Private equity advisory, from diligence to exit
Value is priced in diligence and built after closing. We work with investors and their portfolio companies from the first look at a deal to a well-prepared exit.
When clients call us
Support at each point in the investment cycle
Most engagements start at one of these points. Each calls for a different kind of financial work.
Evaluating a platform or add-on
You need an independent view of the target’s earnings, working capital and risks before final terms.
A search fund acquisition
A searcher has found a business and needs diligence, valuation and a financing case that lenders and investors will accept.
The first 100 days
The deal has closed, and the portfolio company needs reporting, a forecast and a finance function that can support the plan.
Performance is off plan
Results are behind the investment case, and you need to know why and what to change.
Preparing for exit
An exit is on the horizon, and the numbers, the story and the cap table need to be ready for buyers.
Aligning investors and management
Both sides need shared analytics and reporting, so everyone works from the same picture of performance.
How we help
Financial work across the holding period
Private equity advisory for investment firms, search funds, family offices and their portfolio companies in Canada. We work as an independent party alongside the deal team and management.
Financial due diligence
Revenue and receivables quality, balance sheet items and trends in profitability, with the risks that matter to price and terms.
Quality of earnings
Normalized EBITDA with non-recurring items, owner expenses and related-party arrangements identified, and a working capital target set.
Value creation plans
Targeted plans for pricing, costs, working capital and growth, agreed with management and measured against the investment case.
Portfolio reporting and KPIs
Shared analytics and reporting that reduce the information gap between investors and management.
Finance function build
Interim CFO support to put in place the close, the forecast and the reporting a sponsor-backed company needs.
Exit preparation
Offering memoranda and business plans, valuation, review of offers and analysis of the effect on the cap table.
Our view
Financial engineering is not a strategy
Leverage and multiple expansion can lift returns, but they sit largely outside management’s control. The durable part of a return comes from the business itself: better pricing, lower costs, tighter working capital and growth that uses capital well.
We focus on those levers. The diligence tells you what you are buying, the plan sets out what will change, and the reporting shows whether it is working. Read our analysis of the IRR.
How we work with sponsors
From first look to exit
Engagements range from a focused diligence project to ongoing support through the holding period. We agree the scope with the deal team and work directly with management.
Working on a search fund acquisition? We support searchers with diligence, valuation and the financing case. Read about search funds for succession.
- ScreenTest the investment thesis against the target’s numbers before committing to full diligence.
- DiligenceQuality of earnings, working capital and the risks that affect price and terms.
- First 100 daysReporting, a forecast and the priorities for the value creation plan.
- HoldTrack performance against the plan and act early on what is off course.
- ExitPrepare the numbers, the story and the data room for buyers.
Evaluating a deal or supporting a portfolio company?
What you receive
Analysis built for investment decisions
Every deliverable is built to be used by an investment committee, a lender or a board.
- A due diligence report with issues ranked by their effect on price
- A quality of earnings analysis and working capital target
- A value creation plan with measurable targets
- A portfolio reporting pack and KPI dashboard
- A 100-day finance plan for new portfolio companies
- Exit materials, valuation and analysis of offers
Selected clients
Companies we have worked with
Frequently asked questions
Questions we hear most often
Do you work with private equity firms or with portfolio companies?
Both. We work with investment firms, search funds and family offices, and directly with the management teams of the companies they own.
How long does financial due diligence take?
Typically two to six weeks, depending on the size and complexity of the deal.
What is a quality of earnings review?
A quality of earnings review tests whether reported earnings are real and recurring. It adjusts EBITDA for owner expenses, one-off items and related-party arrangements. Download our quality of earnings checklist.
Can you act as interim CFO for a portfolio company?
Yes. Through our fractional CFO practice we support portfolio companies with forecasting, reporting and the finance function, for a defined period or on an ongoing basis.
Do you support add-on acquisitions?
Yes. We support add-ons with diligence, valuation and integration planning, using the same approach as a platform acquisition, sized to the deal.
How are fees set?
Fees depend on the scope and complexity of the work. We confirm them in an engagement letter after a first conversation, so the cost is clear before work begins.
Have a question that isn’t covered here? Start a conversation.
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