M&A Associate

About Deltra Deltra is a PE-backed Nordic group pursuing an active buy-and-build strategy, focused on B2B distribution businesses and adjacent niches. We acquire and develop high-quality, entrepreneur-led companies in fragmented markets, combining local ownership and accountability with the resources and strategic direction of a larger group. The Role Deltra is looking for an ambitious and commercially minded M&A Associate to join its M&A team. Reporting directly to the Head of M&A, the Associate will work closely with the Head of M&A, Group CEO and Group Management Team, with direct exposure to acquisition decisions, strategic discussions, entrepreneurs and management teams across the Group. The role combines proprietary sourcing and pipeline development with hands-on transaction execution and strategy work. A central responsibility will be to build and actively manage Deltra’s acquisition pipeline, from identifying attractive companies and engaging with owners to progressing opportunities towards a potential transaction. In parallel, the Associate will work alongside the Head of M&A across the full deal lifecycle. The role offers meaningful ownership from the outset, particularly within sourcing, while transaction responsibility will increase progressively with experience and demonstrated capability. Key Responsibilities M&A Sourcing & Pipeline Development

• Build, develop and continuously manage Deltra’s M&A pipeline, ensuring clear prioritisation, disciplined follow-up, high-quality documentation and defined next steps.
• Identify and screen potential acquisition targets against Deltra’s investment criteria and strategic priorities, including initial strategic and financial assessments.
• Develop and maintain targeted company lists across existing sectors and new acquisition themes.
• Prepare tailored outreach strategies, owner messaging and presentation materials for individual targets.
• Approach business owners directly, establish credible relationships and maintain dialogue over time.
• Prepare for and participate in initial owner meetings alongside the Head of M&A and other senior Deltra representatives.
• Help build a scalable, long-term proprietary sourcing capability within Deltra.

Transaction Execution

• Evaluate acquisition opportunities from strategic, commercial and financial perspectives.
• Analyse historical financial performance, key business drivers, forecasts and business plans, and develop valuation and financial models to assess transaction economics and potential returns.
• Prepare investment papers, transaction analyses, bid materials and decision materials for Group Management and the Board.
• Support the Head of M&A in transaction negotiations, bid preparation and drafting of letters of intent.
• Coordinate due diligence workstreams, analyse findings and maintain an integrated view of key issues, risks and actions.
• Work directly with financial, commercial, legal and other external advisors.
• Analyse transaction structures, consideration mechanisms and other deal-specific questions.
• Support transaction processes through signing and closing, maintaining momentum and control across parallel workstreams.

Strategy & Business Development

• Analyse sectors, sub-sectors, competitors and value chains relevant to Deltra’s growth strategy.
• Develop acquisition theses and map target universes within existing and new niches.
• Assess opportunities to expand Deltra’s businesses through acquisitions and other strategic initiatives.
• Contribute to selected business development and Group-level strategic projects together with the Head of M&A, Group CEO and Group Management Team.

Candidate Profile We are looking for someone who combines strong analytical capability with commercial drive and a genuine interest in businesses and entrepreneurs. This is not a pure modelling role: the ability and willingness to approach owners, build relationships and turn research into actionable acquisition opportunities is central to success.

• Strong analytical and financial skills, including a solid understanding of financial statements, valuation and corporate finance.
• Advanced working proficiency in Excel and PowerPoint, with the ability to translate analysis into clear, decision-oriented materials.
• Commercial judgement and intellectual curiosity about companies, industries and the drivers of business performance.
• Confidence and credibility in direct interaction with entrepreneurs, owners, management teams and advisors.
• A structured, proactive and detail-oriented working style, with the ability to manage several parallel workstreams.
• High ownership, sound judgement and the willingness to take initiative in an entrepreneurial, high-paced environment with short decision paths.
• Excellent written and spoken Swedish and English.

Relevant backgrounds may include investment banking, management consulting, transaction services/FDD, M&A, private equity, corporate finance or other analytically demanding roles. We do not define the position by a fixed number of years of experience. Candidates with early-career transaction experience, as well as exceptional candidates directly from university, may be relevant. Analytical ability, commercial mindset, drive and development potential will carry greater weight than tenure. What we offer / Why Deltra

• End-to-end M&A exposure: combine proprietary sourcing, financial analysis, valuation, negotiations, due diligence and execution rather than working on only one part of the process.
• Real ownership: take responsibility for developing the Swedish pipeline and converting target research into owner dialogues and actionable opportunities.
• Direct access to decision-makers: work closely with the Head of M&A, Group CEO, Group Management Team and Board-facing processes.
• Entrepreneur and management exposure: engage directly with founders, owners, management teams and external advisors.
• A steep development path: build broader commercial and transaction judgement, with increasing responsibility as capability develops.
• Competitive salary and benefits package, together with significant responsibility, exposure and opportunities for professional development from an early stage.