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 — +$272.1M of EBITDA captured and 74% of synergy banked — but 4 in-flight businesses ($1870.7M revenue) still hold margin back. Finish their cutover to close the gap to 100% synergy, the highest-return work in the company.
3 of 4 headline metrics improving vs prior · still off target: Integration Synergy Realized 78.0% vs 85.0%, EBITDA Margin 21.4% vs 22.0%, Days Sales Outstanding 62d vs 55d
Avg synergy is only 74% of plan banked; the unrealized balance is EBITDA already underwritten but not yet captured.
Legrand Retail 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 (Legrand North America, Legrand India, Legrand Data Center Solutions, Legrand Retail) 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 | Netatmo | $1088M#1 | 181%#1 | $590M#1 | 88%#3 | 12d#2 | 8 |
| 2 | BTicino | $385M#5 | 159%#2 | $136M#5 | 92%#1 | 13d#1 | 14 |
| 3 | Legrand North America | $658M#2 | 147%#3 | $215M#2 | 74%#5 | 9d#5 | 17 |
| 4 | USystems | $249M#7 | 147%#3 | $91M#7 | 90%#2 | 12d#2 | 21 |
| 4 | Legrand Data Center Solutions | $419M#4 | 136%#5 | $147M#4 | 78%#4 | 11d#4 | 21 |
| 6 | Legrand India | $465M#3 | 125%#6 | $159M#3 | 55%#6 | 6d#6 | 24 |
| 7 | Legrand Retail | $329M#6 | 102%#7 | $102M#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 |
|---|---|---|---|---|---|---|---|---|
| BTicino | 2021 | $385.48M | $136.05M | 102.04→158.73 | 71→58d | 100% | 92% | Integrated |
| USystems | 2021 | $249.43M | $90.7M | 90.7→147.39 | 66→54d | 100% | 90% | Integrated |
| Netatmo | 2022 | $1088.41M | $589.55M | 124.71→181.4 | 68→56d | 95% | 88% | Integrated |
| Legrand North America | 2023 | $657.58M | $215.41M | 113.38→147.39 | 70→61d | 82% | 74% | In progress |
| Legrand India | 2024 | $464.84M | $158.73M | 102.04→124.71 | 73→67d | 60% | 55% | In progress |
| Legrand Data Center Solutions | 2024 | $419.49M | $147.39M | 102.04→136.05 | 71→60d | 80% | 78% | In progress |
| Legrand Retail | 2024 | $328.79M | $102.04M | 90.7→102.04 | 69→66d | 45% | 40% | Early |