The corp-dev cockpit — sourcing, scoring and sequencing the next deals, paired with proof the roll-up still returns.
The roll-up still returns — past deals are averaging 1.6x MOIC with 74% of synergy banked — so deploy the $151M of dry powder, but only behind price discipline near the 8.6x average. Advance the $55M in Diligence→LOI and finish Nippon before underwriting the next deal.
4 of 4 headline metrics improving vs prior · still off target: Net Debt/EBITDA 0.1x vs 0.0x, Covenant Headroom 1.9x vs 2.0x, Value Creation Realized 0.0% vs 0.0%
Sets deal capacity and refinancing risk.
7 of 7 targets price inside the $151M of dry powder; the one LOI ($11M) and one IOI ($18M) carry the near-term close.
Past deals average 1.6x MOIC, but Nippon sit below 1.3x with realized synergy trailing plan — closing the next deal at a similar multiple compounds the drag.
Hold management to 90-day synergy recovery plan; track at next board meeting.
Synergy at 78% of model; integration 80% complete.
This is the pre-deal cockpit — sourcing → diligence → valuation → integration-risk on every live target, paired with the proof that past deals returned, so the next acquisition is priced and sequenced against the $151M of dry powder we can actually fund.
Advance the $55M in Diligence→LOI; 7 of 7 targets price inside the $151M of dry powder.
Move: the funnel narrows correctly — one LOI ($11M) and one IOI ($18M) carry the near-term close. Keep filling the top: 2 Sourced names need a first-contact owner this quarter to protect throughput.
Every target, LOI first. Read recurring mix up, customer concentration and integration-risk down — those gate the price.
| Target | BU · Region | Revenue | EBITDA % | Stage | Entry × | Price | MOIC target | Recurring % | Cust conc % | Integ-risk | Owner | Status detail |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Monitoring / central-station (India (Tier 2 Cities)) Adds RMR density to AFA/Nippon Large Cap Fund; highest-margin recurring. | Portfolio Management Services · India (Tier 2 Cities) | $11M | 10.55% | LOI | 9x | $17M | 3.2x | 78% | 14% | 22 | Corporate Development | LOI signed; confirmatory QoE underway |
AV / UC specialist (West) Fills Integration gap in the Bay Area near RFI. | Alternative Investment Funds · West | $18M | 8.2% | IOI | 8x | $20M | 2.8x | 31% | 22% | 48 | Corporate Development | IOI submitted; mgmt meetings scheduled |
Regional fire integrator (India (Tier 3 Cities)) Scale + technicians where utilization is lowest. | Portfolio Management Services · India (Tier 3 Cities) | $26M | 7.03% | Diligence | 8.5x | $27M | 2.6x | 28% | 31% | 64 | Maria Chen (Corp Dev) | Phase-2 diligence; union labor + ERP risk flagged |
Access-control MSP (Asia-Pacific) Recurring access-as-a-service; thin-market entry. | Mutual Funds · Asia-Pacific | $13M | 6.45% | Contacted | 7.5x | $11M | 2.4x | 52% | 19% | 41 | Maria Chen (Corp Dev) | Intro call done; awaiting CIM |
Critical-comms / DAS (Southwest) Public-safety DAS/BDA; code-driven recurring. | Portfolio Management Services · Asia-Pacific | $12M | 8.79% | Contacted | 8x | $14M | 2.7x | 47% | 18% | 33 | Corporate Development | NDA signed; management call next week |
Healthcare integration (national) Nurse-call / RTLS depth; rides the Kaiser-type demand. | Alternative Investment Funds · Multi | $16M | 7.62% | Sourced | 8.5x | $18M | 2.9x | 38% | 34% | 55 | Maria Chen (Corp Dev) | Teaser reviewed; fit strong, concentration high |
Cyber / OT security firm (India (Tier 1 Cities)) Capability buy — OT security for data-center demand. | Mutual Funds · India (Tier 1 Cities) | $9M | 9.38% | Sourced | 11x | $15M | 3x | 60% | 26% | 38 | Corporate Development | On thesis list; not yet contacted |
Easiest to absorb first. Clean, recurring tuck-ins go now; concentrated, complex deals get hard diligence and a retention gate.
Integration priority: close and absorb the top of this list first — low risk plus high recurring mix banks synergy fast and keeps the PMO unblocked before the heavier, concentration-risk deals enter the 100-day plan.
Avg implied MOIC 1.6x across the 7 closed brands; 74% of synergy banked. Lagging: Nippon.
| Brand | Acquired | Price | Entry × | Synergy plan | Synergy real | Implied MOIC | Payback | IRR % |
|---|---|---|---|---|---|---|---|---|
| Debt Portfolio: Hybrid Fund | 2024 | $19M | 8.9x | $2M | $1M | 1.3x | 5y | 12% |
| Nippon AIF Growth Opportunities | 2024 | $18M | 8.4x | $2M | $2M | 1.5x | 4.4y | 17% |
| Nippon Wealth Management | 2024 | $14M | 8.3x | $2M | $1M | 1.2x | 5.8y | 9% |
| Equity Portfolio: Hybrid Fund | 2023 | $27M | 8x | $3M | $2M | 1.5x | 4.3y | 16% |
| Nippon Hybrid Fund | 2022 | $56M | 9.1x | $3M | $3M | 1.7x | 3.6y | 21% |
| Nippon Large Cap Fund | 2021 | $16M | 8.8x | $2M | $1M | 2.1x | 3.2y | 26% |
| Nippon Tax Saver Fund | 2021 | $9M | 8.9x | $1M | $1M | 2.2x | 3y | 28% |
Read: the older cohorts (Firecom, DavEd) returned 2.1–2.2x at sub-3.5-year payback — the model works when synergy lands. The drag is on Nippon, where realized synergy trails plan and MOIC sits below 1.3x; finish their integration before underwriting the next deal at a similar multiple.
Consolidators bidding the same fire, monitoring and AV assets set the clearing price for our targets.
| Date | Acquirer | Target | Value | Vertical | Note |
|---|---|---|---|---|---|
| 2026-05-02 | Securitas Technology | Regional fire integrator (TX) | $41M | Fire Safety | Bid against us; went 9.5x — read-through on India (Tier 3 Cities) target pricing. |
| 2026-03-18 | Convergint | AV / UC specialist (Midwest) | $70M | Integration | Consolidator scaling AV — tightens supply of Integration tuck-ins. |
| 2026-02-09 | Pye-Barker Fire & Safety | Central-station monitoring (SE) | $32M | Fire Safety | Aggressive RMR roll-up; competes for the same monitoring assets we want. |
| 2026-01-22 | Allied Universal | Access-control MSP (West) | $23M | Security | Guarding giant moving into electronic security recurring. |
So what: Securitas and Pye-Barker are clearing fire/monitoring assets at ~9–9.5x and bidding against us — hold entry discipline near our 8.6x average and lead with recurring-density targets where we can pay up and still hit the MOIC target.