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Focused exclusively on the European retail sector, Alteri is an operationally driven special situations investor.

Broad investment criteria

Typically we invest in businesses with turnover between €100m and €3bn.  Our core markets are the UK, DACH and Benelux although we are comfortable making investments across other parts of Western Europe.

We adopt an open-minded investment approach, targeting a broad range of opportunities – from performing businesses facing specific structural or stakeholder issues to highly challenged companies which require more fundamental operational and financial restructuring.

Our investment horizons are typically three to five years.

Investing across the capital structure

We look at a range of transaction types and have the freedom to invest across the capital structure of a business, be it equity, senior or junior debt or traded debt positions and bonds.

Whilst our preference is always to support an incumbent management team, we are comfortable undertaking management buy-ins, as well as other transaction types including secondaries and corporate carve outs. 

The ‘Alteri playbook’

Whichever end of the special situations spectrum, we always invest on the basis of establishing a clear path to transform the business and enhance value. 

We have a well defined operational playbook, designed to help management teams unlock the potential within the business.  It is underpinned by a series of value creation levers in which Alteri has significant expertise.  The playbook combines controllable cost reduction initiatives, such as property portfolio, cash and cost optimisation to help fund future growth, with a host of top line and margin initiatives, around omnichannel, pricing and product strategy, to fuel the future growth of the business.

We typically invest in retailers with turnover between €100m and €3bn across Western Europe.