Industries

Deep expertise where the details drive the deal.

We work across sectors, but we go especially deep in a handful where operational nuance makes or breaks the numbers.

Where we go deep

Six sectors we know inside and out.

Each of these industries carries accounting and operating quirks that can quietly distort earnings. We know where to look.

What we dig into

The details we examine in each sector.

Every industry books revenue and costs its own way. Here's where we focus to separate real, sustainable earnings from the noise.

Waste Management & Landfill

  • Route-level profitability & density
  • Landfill airspace valuation & remaining life
  • Post-closure & environmental liabilities
  • Fleet capex, maintenance & replacement cycles
  • Deferred revenue & prepaid service contracts
  • Tipping fees, disposal & recycling economics

Construction

  • WIP schedule & over/under billings
  • Percentage-of-completion revenue quality
  • Backlog & pipeline durability
  • Job-level margin & cost accuracy
  • Change orders, claims & retainage
  • Bonding & surety capacity

Automation

  • Project vs. recurring revenue mix
  • Revenue recognition on multi-period contracts
  • Margin by product line & contract
  • Aftermarket & service revenue quality
  • Warranty reserves & R&D treatment
  • Customer & supplier concentration

Manufacturing

  • Inventory valuation, reserves & obsolescence
  • Cost accounting & overhead absorption
  • Gross margin by product & customer
  • Capacity utilization & throughput
  • Capex intensity & maintenance
  • Working capital & cash conversion

Transportation

  • Revenue per mile / load & lane profitability
  • Contract vs. spot rate mix
  • Fuel costs, surcharges & pass-throughs
  • Driver pay, retention & owner-operator mix
  • Fleet capex, maintenance & utilization
  • Customer & lane concentration

SaaS

  • ARR / MRR quality & the ARR bridge
  • Revenue recognition & deferred revenue (ASC 606)
  • Gross & net revenue retention, churn
  • Cohort economics & CAC / LTV
  • Bookings vs. revenue & pipeline
  • Capitalized software & R&D treatment
Why it matters

Sector knowledge changes the number.

Industry-specific quirks aren't trivia — they move earnings, valuation, and how a deal gets done.

The quirks hide in the accounting

Percentage-of-completion schedules, landfill airspace, inventory reserves — each sector recognizes revenue and cost differently, and that's exactly where earnings get distorted.

Generic diligence misses them

A reviewer without sector reps takes the financials at face value. We know which stones to turn over and which adjustments actually hold up.

It moves price and terms

Surfacing a sector-specific adjustment can shift EBITDA — and with it, valuation, structure, and how you negotiate.

And beyond

Industries we also serve.

Our transaction and finance expertise travels well. We regularly work across:

Professional Services Distribution Business Services Healthcare Services Consumer & Retail & more

Operating in one of these sectors?

Let's talk about how our sector knowledge applies to your deal or your finance function.

Start a conversation