Portugal and Spain offer a depth of family-owned mid-market companies that rarely reach a formal process. Notes on originating in that market.
A substantial part of the Iberian mid-market is family owned, conservatively financed, and not for sale in the sense that an intermediary would recognise. Companies of this kind transact when the owner has decided to, and usually with a counterparty already known to them.
Origination is therefore slow and relationship-led. The useful work happens years before a transaction: understanding a sector, meeting operators without a mandate, and being remembered as a credible owner rather than a bidder.
The reward for that patience is a set of businesses with real market position and, frequently, an unexploited opportunity in professionalising finance, reporting, or export distribution.
The discipline required is to remain selective in a market where familiarity can easily be mistaken for diligence.