Our Work / Case Study

Buy-side due diligence on a US roofing contractor

Financial Due Diligence

The Challenge

A buyer was acquiring a US roofing contractor. Reported earnings mixed in one-off government credits, supplier rebates and insurance items. The buyer needed to know what the business really earns before agreeing a price.

What We Did

01Tested each EBITDA adjustment and wrote a clear, evidenced case for it.
02Took out a one-off Employee Retention Credit so it did not inflate ongoing earnings.
03Normalised supplier rebates and insurance costs to a repeatable level.
04Checked payroll adjustments against the underlying payroll data.
05Reviewed the working capital and debt schedules for errors before they reached the buyer.
06Turned management call notes into a tracker of every adjustment and its status.

Value Delivered

The buyer negotiated on recurring earnings, not on numbers lifted by one-off items.
Debt-like items were flagged early, protecting the buyer at closing.
Every adjustment was traceable to source, so it held up with lenders and investment committees.

Our Work