Hypothesis development
Preliminary views on the market and the target’s competitive position, to identify the few questions worth testing properly in the time available.
Transaction services
Due diligence within the deal timetable, and value delivery after completion.
We work within the deal timetable, test the growth case against the evidence, and stay on after completion until the value assumed in the investment case has been realised.
Transaction services
Due diligence, 100 day planning and M&A support.
Proprietary methods at each stage, a sector specialist alongside, and teams small enough to turn work around inside the timetable.
01Commercial due diligenceFor acquirers and sponsors. Hypothesis development, then a bespoke program of modules (market sizing, primary research, customer analysis, financial modelling) synthesised into a report that is also suitable for lender conversations.
02Technical due diligenceA technology readiness assessment. Architecture, code quality, security and the engineering team’s delivery record tested against the growth case, with the remediation and platform spend the plan assumes costed as part of the case.
03Vendor due diligenceExit narrative and defensibility. Market context, positioning and growth outlook set out plainly, and where the growth story is thin, the drivers that could support a higher multiple.
04100 day planningValue capture from close. Built on Zenith PMO Studio, with initiatives prioritised, responsibilities allocated between acquirer and management, and a metric-driven cadence that shows up problems while they are still small.
05M&A advisoryTarget screening through to completion. The M&A strategy first, then long-list refinement, short-list screening against a defined framework, and initial approaches made alongside the acquirer’s bankers.
06M&A integration supportSynergy delivery and operating model. Support for the integration plan through the months after completion, when the two organisations are still settling into one way of working.
Commercial due diligence
The stages, aligned to the investment thesis.
An approach designed to test the investment thesis in the time available, with the scope set by the deal.
More on our private equity workResearch, analysis, modelling
A bespoke program of modules agreed with the fund, including primary and secondary market research, market sizing, customer analysis, an assessment of the business and financial modelling.
Synthesis and refinement
A report that states the findings and what they mean for the thesis, written so that it can also be used in discussions with lenders on structure and financing.
After close
The approach to value creation after completion.
Clients typically see a 40 – 100x return on fees from execution and performance improvement work.
Proprietary methods
Strategy tools, templates and a PMO methodology developed and refined over many transactions.
Alignment with management
The work is done with the management team, which tends to produce agreement between acquirer and management on the plan and its priorities.
Benefits tracking
Benefits prioritised and tracked through to the point they show in the accounts, which is usually some time after they are approved.
Implementation experience
Years of implementation work behind the recommendations, so they can be executed inside a short window.
Starting a conversation
Schedule a call.
Most engagements begin with a short conversation with a principal about the thesis you are testing and the evidence that would settle it.