Signify Insights

For the C-Suite · 14-day M&A diligence sim

The Acquisition Dossier

The board has approved a $1.4B acquisition target. Diligence kicks off Monday; the LOI lapses in seven business days. You have seven diligence moves before you have to put a recommendation in front of the board. Seven hidden red flags are buried across the target. Two years after close, every flag you missed comes back as either a class-action complaint or a quarterly earnings hit — in the board minutes you signed off on.

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LOI lapses in 7 business days
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Target company

Helix Climate Systems

A mid-cap specialty industrial controls business. Strong recent growth in HVAC retrofit; $480M revenue, $72M EBITDA. Founder-led. Agreed price: $1.4B (~19x EBITDA). Sponsor-backed since 2019; this would be the sponsor’s second exit attempt after a 2023 IPO was withdrawn.