Flash Screen
A risk audit and back-out flags only: the fastest path to a clean pass, or a clear reason to dig deeper, before you commit more time to a target.
Ask about Flash Screen →Pre-LoI Target Screening
Regulatory risk assessment for EU e-commerce acquisitions
Pre-LoI, outside-in: a risk assessment of your target's EU e-commerce compliance exposure (GPSR, DPP, EPR, DSA, Omnibus, UCPD, and CRD) built entirely from evidence the seller doesn't control, delivered before deal fever can bend your judgment.
We don't replace your due diligence. We aim it.
The Problem
By the time the data room opens, two things have already happened.
Whether you're a PE fund, a search fund, or a corporate acquirer reviewing the European side of a target, the exposure is the same, and it rarely appears in the CIM.
01
The picture has been curated.
A well-run sell-side process isn't dishonest. It's selective. The seller decides what goes in, how it's framed, and which cut of the numbers tells the cleanest story. Everything in the room is true. The risk lives in what's absent, what's been averaged until the pattern disappears, and what's framed as a deliberate choice rather than a liability waiting to surface.
02
The clock has started.
Once you're in exclusivity, the incentives quietly invert. Fees are running. The team has been told to get it done. Your name is on it. Due diligence stops asking should we? and starts asking how do we get comfortable? Red flags become "manageable." The whole process is built to close, not to kill.
There is one window where you can still see clearly and act freely: before the LoI. That's the only moment we work in.
Services
Two tiers, scoped to the size of the question.
Both draw on the same outside-in method: evidence the seller doesn't control, mapped against GP1–GP3 and EU regulatory exposure. What differs is depth.
Full Screen
The complete pre-LoI screen: a full findings ledger, the GP1–GP3 waterfall, and EU regulatory exposure, delivered as three concrete outputs.
- The management-meeting questionnaire. Evidence-backed questions the CIM is structured never to prompt.
- The risk-scoped DD brief. A risk rating per area, with a recommended depth of diligence for each.
- The back-out flags. Findings that mean reprice or walk away, caught before the LoI.
Coming Soon
Sourcing Engine
Identification of un-brokered e-commerce targets before they reach a broker or a data room, using the same outside-in evidence base as the screen, run against a market instead of a single named target. In development, not yet available to engage.
The Method
Outside-in. Evidence the seller doesn't control.
We reconstruct the target's true unit economics from the outside in, across the gross-profit waterfall: GP1 (product), GP2 (fulfilment, service, returns, payments), GP3 (marketing), plus the fixed-cost step-changes and compliance risks that sit outside the margin line.
Our evidence originates where the seller has no control: customer reviews audited for patterns of operational failure, live-site pricing and checkout mechanics, delivery performance, consent and advertising practices, and corroborating third-party data. Where what customers report diverges from what the room would show, that gap is the finding.
The output isn't a number we ask you to trust. It's a sharper set of questions, a clearer map of risk, and an honest early read on whether this deal deserves your LoI at all.
Recent Analysis
The method, applied.
A running record of the same outside-in analysis a target screen delivers: regulatory exposure and margin mechanics, mapped before the data room opens.
GP3 Framework
Gross Profit 3 (GP3): The Full Gross Profit Walk From Net Revenue to EBITDA
What is Gross Profit 3 (GP3)? The full walk from Net Revenue to EBITDA, GP1, GP2, and GP3, broken into every cost line that makes up each layer. A visual reference and complete glossary.
Read →EPR
One Registration Per Country: The EPR Liability That Scales With Growth
What is EPR (Extended Producer Responsibility)? It isn't a single compliance line item. It's a separate national registration and fee obligation for every EU market a target sells into, which means the more impressive a target's cross-border growth story, the larger its probable EPR gap is likely to be.
Read →CRD
Cheaper to Bin Than to Return: The GP2 Liability Hiding in Return-Shipping Fees
When return shipping costs more than the item is worth, customers don't return it: they throw it away or keep it. The resulting low return rate reads as product quality in a QoE model. Often it's a fee schedule built around the Consumer Rights Directive's return-cost rules, and the margin it protects doesn't survive normalization post-close.
