CIM (Confidential Information Memorandum)
A detailed sell-side document providing comprehensive information about the target company to potential buyers who have signed an NDA.
Also known as: Confidential Information Memorandum, Information memorandum, IM, Offering memorandum
One-line definition
The CIM is the seller's full pitch book — 50–150 pages covering business overview, market, financials, and investment thesis, prepared by the sell-side M&A adviser.
Typical structure
- Executive summary.
- Business overview and history.
- Products/services.
- Market and competitive landscape.
- Financial performance (3–5 years historical + projections).
- Management team.
- Investment highlights and growth opportunities.
TS use
TS teams read the CIM carefully as their first financial anchor, then stress-test every claim against the data room evidence.
Related terms
Blind Profile / Teaser
An anonymised one- or two-page summary of a business for sale, distributed to potential buyers before they sign an NDA.
Data Room
A secure (typically virtual) repository of documents about the target company, made available to potential buyers during due diligence.
Management Presentation
A formal presentation by the target's management team to potential buyers, providing an overview of the business, strategy, and financial performance.
NDA (Non-Disclosure Agreement)
A confidentiality agreement signed by potential buyers before receiving sensitive information about a target company in a sale process.