Coverage
Where we work, and who buys there.
Two sectors. We have operated in both, and we know the buyers in each by name.
Every page below sets out the same three things: the parties who acquire in that sector, what lifts a multiple there, and what gets repriced once diligence opens. It is the analysis we run before taking a mandate, published rather than kept.
Services
Marketing & media agenciesPrice is set by how little of the revenue depends on the founder's relationships, and how much of it recurs.
Consulting & professional servicesBuyers pay for a delivery model that keeps working without the partner who sold the work.
Talent & recruitmentThe question a buyer is answering is whether the desks keep billing once the founder stops.
HVAC & mechanical servicesA maintenance base is what separates a platform from a contractor, and the two are priced nothing alike.
Residential & commercial tradesRoute density and repeat revenue price higher than headline revenue, every time.
Automotive servicesProgramme relationships and property control decide the outcome before the P&L is opened.
Consumer & technology
Consumer brands & CPGDistribution that holds without promotion, and a gross margin that survives it.
Ecommerce & DTCContribution margin after acquisition cost is the number that gets underwritten.
Software & SaaSNet revenue retention, then gross margin, then everything else.
Consumer applicationsRetention curves, and the cost of the next user.
Games & interactiveA live-service title is a business. A hit is a moment. Buyers pay for the first.
Franchise & multi-unit systemsThe royalty stream, and whether the franchisees are actually making money.
We decline more processes than we accept.
Find out what your business is really worth.
Model an indicative range against your sector, then talk it through with the desk that would run the process.