The corp-dev cockpit — sourcing, scoring and sequencing the next deals, paired with proof the group still returns.
The group still returns — past deals are averaging 1.6x returns with 74% of synergy banked — so deploy the $151M of dry powder, but only behind price discipline near the 8.6x average. Advance the $1M in Diligence→LOI and finish PagarBook before underwriting the next deal.
4 of 4 headline metrics improving vs prior · still off target: Net Debt to EBITDA 0.3x vs 0.2x, Covenant Headroom 1.6x vs 2.0x, Value Creation Realized 19.0% vs 25.0%
Sets deal capacity and refinancing risk.
7 of 7 targets price inside the $151M of dry powder; the one LOI ($0M) and one IOI ($0M) carry the near-term close.
Past deals average 1.6x returns, but PagarBook 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 $1M in Diligence→LOI; 7 of 7 targets price inside the $151M of dry powder.
Move: the funnel narrows correctly — one LOI ($0M) and one IOI ($0M) 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 | returns target | Recurring % | Cust conc % | Integ-risk | Owner | Status detail |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Monitoring / central-station (Delhi NCR) Adds RMR density to AFA/Triton Fund-II; highest-margin recurring. | Fire Safety · Delhi NCR | $0M | 0.1% | LOI | 9x | $0M | 3.2x | 78% | 14% | 22 | Gautam Sharma | LOI signed; confirmatory QoE underway |
AV / UC specialist (West) Fills Integration gap in the Bay Area near RFI. | Integration · West | $0M | 0.07% | IOI | 8x | $0M | 2.8x | 31% | 22% | 48 | Gautam Sharma | IOI submitted; mgmt meetings scheduled |
Regional fire integrator (Bangalore) Scale + technicians where utilization is lowest. | Fire Safety · Bangalore | $0M | 0.06% | Diligence | 8.5x | $0M | 2.6x | 28% | 31% | 64 | Maria Chen (Corp Dev) | Phase-2 diligence; union labor + ERP risk flagged |
Access-control MSP (Pune) Recurring access-as-a-service; thin-market entry. | Security · Pune | $0M | 0.06% | Contacted | 7.5x | $0M | 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. | Fire Safety · Pune | $0M | 0.08% | Contacted | 8x | $0M | 2.7x | 47% | 18% | 33 | Gautam Sharma | NDA signed; management call next week |
Healthcare integration (national) Nurse-call / RTLS depth; rides the Kaiser-type demand. | Integration · Multi | $0M | 0.07% | Sourced | 8.5x | $0M | 2.9x | 38% | 34% | 55 | Maria Chen (Corp Dev) | Teaser reviewed; fit strong, concentration high |
Cyber / OT security firm (Mumbai) Capability buy — OT security for data-center demand. | Security · Mumbai | $0M | 0.09% | Sourced | 11x | $0M | 3x | 60% | 26% | 38 | Gautam Sharma | 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 returns 1.6x across the 7 closed brands; 74% of synergy banked. Lagging: PagarBook.
| Brand | Acquired | Price | Entry × | Synergy plan | Synergy real | Implied returns | Payback | IRR % |
|---|---|---|---|---|---|---|---|---|
| Camcom | 2024 | $0M | 8.9x | $0M | $0M | 1.3x | 5y | 12% |
| Recykal | 2024 | $0M | 8.4x | $0M | $0M | 1.5x | 4.4y | 17% |
| PagarBook | 2024 | $0M | 8.3x | $0M | $0M | 1.2x | 5.8y | 9% |
| Bizom | 2023 | $0M | 8x | $0M | $0M | 1.5x | 4.3y | 16% |
| Triton Fund-I | 2022 | $1M | 9.1x | $0M | $0M | 1.7x | 3.6y | 21% |
| Triton Fund-II | 2021 | $0M | 8.8x | $0M | $0M | 2.1x | 3.2y | 26% |
| ScikIQ | 2021 | $0M | 8.9x | $0M | $0M | 2.2x | 3y | 28% |
Read: the older cohorts (Triton Fund-II, ScikIQ) returned 2.1–2.2x at sub-3.5-year payback — the model works when synergy lands. The drag is on PagarBook, where realized synergy trails plan and returns 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) | $0M | Fire Safety | Bid against us; went 9.5x — read-through on Bangalore target pricing. |
| 2026-03-18 | Convergint | AV / UC specialist (Midwest) | $1M | Integration | Consolidator scaling AV — tightens supply of Integration tuck-ins. |
| 2026-02-09 | Pye-Barker Fire & Safety | Central-station monitoring (SE) | $0M | Fire Safety | Aggressive RMR roll-up; competes for the same monitoring assets we want. |
| 2026-01-22 | Allied Universal | Access-control MSP (West) | $0M | 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 returns target.