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

The sectors we know inside and out.

In these industries we do more than diligence — we run the finance function and the deal. Each carries accounting and operating quirks that quietly distort earnings, and we know exactly where to look.

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Construction

WIP, percentage-of-completion, bonding, and backlog. We run the CFO function — and the deal — for contractors scaling the business or heading toward a sale.

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MSOs & DSOs

Multi-entity consolidation, management-fee economics, and board-ready reporting for platforms — plus buy-side QoE on every add-on and readiness at exit.

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Trades

HVAC, plumbing, roofing, and electrical. Service and job costing, pricing, and cash now — and the sell-side or buy-side advisory when the acquirers call.

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Waste & Environmental

Route and customer profitability, fleet and capex strategy, and the recurring-revenue story buyers pay up for — from monthly close through a sale.

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Litigation & Legal Services

Process serving, court reporting, and e-discovery. We make case-based economics, unbilled WIP, and lumpy cash legible — and get the business deal-ready.

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Automation

For automation and industrial-technology businesses, we dig into project revenue, recurring service streams, and margin by contract to show where durable value really sits.

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Manufacturing

Inventory, cost accounting, capacity, and customer concentration all move the number. We get into the plant-level detail that a generic review overlooks.

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Transportation

Fleet economics, rate mix, and driver dynamics make transportation margins tricky. We rebuild the per-mile and per-load detail that determines what a carrier really earns.

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SaaS

Headline ARR is only the start. We pressure-test retention, revenue recognition, and cohort economics to show how durable a software business's growth really is.

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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.

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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
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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
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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
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Manufacturing

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

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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.

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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.

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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.

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