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 $5219M in Diligence→LOI and finish Vichy before underwriting the next deal.
4 of 4 headline metrics improving vs prior · still off target: Net Debt / EBITDA 0.7x vs 0.6x, Covenant Headroom 40.0x vs 45.0x, Synergy Realized $120M vs $150M
Sets deal capacity and refinancing risk.
0 of 7 targets price inside the $151M of dry powder; the one LOI ($1010M) and one IOI ($1683M) carry the near-term close.
Past deals average 1.6x MOIC, but Vichy 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 $5219M in Diligence→LOI; 0 of 7 targets price inside the $151M of dry powder.
Move: the funnel narrows correctly — one LOI ($1010M) and one IOI ($1683M) 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 (North America) Adds RMR density to AFA/Lancôme; highest-margin recurring. | L'Oréal Luxe · North America | $1010M | 1010.06% | LOI | 9x | $1627M | 3.2x | 78% | 14% | 22 | Alexandre Popoff | LOI signed; confirmatory QoE underway |
AV / UC specialist (West) Fills Integration gap in the Bay Area near RFI. | Dermatological Beauty · West | $1683M | 785.61% | IOI | 8x | $1908M | 2.8x | 31% | 22% | 48 | Alexandre Popoff | IOI submitted; mgmt meetings scheduled |
Regional fire integrator (Latin America) Scale + technicians where utilization is lowest. | L'Oréal Luxe · Latin America | $2525M | 673.38% | Diligence | 8.5x | $2581M | 2.6x | 28% | 31% | 64 | Maria Chen (Corp Dev) | Phase-2 diligence; union labor + ERP risk flagged |
Access-control MSP (South Asia Pacific, Middle East, North Africa) Recurring access-as-a-service; thin-market entry. | Consumer Products Division · South Asia Pacific, Middle East, North Africa | $1235M | 617.26% | Contacted | 7.5x | $1010M | 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. | L'Oréal Luxe · South Asia Pacific, Middle East, North Africa | $1122M | 841.72% | Contacted | 8x | $1347M | 2.7x | 47% | 18% | 33 | Alexandre Popoff | NDA signed; management call next week |
Healthcare integration (national) Nurse-call / RTLS depth; rides the Kaiser-type demand. | Dermatological Beauty · Multi | $1571M | 729.49% | Sourced | 8.5x | $1740M | 2.9x | 38% | 34% | 55 | Maria Chen (Corp Dev) | Teaser reviewed; fit strong, concentration high |
Cyber / OT security firm (Europe) Capability buy — OT security for data-center demand. | Consumer Products Division · Europe | $842M | 897.83% | Sourced | 11x | $1459M | 3x | 60% | 26% | 38 | Alexandre Popoff | 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: Vichy.
| Brand | Acquired | Price | Entry × | Synergy plan | Synergy real | Implied MOIC | Payback | IRR % |
|---|---|---|---|---|---|---|---|---|
| Kérastase | 2024 | $1852M | 8.9x | $202M | $112M | 1.3x | 5y | 12% |
| Maybelline New York | 2024 | $1740M | 8.4x | $196M | $152M | 1.5x | 4.4y | 17% |
| Vichy | 2024 | $1347M | 8.3x | $168M | $67M | 1.2x | 5.8y | 9% |
| La Roche-Posay | 2023 | $2581M | 8x | $303M | $224M | 1.5x | 4.3y | 16% |
| L'Oréal Paris | 2022 | $5387M | 9.1x | $281M | $247M | 1.7x | 3.6y | 21% |
| Lancôme | 2021 | $1515M | 8.8x | $146M | $135M | 2.1x | 3.2y | 26% |
| Garnier | 2021 | $898M | 8.9x | $112M | $101M | 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 Vichy, 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) | $3928M | Fire Safety | Bid against us; went 9.5x — read-through on Latin America target pricing. |
| 2026-03-18 | Convergint | AV / UC specialist (Midwest) | $6734M | Integration | Consolidator scaling AV — tightens supply of Integration tuck-ins. |
| 2026-02-09 | Pye-Barker Fire & Safety | Central-station monitoring (SE) | $3086M | Fire Safety | Aggressive RMR roll-up; competes for the same monitoring assets we want. |
| 2026-01-22 | Allied Universal | Access-control MSP (West) | $2245M | 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.