capital is committed.

Survival

Downside case

  • ·Revenue decline
  • ·Loss of a significant customer
  • ·Margin compression
  • ·Delayed improvement plan
  • ·Higher interest expense
  • ·Increased working-capital requirements

The company must remain capable of servicing its obligations.

Decision

Base case

  • ·Existing customer relationships
  • ·Modest pricing
  • ·Conservative growth
  • ·Documented operating improvements
  • ·Realistic management and capex costs

Built from the company as it stands today.

Optionality

Upside case

  • ·Pricing optimisation
  • ·Commercial development
  • ·Automation
  • ·Cross-selling
  • ·Operational improvement
  • ·Selective bolt-on acquisitions

Earned, not assumed.

The downside determines survival. The base case determines whether we invest. The upside creates optionality.

Investment criteria dashboard

AIAS Acquisition Score

Business quality— / 20 pts
Financial quality— / 20 pts
Market durability— / 15 pts
Customer quality— / 10 pts
Management independence— / 15 pts
Deal economics— / 15 pts
AIAS value-creation fit— / 5 pts
Thresholds
  • 80–100Priority target
  • 70–79Advance to full diligence
  • 60–69Watchlist or restructure
  • Below 60Do not proceed

A legal, ethical, financial-integrity or management-transferability issue overrides the numerical score.

What we will not acquire

Clear principles. No forced transactions.

  • Pre-revenue or early-stage companies
  • Structurally loss-making businesses
  • Speculative technology companies
  • Businesses requiring continuous external funding
  • Restaurants, bars or nightlife businesses
  • Trend-dependent consumer brands
  • Commodity trading businesses
  • Highly cyclical project-based construction
  • Single-customer dependence without contractual protection
  • Material tax, payroll, legal, environmental or ethical issues
  • Reliance on undocumented cash transactions
  • Economics dependent on non-compliant labour practices
  • Businesses that cannot function without the seller
  • Acquisitions requiring aggressive revenue growth to repay debt
Management philosophy

Strong businesses require strong operators.

Before acquiring a company, AIAS identifies who will operate it after closing. This may be an existing general manager, the founder during a structured transition, or an AIAS-appointed operating partner.

Existing management

Support and incentivise a capable management team already operating the business.

Founder transition

Create a documented 6-to-24-month transition covering customers, employees, suppliers, pricing and operational knowledge.

AIAS operating partner

Install an identified CEO or general manager when leadership succession requires an external operator.

Operator characteristics we look for
  • Integrity
  • Clear and factual communication
  • Cash discipline
  • Customer focus
  • Ability to develop people
  • Willingness to document processes
  • Comfort with performance indicators
  • Openness to automation
The AIAS acquisition process

A clear and confidential process

  1. Step 01

    Confidential introduction

    The owner, advisor or manager submits basic company information.

  2. Step 02

    48-hour screening

    AIAS evaluates strategic fit, financial quality, management dependence, customer concentration and preliminary transaction economics.

  3. Step 03

    Management conversation

    We discuss the business, the owner's objectives, the team, the transition and the desired transaction structure.

  4. Step 04

    Indicative proposal

    A non-binding proposal explaining valuation, financing, ownership and transition principles.

  5. Step 05

    Focused due diligence

    Financial, tax, legal, commercial, operational, technology, HR and insurance diligence.

  6. Step 06

    Closing and transition

    Finalise financing, contractual protections, management incentives and the first 100-day plan.

  7. Step 07

    Long-term stewardship

    Invest in people, processes, technology, customer relationships and selected growth initiatives.

We prefer focused, transparent processes over prolonged auctions and unnecessary complexity.

First 100 days

Protect the company first. Improve it second.

01

Continuity

  • ·Retain key employees
  • ·Communicate with important customers
  • ·Secure supplier continuity
  • ·Preserve day-to-day operations
02

Control

  • ·Establish cash visibility
  • ·Update banking authorities
  • ·Implement payment controls
  • ·Review insurance and compliance
  • ·Launch reliable reporting
03

Understanding

  • ·Assess customer profitability
  • ·Review pricing
  • ·Map operational processes
  • ·Identify working-capital opportunities
  • ·Validate maintenance requirements
04

Improvement

  • ·Prioritise procurement savings
  • ·Automate repetitive processes
  • ·Strengthen forecasting
  • ·Improve sales discipline
  • ·Build long-term management plan

AIAS does not impose change for the appearance of activity. Improvements must protect service quality, employees, customers and cash flow.

For business owners

You built more than a company.

Selling a business is not only a financial transaction. It affects employees, customers, suppliers, family members and the owner's personal legacy.

AIAS provides a direct, confidential and flexible alternative to a purely financial buyer. We can structure a complete sale, a majority sale, founder reinvestment, seller financing, an earn-out, a phased transition, continued founder involvement or management equity participation.

What owners can expect
  • Direct communication
  • Confidentiality
  • A clear decision process
  • Respect for the company's history
  • Realistic valuation
  • Flexible transaction structures
  • Attention to employees and customers
  • Documented transition plan
What AIAS expects
  • Honest financial disclosure
  • Transparent communication
  • Access to key information
  • Willingness to plan succession
  • Cooperation during due diligence
  • Commitment to an orderly transfer
Preliminary fit indicator

Does your business fit the AIAS mandate?

Six questions, one minute. This tool provides an initial indication only and is not a valuation, offer, or investment decision.

01Is annual revenue between €1.5M and €15M?
02Is normalized EBITDA above €250,000?
03Is the company profitable and cash-generative?
04Is the largest customer below 30% of revenue?
05Can the business operate without the owner for at least 30 days?
06Is the owner seeking a majority or full sale?
Submit a business for confidential review

A direct path to the decision-maker.

Complete this initial form to determine whether the opportunity fits the AIAS investment mandate. Information will be treated as confidential and used only for preliminary evaluation.

1
Contact
2
Company
3
Financials
4
Transaction
5
Documents
For brokers and advisors

A responsive buyer for qualified opportunities.

AIAS works with M&A advisors, accountants, lawyers, bankers and business brokers seeking a credible buyer for profitable founder-owned businesses.

Direct access

Speak directly with the decision-maker. No layered processes.

Clear criteria

A published investment mandate so you know what fits — and what does not.

Rapid screening

48-hour preliminary feedback on qualified opportunities.

Flexible structures

Equity, debt, seller financing, earn-outs, reinvestment — structured to the situation.

For operating partners

Lead the next chapter of an acquired business.

AIAS is building a network of experienced operators capable of stewarding acquired companies over the long term.

We are interested in leaders with experience in
  • ·B2B services
  • ·Accounting and finance
  • ·Industrial operations
  • ·Technical maintenance
  • ·Facility services
  • ·SaaS and information
  • ·Procurement
  • ·Operational transformation

Join the operator network

Contact AIAS

The right owner can protect what you built — and expand what it can become.

Whether you are planning retirement, exploring partial liquidity, seeking a management transition, or advising a business owner, AIAS offers a confidential and disciplined path forward.

Confidential · Direct · Long-term