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This is the third of a three-case series (IMD-1-0202 to IMD-1-0204). In April 2002 Alex de Werra, Director at TCFG, was contacted by a fellow alumnus of IMD for advice on a possible management buyout of Kermel, a French textile company. Although De Werra handled this kind of transaction routinely, this mandate was very challenging. The vendor was in a rush to sell and De Werra had less than two weeks to convince a private equity (PE) investor to submit a competitive bid. This case illustrates the key role played by mergers and acquisitions advisory firms in engineering PE transactions. It also addresses the major dilemma they face in purchase mandates wherein they have to protect the interests of the management team but are often compensated by the PE firm. This case is interrelated with two other cases that focus on the other actors of the deal: Venkatesh Tulluri, who took the decision to engineer the MBO and would become Kermel''s CEO (Chief Executive Officer), and Argos Soditic, the PE investor. A video ''IMD-1-0204-V'' is available to accompany this case.