The roll-up lens — proving the thesis deal by deal, and surfacing the integration drag that holds margin back.
The roll-up thesis is working — +$14.07M of EBITDA captured and 74% of synergy banked — but 4 in-flight businesses ($96.69M revenue) still hold margin back. Finish their cutover to close the gap to 100% synergy, the highest-return work in the company.
4 of 4 headline metrics improving vs prior · still off target: Value Creation Realized 0.0% vs 0.0%, EBITDA Margin 48.4% vs 50.0%, Average DSO 17d vs 15d
Avg synergy is only 74% of plan banked; the unrealized balance is EBITDA already underwritten but not yet captured.
Nippon Wealth Management is the weakest cohort on synergy capture; a 90-day savings plan on the gap is unrealized EBITDA.
Move to credit hold pending paydown; reforecast ARR net of likely churn.
Distress filings + overdue AR; churn risk High on $6.4M account.
Gates the cohort cutover (and the exit).
Pavion is built by acquisition. This view shows, for each business bought, what we paid for vs what it earns now — and flags the ones still mid-integration where ~+$21M of profit, faster cash and lower churn are still on the table.
Finishing the 4 in-flight businesses (Equity Portfolio: Hybrid Fund, Debt Portfolio: Hybrid Fund, Nippon AIF Growth Opportunities, Nippon Wealth Management) closes the gap to 100% — the single highest-return work in the company.
Each card: what changed since purchase, how far integration has gone, and the next move.
Each cohort ranked within the set on five KPIs (direction per metric), then a composite Overall Rank from summed rank points — the dashboard's RANKX leaderboard. Top & bottom highlighted.
| Overall | Unit | Revenue↑ better | EBITDA %↑ better | ARR↑ better | Synergy %↑ better | DSO gain↑ better | Rank pts |
|---|---|---|---|---|---|---|---|
| 1 | Nippon Hybrid Fund | $56M#1 | 9%#1 | $30M#1 | 88%#3 | 12d#2 | 8 |
| 2 | Nippon Large Cap Fund | $20M#5 | 8%#2 | $7M#5 | 92%#1 | 13d#1 | 14 |
| 3 | Equity Portfolio: Hybrid Fund | $34M#2 | 8%#3 | $11M#2 | 74%#5 | 9d#5 | 17 |
| 4 | Nippon Tax Saver Fund | $13M#7 | 8%#3 | $5M#7 | 90%#2 | 12d#2 | 21 |
| 4 | Nippon AIF Growth Opportunities | $22M#4 | 7%#5 | $8M#4 | 78%#4 | 11d#4 | 21 |
| 6 | Debt Portfolio: Hybrid Fund | $24M#3 | 6%#6 | $8M#3 | 55%#6 | 6d#6 | 24 |
| 7 | Nippon Wealth Management | $17M#6 | 5%#7 | $5M#6 | 40%#7 | 3d#7 | 33 |
Higher EBITDA %, revenue, ARR and synergy rank better; DSO gain = days of receivables improvement since acquisition (more = better). Composite rank points are the sum of the five per-KPI ranks (lower = better).
As-acquired → current across EBITDA, DSO, integration and synergy.
| Brand | Yr | Revenue | ARR | EBITDA % | DSO | Integrated | Synergy | Status |
|---|---|---|---|---|---|---|---|---|
| Nippon Large Cap Fund | 2021 | $19.92M | $7.03M | 5.27→8.2 | 71→58d | 100% | 92% | Integrated |
| Nippon Tax Saver Fund | 2021 | $12.89M | $4.69M | 4.69→7.62 | 66→54d | 100% | 90% | Integrated |
| Nippon Hybrid Fund | 2022 | $56.26M | $30.47M | 6.45→9.38 | 68→56d | 95% | 88% | Integrated |
| Equity Portfolio: Hybrid Fund | 2023 | $33.99M | $11.13M | 5.86→7.62 | 70→61d | 82% | 74% | In progress |
| Debt Portfolio: Hybrid Fund | 2024 | $24.03M | $8.2M | 5.27→6.45 | 73→67d | 60% | 55% | In progress |
| Nippon AIF Growth Opportunities | 2024 | $21.68M | $7.62M | 5.27→7.03 | 71→60d | 80% | 78% | In progress |
| Nippon Wealth Management | 2024 | $16.99M | $5.27M | 4.69→5.27 | 69→66d | 45% | 40% | Early |