Investment Criteria



Black Water predominantly takes controlling stakes. We typically invest in companies with enterprise values of €100 – €800 million.


We are focused on 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:

  • Advanced manufacturing
  • Furniture
  • Home furnishing
  • Forrest products
  • Transportation / Logistics
  • Non-FMCG retail
  • Distribution / Wholesale
  • IT services
  • TMT
  • Healthcare