Challenge
What was at stake.
A strategic buyer needed decision-grade diligence on a regional logistics target under a tight exclusivity window—with incomplete seller packs and aggressive growth claims.
Approach
What MFAS did.
MFAS scoped financial and commercial diligence around cash conversion, customer concentration, contingent liabilities, and the realism of the growth case—reporting red flags with quantified impact where possible.
Outcome
Where it landed.
The buyer renegotiated price and introduced earn-out protections tied to cash collections, instead of walking away or overpaying on headline EBITDA.
In depth
Headline earnings can flatter a logistics business that lives or dies on working capital. Diligence had to follow the cash.
Customer concentration and informal rebate practices explained more of the “growth” than new lanes did. Those findings changed negotiation leverage immediately.
We kept the report usable under time pressure: red flags first, evidence behind them, and clear implications for valuation bridges and SPA protections.
The deal completed on terms that matched the risk—the outcome diligence is supposed to produce.