Commercial acceleration after an acquisition: what PE portfolio companies should do first

Once a deal closes, the investment case becomes a commercial plan. Revenue growth in the model has to come from somewhere: new customers, higher conversion, better retention or expansion. In many portfolio companies, nobody has looked at how that growth is actually generated, and the first months are spent on other priorities.

Short answer: After an acquisition, a portfolio company should first diagnose its commercial engine, then fix the basics (data, CRM, definitions of a good lead), then run focused experiments on the biggest bottleneck, and only then scale spend. Starting with campaigns or new tools before that diagnosis tends to burn budget on assumptions the due diligence only suggested.

Why this has become more urgent

Private equity firms have become more active after closing. McKinsey reports that since 2021 firms have more than doubled the size of their operating groups on average, and engage operating teams earlier in the investment life cycle (McKinsey, Unlocking full potential). The deal maths is also tougher. Bain illustrates that a deal that needed about 5% EBITDA growth ten years ago to reach a 2.5x return over five years now needs about 12% (Bain, Private Equity Midyear Report 2026). More of the return has to come from commercial and operational performance, and the first months set the pace.

A four-step sequence

1. Diagnose where growth is stuck

Do not assume the bottleneck. Check three things in the first weeks:

• Demand: is there enough pipeline, and where does it come from? Is it dependent on referrals or a few people?
• Conversion: how many opportunities become customers, and where do they drop out?
• Scale: what breaks when volume goes up: process, data, capacity or forecasting?

The answer decides the order of everything else. More demand does not fix conversion, and more conversion work does not fix a thin pipeline. Our commercial due diligence looks at the same questions before the deal, and the findings are the starting point after it.

2. Fix the foundations

Without reliable data, you cannot see what works. In the first phase, make sure:

• The CRM reflects how the company really sells, with agreed definitions of lead, opportunity and customer.
• Tracking and reporting answer a short list of questions the board cares about.
• Marketing and sales share the same funnel and the same targets. See marketing and sales alignment.

This is rarely exciting work, but it makes every later decision cheaper and faster.

3. Run focused experiments on the biggest bottleneck

Pick one bottleneck and test ways of fixing it in small, time-boxed steps: a different offer, a sharper audience, a better follow-up of existing leads. Decide upfront what result means scale, adjust or stop. Our article on growth experiments versus campaigns explains how. This also gives the board something concrete to track, since progress is measured in learnings and pipeline, not in activity.

4. Scale what works

Only increase spend on what the experiments proved. Document what was learned and what was stopped, so the system keeps improving through the hold period and the story for the next buyer is clear: a predictable, measurable commercial engine.

Common mistakes in the first months

• Starting with tools. A new CRM or marketing automation platform will not fix a bottleneck you have not identified.
• Scaling spend too early. Budget goes up before anyone knows which channel and message work.
• Treating the investment case as proof. The model assumes growth, and the commercial diagnosis tests it.
• Leaving marketing and sales to sort it out. Without clear ownership and shared metrics, the work gets stuck between teams.
• Waiting. The longer a bottleneck is unaddressed, the more of the hold period is lost.

What the board should ask for

Ask management for a one-page view of the commercial engine: where pipeline comes from, how it converts, what the biggest bottleneck is and what is being tested to fix it. If management cannot produce that, the first step is already clear.

When this approach does not fit

• The main issue is cost or operations, not growth. Fix that first.
• There is no sales process or team yet. Build the basics before you optimise.
• There is no access to data. Without CRM and tracking data, the diagnosis stays on the surface.

Where to start

Take the three commercial assumptions in the investment case that would hurt most if they were wrong, and check them against real data in the first 30 days. If you want an outside view, see how we work with private equity or ask about a Growth Audit for a portfolio company.

Hear it from the people who do it

• Daan De Wever on growing after acquisitions
• Jürgen Ingels on buying small companies to enter new markets

Sources

• McKinsey & Company, Unlocking full potential: Five practices reshaping PE value creation (2026).
• Bain & Company, Private Equity Midyear Report 2026 (June 2026). The 5% to 12% comparison is Bain’s illustration and assumes a 2.5x return over a five-year hold.