WHO WE SERVE · PRIVATE EQUITY

Check the seller's numbers before you price them.

For buyout funds and their deal teams. We test the seller's numbers against the ledger, build the model on what survives, and can stay with the deal through the SPA, the hold and the sale.

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WHAT YOU CAN ASK US

Does this CIM earn a diligence budget?Answered by: The CIM screen, with a quick LBO run twice Are these addbacks real, and where should the peg be?Answered by: The EBITDA bridge and the peg, in the buy-side diligence report What is the most we can pay, and does the debt hold in a downside?Answered by: The LBO model and the financing stress brief Can we defend the price at IC?Answered by: The IC paper, with the price tolerance What does the SPA do to the equity we wire?Answered by: SPA mechanics Are we ready to sell, and who could buy?Answered by: Exit readiness and the buyer universe One of our companies is off plan. What can its board still decide?Answered by: Turnaround

WHAT YOU RECEIVE

Every addback labeled, before you price the deal.

EARNINGS QUALITY · TESSALINE PACKAGING GROUPSPECIMEN

€7.0M of addbacks on €41.0M reported

Line	Amount	Evidence	Label	In the range
Reported EBITDA, last twelve months	€41.0M	The starting point, not the CIM's figure		Both ends
Belgian severance	+€1.6M	23 signed settlement agreements, the payroll register and the ledger	VERIFIED	Both ends
Monitoring fees	+€1.4M	The ledger and the monitoring agreement	VERIFIED	Both ends
"Efficiency program"	+€1.2M	Ledger account 6480 shows 0.7, 0.9, 0.8 and 1.2 in four consecutive periods	PARTIAL	High end only
ERP and other one-off costs	+€1.2M	Invoices support phase 1; the ERP contract schedules a phase 2 for 2027	PARTIAL	High end only
Run-rate energy savings	+€1.6M	The contract took effect after the twelve months	REPORTED	Left out
Repairs capitalized	-€0.8M	Left out of the seller's bridge		Both ends
Bonus accrual released	-€0.4M	Left out of the seller's bridge		Both ends

€48.0MThe CIM's adjusted EBITDA

€42.8M to €45.2MDiligenced EBITDA

The €4.0M between the CIM and the midpoint of the range (€44.0M) is worth €38.0M of price at 9.5x and €19.0M of debt at 4.75x.

The low end counts the Verified lines and the two lines the seller left out. The high end adds the two Partial lines.

Specimen. Tessaline Packaging Group is a fictional company.

See the deliverables in Lensential PE

HOW IT WORKS WITH YOU

From the first teaser to the exit.

On a stated clock.

A graded CIM screen within 24 hours. The numbers within five business days of data-room access; the full report within fifteen business days of data-room access and your call transcripts. We reissue it as the seller answers. During the hold, the quarterly review within three business days of the management pack, from the second quarter. A principal reads and signs every paper.

Three ways to work with us.

Pay per workstream; retain us for an agreed number of CIM screens a year, each within 24 hours; or subscribe to the quarterly review for the hold. Fees are agreed before work begins; we price from what the same work costs you today.

One file follows the deal.

You can skip any of the eight stages but not reorder them. A failed EBITDA bridge reprices the deal before anything is modeled on it.

Your advisers keep their roles.

Your team makes the customer calls. Tax, legal and regulatory questions go to your advisers, each with the date the answer is needed.

For operating partners, too.

Lensential Consult covers pricing, the operating model, the roadmap and the KPIs that track it, for the companies you own.

Portfolio reporting, as a build.

We can build an agent that reads each company's monthly pack and flags what moved beyond the thresholds you set, inside your own systems.

We do not recommend for or against an investment, and we give no tax, legal or regulatory advice. Lensential PE is our newest system; every example on its page follows one fictional buyout.

THE SYSTEMS BEHIND IT

Lensential PE Lensential Consult Build with us

Send us the last CIM you passed on.

We screen it free within 24 hours, once per firm. Or ask for a specimen report first.

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