For platforms and corporate acquirers
Buy-Side
We keep your pipeline warm and your acquisition program moving; the decisions stay with your team.
We ran M&A inside PE-backed platforms. We know what an active deal does to the pipeline behind it.
Execution pulls every hour toward the deal in flight, and sourcing is what slips. For us, the front of the funnel is the whole job.
One team runs it. You see all of it:
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- Markets, size, geography, and fit, in writing.
- Proprietary and banked, one program.
- Every name added or passed against it.
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- Stage and last touch on every name.
- Touches logged in days, updated daily.
- Every week: what moved, and what went quiet.
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- Revenue, EBITDA, margin, headcount.
- Screened for fit, tiered for priority.
- One page: the facts, the trend, the verdict.
Acquisition program · week 28
48
Active targets
+4 this month
5
Late-stage
IOI or beyond
9 / 5
Added / passed
Month to date
3
Closed
Program to date
Sourced to decision
Sourced214
Contacted21
Under NDA14
CIM Received8
IOI4
LOI1
Source mix · 48 active
Proprietary · 34Banked · 14
Moved this week
3
Advanced a stage
2
New CIMs in
1
IOI submitted
2
Passed · released
The week ahead
MONManagement meetingProject Quarry
WEDIOI response dueProject Derrick
FRIQoE readoutProject Ironwood
Decisions needed
Project RidgelineIOI decisionPURSUE
Project MeridianLOI decisionPURSUE
Project SawtoothRelease decisionPASS
| Target | Sector | EBITDA | Geography | Touch | Status |
|---|---|---|---|---|---|
| LOI· 1 | |||||
| Project Ironwood | Fire & life safety | $2.5M – $3.5M | TX | 2d | LOI |
| IOI· 4 | |||||
| Project Quarry | Testing & inspection | $3.5M – $4.5M | OH, PA | 4d | IOI |
| Project Derrick | Crane & rigging | $2.0M – $3.0M | LA | 1d | IOI |
| Project Basalt | Water treatment | $1.5M – $2.5M | CO | 6d | IOI |
| Project Meridian | Electrical services | $3.0M – $4.0M | NC | 9d | IOI |
| CIM Received· 8 | |||||
| Project Ridgeline | Specialty distribution | $2.0M – $3.0M | GA | 3d | CIM Received |
| Project Caliche | Industrial services | $1.5M – $2.5M | TX, OK | 5d | CIM Received |
| Project Flint | Pump & rotating equipment | $2.5M – $3.5M | TX | 2d | CIM Received |
| Project Trestle | Rail services | $4.0M – $5.0M | KS, MO | 8d | CIM Received |
| Project Prairie | Facility services | $2.0M – $3.0M | IL | 7d | CIM Received |
| Project Palisade | Instrumentation & controls | $3.0M – $4.0M | AZ, NV | 4d | CIM Received |
| Project Sawtooth | Equipment rental | $1.0M – $2.0M | MT, ID | 11d | CIM Received |
| Project Gable | Commercial roofing | $1.5M – $2.5M | FL | 6d | CIM Received |
| Under NDA· 14 | |||||
| Project Keystone | Utility services | $5.0M – $7.0M | TN, NC | 3d | Under NDA |
| Project Forge | Metal fabrication | $1.5M – $2.5M | WI | 9d | Under NDA |
| Project Caprock | Generator services | $2.0M – $3.0M | TX, NM | 5d | Under NDA |
| Project Foundry | Precision machining | $2.5M – $3.5M | IN | 12d | Under NDA |
| Project Palmetto | Waste services | $3.5M – $4.5M | SC | 2d | Under NDA |
| Project Bluestem | Route-based services | $1.0M – $2.0M | KS | 8d | Under NDA |
| Project Gantry | Material handling | $2.5M – $3.5M | AL | 6d | Under NDA |
| Project Boreal | Filtration services | $1.5M – $2.5M | MN | 10d | Under NDA |
| Project Rampart | Traffic & safety services | $2.0M – $3.0M | VA | 4d | Under NDA |
| Project Cordage | Marine services | $1.0M – $2.0M | WA | 14d | Under NDA |
| Project Osage | Packaging equipment | $3.0M – $4.0M | OH | 7d | Under NDA |
| Project Longleaf | Mechanical insulation | $1.5M – $2.5M | MS, AL | 9d | Under NDA |
| Project Dynamo | Motor & drive repair | $2.0M – $3.0M | MI | 13d | Under NDA |
| Project Kestrel | Calibration services | $1.0M – $2.0M | CT | 5d | Under NDA |
| Contacted· 21 | |||||
| Project Piston | Fluid power distribution | $2.0M – $3.0M | IA | 3d | Contacted |
| Project Timberline | Heavy equipment service | $2.5M – $3.5M | OR | 8d | Contacted |
| Project Anvil | Structural steel services | $1.5M – $2.5M | PA | 12d | Contacted |
| Project Turnpike | Fleet services | $2.0M – $3.0M | NJ | 6d | Contacted |
| Project Mesquite | Site services | $1.0M – $2.0M | TX | 4d | Contacted |
| Project Slate | Specialty coatings | $1.5M – $2.5M | TN | 15d | Contacted |
| Project Compass | Surveying & mapping | $1.0M – $2.0M | FL, GA | 9d | Contacted |
| Project Cinder | Boiler services | $2.5M – $3.5M | MA | 11d | Contacted |
| Project Piedmont | Electrical testing | $2.0M – $3.0M | NC, SC | 7d | Contacted |
