Most commercial due diligence on FMCG targets is performed by generalist consultants who have never managed a P&L, negotiated a key account listing, or integrated a sales force. I have — across 30+ countries, at P&G, Danone, and in PE-backed portfolio companies. That's the difference between a report and real commercial intelligence.
Discuss Your FMCG Deal → View PricingThe Route-to-Value™ is Arbol's proprietary assessment framework — a commercial compass built from 20+ years of FMCG operating experience. Borrowing from the FMCG concept of route-to-market, the RTV framework maps the route to value in every acquisition: evaluating the commercial dimensions that determine whether a deal creates or destroys value — systematically, and within 10 business days.
If the assessment doesn't surface at least 3 strategic insights your team hasn't identified, you pay nothing. Every engagement. No exceptions.
"Strong distribution" on a management slide means nothing until you know: which channels, which geographies, what margin to trade, and whether the distributor relationships survive a change of ownership. I've built and rebuilt route-to-market structures at P&G and Conaxess Trade — I know what holds up and what doesn't.
The model says €2M in sales force synergies. Reality: key account managers leave, retailer relationships reset to zero, and trade terms get renegotiated from a position of weakness. At Aurelius Group, I saw this pattern repeatedly. The Route-to-Value™ framework scores integration risk before the deal closes — not after.
A brand that looks strong on Nielsen data may be entirely promotional-dependent. Strip out the trade spend and the volume disappears. I've managed brand P&Ls at Danone and Energizer — I can read the pricing waterfall and tell you whether there's real brand equity or just bought volume.
You can't justify €80K+ for commercial DD on a €30M deal. So it doesn't get done — and the investment committee flies on incomplete intelligence. Arbol delivers IC-ready FMCG due diligence from €9,500, personally by a senior operator, within 10 days.
Every assessment draws on experience across hundreds of FMCG commercial situations. Here's how operator-led due diligence surfaces what others miss.
A DACH-based PE firm was evaluating a €20M branded snacks company with "strong national distribution." The Route-to-Value™ assessment revealed distribution was concentrated in two retail groups representing 68% of revenue — with trade terms due for renegotiation within 6 months of expected close.
A mid-market PE firm was acquiring a personal care brand operating across three European markets with separate distributor relationships in each. The IC model assumed sales force synergies of €1.8M. The assessment identified that distributor contracts contained change-of-control clauses that would trigger renegotiation on close.
An acquirer was evaluating a Nordic FMCG distribution company as a bolt-on. The target presented flat margin trajectory. Deep assessment of the trade spend waterfall and promotional allocation revealed €1.2M in recoverable margin from rationalising non-performing promotional commitments across the portfolio.
FMCG commercial due diligence evaluates the target's commercial viability across dimensions specific to fast-moving consumer goods: revenue quality and concentration, brand pricing power and elasticity, route-to-market effectiveness, distribution and channel health, key account dependency and trade terms, category dynamics and growth trajectory, competitive positioning, and integration complexity. Unlike generic CDD, FMCG-specific assessment requires deep understanding of trade spend structures, retailer negotiation dynamics, and category management practices.
At Arbol, a full IC-ready FMCG commercial due diligence is delivered within 10 business days. A Red Flag Report for early-stage screening takes 3–5 business days. Industry standard at Big 4 and strategy consultancies is 4–8 weeks. The speed difference comes from working with a single senior operator who has deep FMCG pattern recognition, not a team of junior analysts requiring ramp-up time.
FMCG businesses have unique commercial characteristics that generic CDD frameworks miss: route-to-market structures vary dramatically by geography and channel, trade spend and promotional effectiveness are critical margin drivers, key account concentration creates hidden risk, brand elasticity determines pricing power post-acquisition, and integration of sales forces and distributor relationships is where most FMCG deal value gets destroyed. An operator who has managed these dynamics hands-on will catch risks that a generalist consultant will miss.
Arbol's FMCG commercial due diligence starts at €4,500 for a Red Flag Report (3–5 days) and €9,500 for a full IC-Ready Assessment (10 days). This is typically 80–90% less than Big 4 fees for comparable scope. Every engagement includes a guarantee: if the assessment doesn't surface at least 3 strategic insights your team hasn't identified, you pay nothing.
Every engagement is delivered personally by Uwe Thellmann, Arbol's founder and principal. Uwe has 20+ years of FMCG operating experience across Procter & Gamble, Danone, Energizer, and Conaxess Trade, with P&L responsibility across 30+ countries in the Nordics, DACH, and wider EMEA. He also served as an investment professional at Aurelius Group, a European PE firm. This combination of FMCG operator experience and PE-side perspective is what makes Arbol's assessments different from pure consulting approaches.
Why mid-market FMCG deals need a different approach — and why Big 4 fees don't fit.
How Arbol supports PE firms from initial screening through to IC presentation and post-close.
The complete framework for evaluating FMCG acquisition targets — from trade spend to integration risk.
Selected engagements showing how operator-led due diligence surfaces what others miss.