Coverage continues through closing.
Diligence continues after the first report. Sellers answer questions, upload new files, and revise old ones. We keep the analysis current so the deal team does not need to re-review the data room.
Project Atlas / Report updates
Version 4
Data room changes since version 1
| Date | Folder | Document | Change | Effect on findings |
|---|---|---|---|---|
| Day 9 | 4.2 | Retailer point-of-sale report, Q4 | Added | Finding 01 confirmed |
| Day 21 | 2.2 | Board minutes, Q4 | Added | No change |
| Day 27 | 5.1 | General ledger, January 2026 | Added | Finding 02 narrowed |
| Day 52 | 3.4 | Retailer agreement, Hartwell Stores | Replaced Late change | Under review |
The analysis stays current until closing, so no late document goes unread.
Ranked follow-up list
Every finding comes with the documents to request and the questions to ask, for the seller and for the management meeting. The list is ranked by the dollar impact of the finding behind each item.
Value: management meetings spent on the issues that move value, and request lists that require specific answers rather than generic document productions.
LOI assumption table
A one-page view of each assumption your LOI rests on, marked confirmed, weakened, or broken, with the supporting finding. It includes contract terms that affect value, such as change-of-control provisions and assignment consents in major customer and supplier agreements.
Value: a clear answer for the IC on which parts of the original thesis the data room supports.
| LOI assumption | Status | Supporting finding |
|---|---|---|
| Run-rate EBITDA of $12.0M, priced at 10.0x | Weakened | $0.8M to $1.4M depends on retailer inventory build, and $0.7M to $1.0M on rebates accrued below contract rates |
| Gross margin stable at 31% | Weakened | Rebate under-accrual overstates margin by roughly 1 point |
| Ten largest retailer contracts transfer on change of control | Confirmed | No consent requirement in any of the ten agreements |
| No material pending litigation | Broken | Pending class action missing from the disclosure schedule |
Illustrative. Project Atlas, figures invented.
Updates as documents arrive
When the seller adds or replaces documents, we run them through the same checks and update the report. You get a short note on what changed and whether any finding moved.
Late-document flag
Important documents that are added or replaced late in the process are flagged automatically. A customer contract revised three days before signing warrants further review.
Value: confidence that no material document entered the data room after the team's review concluded.
Discuss a transaction under LOI.
Share the sector, the deal size, and the end of exclusivity. We respond within one business day with an assessment of fit and the proposed scope of the report.