Buy-Side M&A Advisory
The acquirable companies aren't visible from outside Indonesia. We find them.
Indonesia's privately-held mid-market has no public profiles and no bankers running auctions. The best targets won't surface in a database, and the ones that do are often already shopped to everyone. We act as your team on the ground — discreet and senior-led — doing primary research, real conversations with owners, and the structuring judgment to build deals that work for both sides.
Our four-phase process:
Market Mapping & Long List
Map the full target universe in your sector, apply agreed screening criteria, validate through direct industry conversations, and produce a long list of 10–15 qualified acquisition targets.
Target Approach & Short List
Conduct confidential outreach while protecting buyer identity, assess financials, operations, and true seller intent, and narrow to 1–3 genuinely acquirable targets.
Investment Case & Deal Structure
Develop valuation and investment rationale, design the optimal transaction structure (majority acquisition, JV, phased, or minority stake), and negotiate a term sheet acceptable to both parties.
Deal Execution & Close
Coordinate due diligence with legal and tax advisors, manage transaction workstreams, maintain deal momentum, and drive the process through to signed completion.
Engage us for the full process or any single phase of it.
Buy-Side M&A Advisory Capability Statement
Discover how we can support your goals—click below to access our latest capabilities.
Download nowFTDD - Financial & Tax Due Diligence
We don't just identify risks. We tell you what to do about them.
Most due diligence hands you a list of findings and leaves the hard part to you. We think like deal professionals, not auditors. Every finding answers one question: what does this mean for the deal — for price, structure, or whether it can close? We don't speak accounting. We speak deal, and we route every finding to its response.
The Protemus Risk Matrix:
Price-Adjustable
Can this risk be priced in? (Critical: affects valuation directly. Marginal: routine working-capital normalization.)
Structural
Does it need SPA protection or ring fencing? (Critical: requires structural protection. Marginal: standard reps & warranties.)
Execution-Critical
Does it threaten closing? (Critical: can the deal realistically close? Marginal: process or timing friction to manage.)
By the time you read our report, you know what changes the price, what needs protecting, and what could break the deal.
What we cover:
Financial DD
Enterprise-to-equity value reconciliation, P&L sustainability and transferability, cash flow resilience and conversion quality, balance-sheet obligations and contingencies, and how it all feeds the deal structure.
Tax DD
Corporate income tax exposure; VAT, withholding, and transfer-pricing risk; tax-structuring implications for the deal; historical compliance and contingent liabilities; post-closing tax planning.
How we work:
Senior-led and deal-first — partners stay hands-on throughout, not just at sign-off. Adaptive scope — lean where we can be, deep where we must be, tailored to the deal rather than a template. We work on mid-market deals where speed and decisiveness matter, with real depth in TMT, IT/SI, telco infrastructure, and data centers — and on cross-border deals involving Indonesian targets and Japanese, Korean, or regional buyers. Bring us in for a pre-LOI quick read, full confirmatory DD, or sell-side DD to get ahead of buyer scrutiny.
Adaptive in execution. Decisive in judgment. Always deal-first.
FTDD Capability Statement
Discover how we can support your goals—click below to access our latest capabilities.
Download nowValuation & Financial Modelling
A number is only worth what someone will pay. Ours get realized into deals.
Plenty of firms can build a model and produce a figure. The one that matters is what a buyer actually pays — a different exercise. Our valuations convert into real, closed transactions, because we read the business beyond the numbers: the financials tell one story, the business often tells another. We back every number with transaction precedents and on-the-ground intelligence on who's buying, and why.
What we do:
Financial Modelling
Investor-grade financial models built to be interrogated, not admired.
Valuation Analysis
Valuations grounded in how the business actually creates value — not just its P&L.
Market Benchmarking
Justification from transaction precedents and live market intelligence.
Decision Support
Sensitivity and scenario analysis so you understand the range, not just the headline.
Transaction Support
Support for sell-side, buy-side, fundraising, and internal decisions.
A number you can defend across the table — and one with a real chance of becoming the deal.