The Per Andersson owner's view — entry → today → exit, the multiple-expansion that recurring revenue earns, and the synergy programs behind it.
Enterprise value has gone from $0M at entry to $0M today; $0M of the plan remains to the $0M exit. The prize is multiple expansion — push recurring mix from 82% toward 45% and bank the $0M of open synergy before exit.
4 of 4 headline metrics improving vs prior · still off target: Fund Management Revenue ₹34Cr vs ₹40Cr, Fund EBITDA ₹11Cr vs ₹13Cr, EBITDA Margin 32.0% vs 35.0%
$0M of enterprise value stands between today's $0M and the $0M exit plan — the swing that realizes the Per Andersson thesis.
$0M of $0M run-rate synergy is still to capture — the same work that finishes integration and flips the newest brands to actuals.
Insurance, fleet, purchasing and systems consolidation
Reaching the scaled tier (45%+ recurring) is worth 2–3 EBITDA turns — on $11M of EBITDA that is $22M–$33M from re-rating alone.
Per Andersson underwrites a Value Creation from entry to exit. Triton Investment Advisors has gone from ~$100M to $34M of revenue; the prize from here is multiple expansion — recurring revenue re-rates the business, and monitoring RMR is valued separately at 30–50×. This is the screen that tracks it.
Each lever shown entry → today → exit, with progress through the plan.
| Workstream | Lever | Entry | Today | Exit | Progress | Status |
|---|---|---|---|---|---|---|
| Scale the platform | Organic + accretive M&A | 0.53M | 4.2M | 6.42M | On track | |
| Shift to recurring | Attach monitoring / ITM on every install | 0.18% | 0.21% | 0.26% | Behind | |
| Expand margin | Synergy capture + operating leverage | 0.07% | 0.08% | 0.1% | On track | |
| Grow profit | Scale × margin | 0.07M | 0.62M | 1.15M | On track | |
| Delever | EBITDA growth + cash | 0.03× | 0.02× | 0.02× | On track | |
| Re-rate the multiple | Recurring-driven re-rating | 0.04× | 0.06× | 0.07× | On track |
Recurring mix moves the EBITDA multiple. At 82%, Triton Investment Advisors sits in the platform tier — every point toward 45% pulls it up.
Reaching the scaled tier (45%+ recurring) is worth 2–3 EBITDA turns — on $11M of EBITDA, that's $22M–$33M of enterprise value from re-rating alone.
Recurring monitoring revenue trades on its own convention — separate from, and on top of, the EBITDA multiple.
So what: growing the monitoring book (attach Portfolio Performance Dashboard on every install) creates value at 30–50× — far above the 0.06× the whole company trades at. It's the single highest-return dollar in the plan.
The concrete programs behind the synergy % — not a slogan, a checklist.
Per Andersson's playbook in action: put acquired companies on Triton Investment Advisors's insurance, fleet, purchasing and systems. $0M of run-rate is still to capture — the same work that finishes integration and flips the newest brands to office-grain actuals.