A Virtuous Osmosis
The relationship between the United States and Europe is defined as a "virtuous osmosis" that the "background noise" generated by politics won’t disrupt. Mariafrancesca Carli, a Bocconi Aalumna, is a Partner at BDT & MSD, an investment bank that focuses on family companies and business founders. From New York, she builds bridges between the two sides of the Atlantic: Ms Carli invests US capital in Europe and advises large European family firms that are seeking to do M&A in the United States. This is an ambitious program in an era of tariffs, global tensions, and relentless volatility.
How do you view Europe from the United States?
With great optimism. Europe boasts a network of solid, independent businesses that represent a great growth opportunity for global capital. American investors aren't just looking at margins, but also at the industrial strength and reputation of European companies, which often possess unique technologies. American consumers are also looking to Europe with great interest, appreciating the authenticity, history, and sustainability of products. The narrative of a family brand, rooted in local area and artisanal quality, is highly appealing.
In this scenario, what are the most interesting sectors?
Beyond luxury and food, pharma is certainly a key industry, with many European companies conducting extensive research having lab facilities in the United States certified by the Food and Drug Administration. Alliances with domestic giants are key to conquering the market; many European companies grow in the US through targeted acquisitions, building a significant industrial presence, adapting to local culture while leveraging their technology.
What is the profile of the perfect company that can make it in the US?
The European market is highly fragmented, yet rich in excellence: companies rooted in manufacturing, technology, mechatronics, or luxury goods, capable of maintaining their local identity while competing globally. A concrete example is our investment in Bologna-based IMA, a world leader in the packaging of pharmaceuticals, or in Charlotte Tilbury, a British cosmetics brand, acquired with the Puig family. These are companies achieving extremely high industrial and technological quality, often built over several generations or by creative entrepreneurs, making them attractive to international markets.
Does the current political context complicate this transatlantic relationship?
The political climate may generate background noise, but in practice, companies are not reducing their presence in the United States. On the contrary, many are choosing to invest more, opening local factories or production facilities to overcome commercial or logistical constraints. Companies see America as a key market for growth, not a place to retreat from.
And from the perspective of US investors, are they putting the brakes on?
No, I would say the opposite. Appetite for Europe remains high, and decisions are based on risk-adjusted returns. Europe is perceived as more fundamentally solid and prudent, and therefore suited for long-term projects. In our portfolio, we continue to balance investments in America and Europe, because valuable opportunities exist on both continents.
What future do you see for Europe?
The question for Europe is: can it continue to grow? The answer, in my opinion, is yes. But only if it can invest in innovation and internationalization. We are already seeing a return of high-level human capital, a renewed interest in productivity linked to artificial intelligence and new organizational models. The future is yet to be defined, but there is a solid foundation, made up of skills, industrial culture, and global openness, which makes Europe an indispensable partner for the United States.
Is collaboration still the key word then?
Exactly. There is a virtuous osmosis between Europe and America, where both markets stand to benefit. Europe brings technology, history, and quality; America offers scale, capital, and growth. When these two forces come together, everyone benefits: businesses, regions, and people.