Commercial Due Dilligence for digital business models

Service Portfolio

Buy-Side CDD (Investment Thesis Validation)

Buy-Side CDD (Investment Thesis Validation)

For PE investors, corporate M&A, and strategic buyers, we review investment theses on a fact-based basis – market size, customer segments, competitive positioning, and validation of commercial planning assumptions. The output is a robust decision basis for the Investment Committee.

Vendor CDD & Equity Story (Sell-Side)

Vendor CDD & Equity Story (Sell-Side)

For private owners, PE portfolio companies, and company sellers, we sharpen and substantiate equity stories, work out the strongest value drivers, and anticipate critical buyer questions for a faster sales process.

CDD Sprint

CDD Sprint

Compact scope for fast thesis validation – ideal for early deal phases, initial assessments, or late-stage processes with a tight time window. Delivery time: ~10–14 working days.

Full-Scope CDD

Full-Scope CDD

Complete CDD with an in-depth interview program, quantitative market model, and plan review – Investment Committee-ready. Delivery time: 3–4 weeks.

CDD Add-Ons – Digital/Commerce Deep Dives

CDD Add-Ons – Digital/Commerce Deep Dives

Deep-dive modules for commerce-, platform-, and AI-intensive targets, as a supplement to any buy- or sell-side CDD. Includes: marketplace & platform assessment, D2C economics analysis, omnichannel maturity level, AI value lever potential analysis.

Value Creation Roadmap

Value Creation Roadmap

Prioritized growth levers with a short-term focus and assessment of implementation feasibility – as an extension of any full-scope CDD. Post-closing implementation support if required.

Digital and omnichannel-capable business models are among the most attractive investment targets for private equity and strategic buyers – and at the same time particularly difficult to assess. Is a channel growing structurally, or was the growth a pandemic-related one-off effect? How sustainable is a marketplace positioning against Amazon and verticalized competitors? Which KPIs (e.g. CLV, CAC, Take Rate, Attach Rate) are modelled robustly in the business plan?

M&A teams are under dual pressure here: process windows are tight, and the market for digital targets is competitive. eStrategy Consulting sits exactly at this intersection: digital business models, marketplaces, D2C and AI have been our core business for more than 10 years – and we work in small, highly effective teams that meet deal timelines. Our approach is hypothesis-based: we start with a structured investment thesis, validate it through independent market, customer and competitor analysis as well as primary research (expert and customer interviews), assess the plausibility of the core commercial assumptions of the business plan – and derive concrete value-creation levers from this.

Contact

Thomas Natkowski
Partner & Managing Director

info@estrategy-consulting.de
+49 (0)30 978 936 00

Typical Questions

  • Sustainable market position: Is the target’s market position structurally defensible – and what risks exist from Amazon, verticalized competitors or Chinese market participants?

  • Business plan plausibility: Are the central growth assumptions in the business plan plausible – where are there upside or downside risks, and which assumptions are not modelled robustly?

  • Digital value drivers: Which value drivers – marketplace logic, D2C economics, omnichannel maturity, AI potential – are priced into the business plan, and which remain untapped?

  • Marketplace economics: How are the target’s network effects, take rate and monetization potential developing compared with the competition? Is the buyer-seller balance sustainable?

  • D2C channel sustainability: Is D2C growth structurally driven – or a temporary effect? How will CLV, CAC and retention develop over the medium term?

  • KPI robustness: Which KPIs (CLV, CAC, Attach Rate, Conversion, Churn) are modelled robustly – and which are based on overly optimistic benchmarks or short-term trends?

  • Omnichannel scalability: How coherent and scalable is the target’s omnichannel architecture? Which channels truly contribute to margin and CLV – and where are cannibalization risks lurking?

  • AI potential: Which AI-driven efficiency and growth potentials (operations, automation, business model innovation) are realistic – and which are unrealistically priced into the business plan?

  • Value creation potential: Which value-creation levers can be realized within the first 100 days after closing – and how can eStrategy support implementation?

  • Deal terms & purchase price implications: Which CDD findings have a direct impact on deal terms, earn-out structures or the purchase price recommendation?

eBay Open 2025

Our client eBay hosted the eBay Open event to celebrate its 30th anniversary. eStrategy congratulates eBay and looks forward to continuing our collaboration!

Faszination Handel 2025

On September 9, 2025, IFH KÖLN hosted FASZINATION HANDEL 2025 in the venerable halls of the University of Cologne. The focus was on smart retail and artificial intelligence in commerce, and how digital technologies can revolutionize the customer experience, efficiency, and processes in commerce. Our managing partners Cliff Pfefferkorn and Thomas Natkowski were also there and took part in the lively exchange.

ESPS 2025 in Innsbruck

Our Managing Partner, Cliff Pfefferkorn, attended the European Council of Shopping Places Summit 2025 in Innsbruck. The event, held under the motto “Creating Places People Love – Social, Sustainable, and Successful,” highlighted a range of key topics, including UX & Commerce Innovation, Customer Centricity, Environmental Responsibility & Circular Economy, and Digital Transformation.

Career Day BSEL 2025

On June 26, 2025, our colleagues Sanja Kremenović and Ronald Friese had the opportunity to attend Career Day at the Berlin School of Economics and Law and discuss future issues with students: How can companies successfully implement digital transformation? How can innovation be turned into real progress?

AWS Summit 2025

The AWS Summit in Hamburg focused on the future of cloud and AI – a meeting place for experts who drive new ideas and innovations. Our Managing Partner Thomas Natkowski was there, taking advantage of the opportunity to exchange ideas with the community and bringing back exciting impressions from Hamburg.

FIBE Berlin 2025: The Fintech Festival

In April 2025, the FIBE Berlin fintech festival took place, and our managing partner Thomas Natkowski was right in the thick of it. In addition to inspiring presentations, he took the opportunity to exchange ideas with industry experts on site and gather exciting insights from the fintech ecosystem.