| Project Ballast | Bulk logistics | $3.0M – $4.0M | TX, LA | 10d | Contacted |
| Project Redbud | Valve & actuation services | $1.5M – $2.5M | OK | 5d | Contacted |
| Project Summit | Elevator services | $2.5M – $3.5M | UT, CO | 13d | Contacted |
| Project Harbor | Dock & door services | $1.0M – $2.0M | MD | 16d | Contacted |
| Project Trellis | Scaffolding services | $2.0M – $3.0M | KY | 8d | Contacted |
| Project Crucible | Heat treating | $2.5M – $3.5M | IL, WI | 12d | Contacted |
| Project Lattice | Tower & antenna services | $1.5M – $2.5M | MO | 6d | Contacted |
| Project Kiln | Industrial cleaning | $2.0M – $3.0M | GA | 14d | Contacted |
| Project Turbine | Compressor services | $5.0M – $7.0M | ND | 9d | Contacted |
| Project Beacon | Signage & lighting services | $1.0M – $2.0M | AZ | 17d | Contacted |
| Project Culvert | Storm & drainage services | $1.5M – $2.5M | AR | 11d | Contacted |
| Project Mangrove | Environmental services | $1.0M – $2.0M | FL | 1d | Contacted |
48 of 214 tracked · updated daily
Project Ironwood
Fire & life safety: installation, inspection, monitoring
$16.4M
Revenue LTM
$2.8M
Adj. EBITDA
17.1%
Adj. margin
92
Employees
TX
2 locations
Situation
Founder-owned. Proprietary file: direct outreach, not a banked process.
FitTier 1 · Pursue
Considerations
Install-led mix; 55% of revenue is project work.
Founder retiring; management bench in place.
Two locations, one state.
Revenue / Adj. EBITDA · $M
Summary P&L · $M
FY2023FY2024LTM
Revenue$13.9$15.1$16.4
COGS(8.1)(8.7)(9.3)
Gross profit5.86.47.1
Gross margin41.7%42.4%43.3%
Opex(3.9)(4.2)(4.6)
Reported EBITDA1.92.22.5
Adjustments+0.3+0.3+0.3
Adjusted EBITDA$2.2$2.5$2.8
Adj. EBITDA margin15.8%16.6%17.1%
Service lines · LTM
Installation · project$9.0M55%
Inspection · recurring$4.4M27%
Monitoring · recurring$3.0M18%
Recurring · $7.4M · 45% of LTM
Share up from 41% FY2023
Quick screen
Revenue growth+8.6% / yr
Top 10 customers31%
EMR0.81
Last touch 2dNext · QoE readout · FRI
02 / 03
How fit is decided
It starts with your thesis, not our target list.
Before the first call is made, fit is written down: the territory, the sector logic, the scorecard. Your team signs off on all of it:
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- Starts from your current footprint.
- Target markets and white space, mapped.
- Outreach follows the map, not a list.
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- Built from the service lines you run.
- Core, adjacent, and out of scope, drawn.
- A written reason behind every line.
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- Every name, the same six categories.
- Scored, then a verdict: pursue or pass.
- The rationale is written. The call is yours.
We advise your team through close.
Post-LOI execution support is scoped separately.
01 / 03 · GEOGRAPHY
Program territory
Territory is defined before outreach: your footprint, the target markets, and the white space between them.
CURRENT FOOTPRINTACTIVE TARGETSTARGET MARKET48 ACTIVE · 37 STATES
TERRITORY ILLUSTRATIVE · DEFINED WITH YOUR TEAM
02 / 03 · SCREEN
Fit attributes
Fit is written in both directions: what pulls a target in, and what rules one out. The screen starts from your growth plan: the lines you run, and the lines you want next.
HIGH FIT · WHAT THE PROGRAM LOOKS FOREXCERPT
- Recurring inspection revenue
- Code-driven demand, not discretionary
- A licensed bench beyond the owner
- A fragmented market with room to consolidate
- Inside the territory, or one market out
CORE · YOUR SERVICE LINES03
FIRE & LIFE SAFETYELECTRICAL SERVICESMECHANICAL SERVICES
ADJACENT · DEFINED EXPANSION06 · EXCERPT
TESTING & INSPECTIONELECTRICAL TESTINGGENERATOR SERVICESELEVATOR SERVICESINSTRUMENTATION & CONTROLSFACILITY SERVICES
LOW FIT · THE REST OF THE SCREEN
Written down with the criteria, applied to every name. Not shown.
FIT SCREEN ILLUSTRATIVE · DEFINED WITH YOUR TEAM
03 / 03 · SCORECARD
Project Ironwood
TIER 1 · PURSUE
Fit by categoryScore / 5
Financial profile4
Revenue quality4
Strategic fit5
Growth potential4
Market position3
Operational capability4
SCORING ILLUSTRATIVE · CRITERIA DEFINED WITH YOUR TEAM
01 / 03
Contact
Start with a conversation.
Whether you’re looking to sell, looking to buy, or weighing what comes next, the first step is a casual conversation, not a decision.
- No cost, no obligation.
- Many of these conversations start years before a sale.
- A few lines are enough: a rough revenue or EBITDA range, your timeline, and what’s on your mind.
- Inquiries are held in confidence. An NDA can be executed before anything sensitive is shared.
- If it’s not something we handle, we know the people who do.