Where the business can grow beyond its current customers.
Many targets in the lower middle market serve a narrow, loyal customer base. The investment case often depends less on the reported figures than on whether that base can be widened. We assess how far it can go, from the data room and from market data.
The question is not only what the business earns, but who else it could sell to.
Current customer profile
Who buys today, built from transaction-level data: segments, channels, geography, purchase frequency, and the share of revenue each group represents. The profile is compared with the customer description in the CIM.
Adjacent customer profiles
The customer groups closest to the current base, by need, price point, and channel, with an estimate of their size and of what the business would need to change to reach them: product, pricing, distribution, or marketing.
Synergies
Where the target's products, channels, or customers overlap with the portfolio companies or platform you identify during scoping, and which of those overlaps could add revenue or reduce cost after closing.
Growth opportunities
A short list of concrete expansion opportunities, each with the evidence behind it, the investment it would require, and its main risk. Opportunities the data does not support are not listed.
Limits
Growth estimates are prepared for discussion with your deal team. They are not a forecast, a valuation, or investment advice.
What it gives your team
01
A growth case beyond the model
The value-creation plan starts from evidence about customers and markets, not from the seller's projections.
02
One view of risk and upside
The investment committee sees the issues in the data room and the realistic paths to growth in the same engagement.
03
An input to the exit
The customers the business can reach shape which acquirers it will attract when you sell.
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.