Insights
Field notes from the middle market.
Periodic write-ups on methodology, deal dynamics, and the working mechanics of middle-market M&A. Written for practitioners and the people who read their reports.
- April 2026Case Studies
PGT Innovations: a public-deal case study in reading the difference between a headline and an economic multiple.
A case study reconstructed entirely from public disclosures. Masonite's $41 headline compressed to $39.77 in four weeks. MITER's $42 cash topping bid cleared at 12.4x trailing EBITDA. Six charts built on EODHD market data and 10-K filings.
- April 2026Case Studies
Roll-up arithmetic, honestly told: where the 4×-in, 8×-out story actually breaks.
The headline arithmetic of a roll-up is not wrong. It is incomplete. Three specific places the math quietly leaks — and what the honest version looks like.