Deal Notes
What we are seeing in the room.
Anonymized composites and publicly reported transactions. Each note reports EV, multiple, diligence period, buyer profile, and the operational lesson behind the outcome.
Deal Notes draw on publicly reported transactions and on anonymized composite patterns observed across multiple Cordis engagements. Composite patterns alter sector, geography, size, and timing to prevent identification of any single transaction.
Industrial services roll-up
Closed clean
$40M
EV
8.0×
Multiple
3.5mo
Diligence
Strategic
Buyer
Closed at LOI price.
Healthcare services platform
Re-traded 12%
$18M
EV
6.4×
Multiple
5.0mo
Diligence
LMM PE
Buyer
Re-traded 12% in week 9 of diligence.
Specialty manufacturer
Inbound, fast
$31M
EV
7.8×
Multiple
2.8mo
Diligence
Strategic
Buyer
Unsolicited LOI; closed 14% above the opening number.
Regional distribution
LOI withdrawn
$24M
EV (offered)
5.9×
Multiple
3.0mo
Pre-LOI
LMM PE
Buyer
Buyer walked in week five of diligence.
Professional services firm
Closed at premium
$15M
EV
9.2×
Multiple
4.0mo
Diligence
Strategic
Buyer
Closed at 9.2× against a sector median of 6.8×.
B2B SaaS, vertical-specific
Earnout-heavy
$42M
EV
9.5×
Multiple
6.0mo
Diligence
Strategic
Buyer
Headline price intact. Structure absorbed 18%.