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Electric Utility Services Company
Customer & Market Due Diligence of Electric Utility Services Company:  Assessing Customer Risk, Margin Sustainability, and Growth Opportunities

Conducted 4-week phased customer & market due diligence to evaluate revenue and margin sustainability risk vis-à-vis the target’s core business and assess geographic expansion opportunities required to create a super-regional player. Developed bottom-up CapEx and Operations & Maintenance spend model of 25 key utilities, including 10-year projections; interviewed 30+ key stakeholders at the target’s top customers and potential customers; conducted detailed analysis of the target’s jobs database and forecast; and conducted extensive primary and secondary research. Based on Gotham’s findings, our PE client significantly revised down their bid and was able to secure the target at a more favorable valuation, with a top-level expansion strategy in-hand.

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Utility Electrical Connector Supplier
Customer & Market Due Diligence Of Electrical Connector Supplier: Establishing OEM And Utility Demand Outlook

Conducted a 2-week customer & market due diligence to establish: (1) utility end-market dynamics/trends; (2) purchasing behavior in the utility end-market; (3) data center growth outlook; and (4) competitive dynamics in the electrical connector market. To this end, Gotham: conducted interviews and surveyed distributors, manufacturers’ reps, OEMs, contractors, and utilities; built a utility electric connector product map; established electrical connector competitive landscape; established data center growth outlook; and determined utility connector demand outlook. Our fact-based utility market and competitive dynamics assessment allowed our client to gain confidence in the target’s growth outlook and was able to successfully close the deal with confidence. 

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Multi-disciplinary Engineering Services Firm
Operations Improvements at Multi-disciplinary Engineering Services Firm:  Improving Profitability and Revenue Performance

Conducted a 6-week operations assessment to turn around the company’s margin performance and position it for a successful exit in 2-3 years’ time. Analyzed historical project and employee utilization performance; developed target staffing leverage model; and created target business development model to improve efficiency of business development effort while driving profitable revenue growth. Our detailed assessment gave our client a solid understanding and roadmap of the levers to achieve the target margin performance (5-7% points growth); client requested Gotham to provide ongoing support through quarterly performance audits.

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GLOBAL PRECISION PARTS MANUFACTURER
Customer & Market Due Diligence Of Global Precision Parts Manufacturer: Validating Revenue Sustainability In Markets Under Transformational Changes

Conducted a 2-week customer & market due diligence to validate the sustainability and growth outlook of target’s key product application/programs. To this end, Gotham:  built a model to establish impact of automotive electrification on target’s business; analyzed target’s top product applications/ programs to establish growth outlook, program lifecycle, target’s positioning, and margin outlook; conducted anonymous and “warm introduction” interviews with target’s customers; reconciled target’s financial projections against market forecast to determine how much of target’s projected growth was coming from market share gains; and established competitive landscape for both mechanical and electric parts. Gotham’s work established that target’s business was sustainable and gave our client confidence to proceed with its investment.

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Technical Services Provider
Customer & Market Due Diligence Of Technical Services Provider: Establishing Competitive Positioning And Demand Outlook

Conducted a 3-week customer & market due diligence to establish the refinery market outlook, the target’s competitive positioning, and the target's growth opportunities. To this end, Gotham:  conducted 38 anonymous interviews with refineries, petrochemical companies, contractors/fabricators, and other industry participants; analyzed refined product demand, refinery production, capacity utilization, plant retirements and consolidation, COVID-related shutdowns, refined product transportation network, and the impact of environmental regulations; profiled the target’s customer/project mix and project profitability; validated the target’s near-term project pipeline; researched heat-treating technical specialization and ASME Code requirements; established the competitive landscape; developed bottom-up heat-treating market sizing model; and determined end-market (LNG Export, Chemical, and Natural Gas Power Plant), geographic, and service line expansion opportunities. Gotham's detailed, fact-based approach provided our client a clear understanding of the refinery market outlook, confirmed the target’s competitive positioning as the leading player in the heat-treating services market, and helped our client develop confidence in the near-term revenue outlook. 

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PROPANE DISTRIBUTOR
Customer & Market And Operational Due Diligence Of Leading Propane Distributor: Determining Branch-level Margin Expansion Opportunities And Market Position

Conducted 2-week customer & market and operational due diligence to:  validate capture of pricing and operating efficiencies at acquired companies; establish local market dynamics and target’s competitive positioning; and assess regulatory and substitution threat. Gotham: surveyed ~750 propane consumers in target’s service areas; identified/profiled key competitors and conducted 32 competitor interviews in target’s local markets; analyzed zip-code-level propane supply, consumption, pricing, and heating degree day trends; determined pricing optimization and segmentation opportunity; assessed substitution threat from natural gas, electricity, and heat pumps; and analyzed pricing, delivery, and backoffiice expenses at 25+ acquisitions. Comfortable with the target’s opportunity to acquire family-owned local propane distributors and capture pricing/operations improvements, our client was able to move forward with an aggressive but well-informed bid.

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