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Dirk Sahlmer
These are the best posts from Dirk Sahlmer.
4 viral posts with 1,844 likes, 260 comments, and 72 shares.
2 image posts, 0 carousel posts, 1 video posts, 1 text posts.
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Best Posts by Dirk Sahlmer on LinkedIn
The acquisition of Claap by lemlist for $25M offers a masterclass in creative M&A deal structuring.
It's not just about the headline number; it's about how you get there.
The story behind the deal:
Lemlist was already a power user of Claap. Charles reached out to Robin (Claap's Co-founder and CEO) in May, expressing his love for the product and asking if they'd be open to selling.
After initial discussions about Lemlist's vision and the strong product synergies, Claap explored other potential buyers to ensure competitive terms.
Ultimately, the shared DNA and combined growth potential made Lemlist the ideal partner - even with a slightly lower bid than some competitors.
Here's a breakdown of the deal structure Lemlist used:
• $5M Cash at Close: Immediate liquidity for the shareholders to get the deal moving.
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• $5M Vendor Loan (3.5% Interest): Smart way to defer a significant portion, allowing Lemlist to pay over time.
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• $2M Convertible Bonds: Incentivizing founders with future upside, offering a 20-30% discount on equity conversion.
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• $15M Earn-out: Tying a large chunk of the deal to Claap's future performance, specifically aiming to grow Claap from $2M ARR to $10M ARR within 3 years.
You can clearly see professional PE involvement here (in this case Expedition Growth Capital). This isn't a first-time buyer winging it.
The structure protects both sides: Lemlist limits upfront cash outlay while Claap's founders stay incentivized to drive growth.
The earn-out is quite substantial - with pretty aggressive growth targets (5x in 3y).
Thank you Charles for sharing this so transparently - and Nathan for the interview!
It's not just about the headline number; it's about how you get there.
The story behind the deal:
Lemlist was already a power user of Claap. Charles reached out to Robin (Claap's Co-founder and CEO) in May, expressing his love for the product and asking if they'd be open to selling.
After initial discussions about Lemlist's vision and the strong product synergies, Claap explored other potential buyers to ensure competitive terms.
Ultimately, the shared DNA and combined growth potential made Lemlist the ideal partner - even with a slightly lower bid than some competitors.
Here's a breakdown of the deal structure Lemlist used:
• $5M Cash at Close: Immediate liquidity for the shareholders to get the deal moving.
 Â
• $5M Vendor Loan (3.5% Interest): Smart way to defer a significant portion, allowing Lemlist to pay over time.
 Â
• $2M Convertible Bonds: Incentivizing founders with future upside, offering a 20-30% discount on equity conversion.
 Â
• $15M Earn-out: Tying a large chunk of the deal to Claap's future performance, specifically aiming to grow Claap from $2M ARR to $10M ARR within 3 years.
You can clearly see professional PE involvement here (in this case Expedition Growth Capital). This isn't a first-time buyer winging it.
The structure protects both sides: Lemlist limits upfront cash outlay while Claap's founders stay incentivized to drive growth.
The earn-out is quite substantial - with pretty aggressive growth targets (5x in 3y).
Thank you Charles for sharing this so transparently - and Nathan for the interview!
The exit stories you're not allowed to hear.
I've been sitting on an idea for a while:
What if founders could actually talk about their exits - anonymously?
No names, no identifying details. Just honest insights about:
• What was promised vs what actually happened
• Deal structures that worked (or became traps)
• Where things went sideways
• What you wish you'd known before signing
Problem: These stories stay buried under NDAs or in the inner friend circle.
Meanwhile, they'd be incredibly valuable for founders flying blind.
The strong interest in the Claap exit breakdown I shared showed there's massive appetite for this kind of transparency.
I have countless stories (good and bad ones).
But as an M&A advisor, I need to stay objective - and these stories should come from founders themselves, not intermediaries.
Would you see value in this kind of content, even if it's anonymous?
If yes, give me a sign. If there's enough interest, I'll get the ball rolling.
I've been sitting on an idea for a while:
What if founders could actually talk about their exits - anonymously?
No names, no identifying details. Just honest insights about:
• What was promised vs what actually happened
• Deal structures that worked (or became traps)
• Where things went sideways
• What you wish you'd known before signing
Problem: These stories stay buried under NDAs or in the inner friend circle.
Meanwhile, they'd be incredibly valuable for founders flying blind.
The strong interest in the Claap exit breakdown I shared showed there's massive appetite for this kind of transparency.
I have countless stories (good and bad ones).
But as an M&A advisor, I need to stay objective - and these stories should come from founders themselves, not intermediaries.
Would you see value in this kind of content, even if it's anonymous?
If yes, give me a sign. If there's enough interest, I'll get the ball rolling.