Montagu partner Christoph Leitner-Dietmaier told PE Hub that deal complexity represents a "source of opportunity" as a cautious market pushes other buyers toward simpler processes, leaving complicated situations less crowded. "The broader GP-to-GP market remains subdued relative to the exceptional levels seen in 2021," he noted.

Leitner-Dietmaier explained that Montagu is actively pursuing opportunities in complex carve-out situations where other buyers hesitate. The firm sees particular potential in sectors where corporate parents are divesting non-core assets, creating intricate separation challenges that Montagu's operational expertise can address.

During H1, Montagu highlighted several successful transactions that demonstrate this strategy. The firm's approach leverages its ability to navigate regulatory, operational, and structural complexities that deter less experienced buyers. This selective focus on complicated deals aligns with Montagu's long-term value creation thesis.

As market uncertainty persists, Leitner-Dietmaier expects the complexity premium to widen, favoring firms with deep sector knowledge and operational resources to execute difficult transactions.