Read →It's a screen: directional, evidenced, early.
It informs a go/no-go and focuses the real work that follows. It does not underwrite the deal, and it does not catch everything a full diligence will. It catches the things the room was never going to show you, while you can still act on them.
Tronvik provides regulatory risk assessment: not legal, financial, or investment advice. We map the exposure; your counsel and diligence team act on it.
Engagement Protocol
How Engagement Works
No web forms, no interactive scripts. Contact starts with your
buyer identity only, no target names, company names, or URLs
until the Master Mutual NDA is executed. After that, all target
information moves through a secure, post-MNDA channel only.
- 01
Initial Contact
Email info@tronvik.com with your buyer identity. Tronvik runs an internal conflict check immediately after: fast, confidential, no target information required for either step.
- 02
Master MNDA Execution
Issuance and execution of our standard Master Mutual NDA, protecting both your pipeline intent and Tronvik's proprietary 5x5 analysis logic.
- 03
Secure Channel & Target Deployment
Post-MNDA execution, a secure direct channel is opened. Target URLs are deployed through this channel only, never via email or public-facing tools.
- 04
Deliverables
Deliverables matched to your engagement tier, within 7 business days of target deployment. Encrypted, password-protected PDF via secure channel.
Questions
Frequently Asked Questions
What is pre-LoI target screening?
Tronvik delivers a pre-LoI screen of e-commerce acquisition targets, built from evidence the seller doesn't control. We reconstruct the target's true unit economics from the outside in: before you open the data room, before you sign the LoI, before deal fever can compromise your judgment.
What does Tronvik deliver?
It depends on the tier. Flash Screen delivers a risk audit and back-out flags: the fastest path to a clean pass or a clear reason to dig deeper. Full Screen delivers three concrete outputs: (1) A management-meeting questionnaire: evidence-backed questions the CIM is structured never to prompt, so you walk into the first meeting already knowing where the soft spots are. (2) A risk-scoped DD brief: a risk rating per area with a recommended depth of diligence for each, so your QoE, legal, and commercial teams know where to dig and where to move fast. (3) Back-out flags: findings that are not investigate further but reprice or walk away, caught before the LoI.
What's the difference between Flash Screen and Full Screen?
Flash Screen is a fast go/no-go read: a risk audit and back-out flags, built for a directional answer before you commit more time to a target. Full Screen is the complete pre-LoI screen: a full findings ledger, the GP1–GP3 waterfall, and EU regulatory exposure, delivered as the management-meeting questionnaire, the risk-scoped DD brief, and the back-out flags together. Full Screen is scoped for PE deals, typically 50–500 MSEK.
How is this different from full due diligence?
It's a screen, not an underwrite. Tronvik's pre-LoI screen is directional, evidenced, and early. It informs a go/no-go decision and focuses the real DD that follows. It does not replace your QoE, legal, or commercial due diligence: it aims it. The screen catches the things the data room was never going to show you, while you can still act on them.
Who is Tronvik for?
Any buyer of a business with EU e-commerce exposure: PE buyout funds, search funds, and corporate acquirers alike. Tronvik is particularly valuable when the target operates cross-border, relies on third-country supply chains, uses subscription or recurring-revenue models, or where conversion rates appear above-market.
What evidence sources does Tronvik use?
Evidence originates where the seller has no control: customer reviews audited for patterns of operational failure, live-site pricing and checkout mechanics, delivery performance data, consent and advertising practices, and corroborating third-party sources. Where what customers report diverges from what the data room would show, that gap is the finding.
How does engagement work?
Contact info@tronvik.com with your buyer identity. Tronvik does not accept target information via web forms or public channels. Protocol: buyer identity contact and internal conflict clearance, Master Mutual NDA execution, secure channel opened for target deployment, deliverables within 7 business days.
How quickly does Tronvik deliver?
Within 7 business days of secure target deployment via post-MNDA channel. Designed to fit deal timelines, not audit cycles.
Start the Process
Screen your target before the data room opens.
One email starts the process. No web forms. No scripts. No target names until your MNDA is in place.
Screen a target →Corporate email preferred · Response within one business day