Investment Criteria

Investment Criteria

Black Water predominantly takes controlling stakes. We typically invest in companies with enterprise values of at least €30 million.


We are focused on companies with operations based in the fastest growing European economies. Additionally, we will opportunistically consider investments in certain bordering countries.


We target investments in growth industries that typically benefit from the increasing disposable incomes and changing consumer habits. Key sectors of interest include:

  • FMCG and non-FMCG retail
  • Distribution / Wholesale
  • Food products
  • E-commerce
  • Transport / Logistics
  • Advanced manufacturing
  • IT services
  • TMT
  • Leisure & fashion
  • Commercial and professional services