The relationship between private equity and consulting has always been close. But something is shifting.

Over the past three years, we have seen a growing number of PE funds and portfolio companies move away from large consulting firms for operational work. Not for the brand-name due diligences that banks require, but for the hands-on, post-deal value creation that actually drives returns.

The economics are compelling

A senior independent consultant with 12 years at McKinsey or BCG costs between EUR 1,200 and 1,800 per day. A comparable team from the same firm would cost three to five times more, often with junior staff doing the bulk of the work. For a 12-week value creation plan, the difference can be EUR 50k versus EUR 200k.

The talent is better matched

Independent consultants choose their projects. They work on what they are good at, in sectors they know. There is no staffing algorithm placing an available generalist on your project. You get someone who has done exactly this type of work, multiple times, and who is personally invested in the outcome.

The model fits PE governance

PE-backed companies need consultants who can work directly with the CEO and report to the board. They need someone senior enough to challenge management, pragmatic enough to execute, and flexible enough to adapt to fast-changing priorities. That is the independent model.

What to look for

Not all independents are equal. The best ones come from top-tier firms, have a clear area of expertise, and have been operating independently for at least two to three years. They understand how to manage a client relationship without the infrastructure of a firm behind them.

At TenBridge, we screen for exactly these qualities. Our network includes only consultants who meet the bar that PE firms expect.

Commercial due diligence is one of the most common workstreams in PE transactions. It is also one of the most commoditised. Too many CDDs follow a template approach that ticks boxes without truly stress-testing the investment thesis.

The usual approach

Most CDDs cover market sizing, competitive dynamics, customer concentration, and growth drivers. This is necessary but not sufficient. The output is often a 150-page deck that confirms what the deal team already believed.

What gets missed

The best CDDs challenge assumptions. They pressure-test the revenue plan, identify hidden risks in the customer base, and assess whether the commercial organisation can actually deliver the growth that the model assumes. They look at pricing power, channel dependencies, and the sustainability of competitive advantages.

Speed matters

In competitive processes, CDD timelines are compressed. You need someone who can move fast, work autonomously, and deliver clear, actionable conclusions. This is where senior independents outperform large teams.

The TenBridge approach

We match each CDD with a consultant who has direct sector experience and a track record of working under deal timelines. No ramp-up time. Just sharp analysis and honest conclusions.

Every growing company reaches a point where it needs strategic capability. The question is how to access it.

Option 1: Build an internal team

This is the traditional approach. Hire a Head of Strategy, build a small team, develop internal capability. The advantage is deep institutional knowledge. The disadvantage is cost, speed, and the difficulty of attracting top talent to a corporate strategy role.

Option 2: Hire a consulting firm

Fast access to smart people and proven frameworks. But expensive, often impersonal, and you rarely get the senior partner doing the actual work. The knowledge walks out the door when the project ends.

Option 3: The independent model

Access a senior consultant with exactly the right profile for your specific challenge. They work embedded in your team, transfer knowledge as they go, and cost a fraction of a firm engagement.

When each model works best

Internal teams work best for ongoing, recurring strategic needs. Firms work best for large-scale transformations. Independents work best for specific, high-impact projects where you need senior expertise fast and want to maximise value for money.

The smartest companies use all three. The question is getting the mix right.

When top strategy consultants leave firms like McKinsey or BCG, most of them target large corporates or PE funds as their primary clients. The European mid-market, companies with EUR 50m to EUR 500m in revenue, is often overlooked.

Why the mid-market needs top talent

Mid-market companies face the same strategic challenges as large corporates: digital transformation, internationalisation, M&A integration, pricing optimisation. But they operate with smaller teams and tighter budgets. They cannot afford a six-month McKinsey engagement, but they desperately need the calibre of thinking it provides.

Why independents are the answer

An independent consultant with 10-15 years at a top firm is the perfect match for a mid-market CEO. They bring the frameworks and rigour of elite consulting, delivered in a pragmatic, hands-on way that fits the pace and culture of a growing business.

A market worth EUR 2bn+

We estimate that the addressable market for independent strategy consulting in the European mid-market exceeds EUR 2 billion annually. This is a segment that is growing faster than the traditional consulting market, driven by the professionalisation of PE-backed companies and the increasing sophistication of founder-led businesses.

After years of supporting post-merger integrations across Europe, we have seen patterns emerge. The same mistakes come up again and again, regardless of sector, size, or geography.

1. Starting too late

Integration planning should start during due diligence, not after closing. The first 100 days are critical, and every week of delay reduces the probability of capturing planned synergies.

2. Underestimating culture

Financial models capture cost synergies with precision. They rarely account for the cultural friction that slows everything down. The best integrations invest early in understanding and bridging cultural differences.

3. Trying to do everything at once

Prioritisation is everything. The most successful PMIs focus on three to five critical workstreams in the first 100 days, rather than trying to integrate every function simultaneously.

4. Losing key talent

The people who made the target company valuable are often the first to leave after an acquisition. Retention plans for key talent should be designed before closing and executed immediately after.

5. No dedicated PMI lead

Integration cannot be a part-time job. It requires a dedicated lead with the authority, budget, and bandwidth to drive the process full-time. This is where an experienced interim or independent consultant can make all the difference.

The European consulting market is worth over EUR 50 billion. But the way strategic work gets done is changing fast. Here are three trends that will shape the next decade.

1. The rise of the independent

The number of independent consultants in Europe has grown by over 30% in the past five years. The best talent is increasingly choosing independence over partnership tracks. For clients, this means access to senior expertise without the overhead of large firms.

2. AI as an accelerator, not a replacement

AI will not replace strategy consultants. But it will dramatically accelerate certain types of analysis: market sizing, competitive benchmarking, financial modelling. The consultants who embrace AI tools will deliver faster and better work. Those who ignore them will fall behind.

3. Outcome-based pricing

The traditional day-rate model is evolving. More clients are asking for outcome-based arrangements where fees are tied to measurable results. This rewards consultants who deliver real impact and penalises those who rely on time-based billing.

What this means for TenBridge

We are building TenBridge for this future. A curated network of the best independent consultants in Europe, supported by technology, and committed to delivering measurable outcomes for every client.