Northern Rock USA Case Study

Engagement Overview:

Assisted Northern Rock USA (“NR”) - a portfolio company of an undisclosed financial investor - in performing financial analysis, investor relations, and valuation ▪ Northern Rock required additional M&A capabilities to prosecute against massive M&A backlog, in addition to negotiating debt term sheets ▪ Thesis was centered around inorganic growth via bolt-on acquisitions within the southeast US ▪ Founder potentially preparing for a liquidity event after investment horizon is completed with its financial investor

Key Engagement Highlights

• $30mm+ in capital deployed

• Led M&A efforts alongside CEO and President

• Maintained & executed deal pipeline of >150 opportunities

• Crafted first-ever companywide M&A model

• Refined M&A thesis to maximize EBITDA margin profile

• Negotiated premium sale lease back terms