An Italian mid-market company sale process typically requires 9-14 months from advisor mandate to definitive closing, with a typical timeline distribution worth knowing before signing the mandate. Below this average fall two categories: small deals under 10 million euros with a buyer already identified upfront (4-6 months), and simplified carve-out or asset deal transactions on narrow perimeters (5-7 months). Above the average sit complex deals with multiple buyers in competitive auction, structural carve-outs, cross-border operations with reinforced due diligence or antitrust regulatory involvement (15-24 months).
The typical timeline breakdown is as follows. Preparatory phase (8-12 weeks): information memorandum preparation, internal vendor due diligence, deal perimeter definition, buyer universe mapping, alignment of shareholders and internal management. Marketing and buyer selection phase (10-16 weeks): blind teaser, indication of interest, short-list buyer selection, management presentation, data room opening. Negotiation and due diligence phase (12-20 weeks): non-binding offer, full due diligence with selected buyer in exclusivity, binding term sheet, SPA negotiation. Closing phase (8-16 weeks): conditions precedent (antitrust authorizations if applicable, golden power, lender consents), signing, legal and economic closing.
The main risk of underestimating the timeline is erosion of the perceived value of the company: a process that drags beyond 18 months without visible progress becomes a deteriorated asset on the market, and buyers begin asking themselves what is not working. For this reason, the operational rule of Saverio Canepa Advisory is to prepare the company for sale in advance — ideally 6-12 months before going to market — so that the actual process focuses on negotiation rather than on remedying pre-existing issues.
