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Carriage
($ in thousands)
2022A
2023A
2024A
2025E
Revenue
$15,000
$18,750
$22,700
$27,240
Cost of Goods Sold
(4,500)
(5,250)
(6,135)
(7,358)
Gross Profit
$10,500
$13,500
$16,565
$19,882
Sales & Marketing
(2,100)
(2,625)
(3,178)
(3,814)
General & Administrative
(1,800)
(2,063)
(2,497)
(2,996)
EBITDA
$6,600
$8,812
$10,890
$13,072
EBITDA Margin
44.0%
47.0%
48.0%
48.0%
Simply upload the necessary input data to automate LBO models, portfolio company add-on models, valuations, waterfall returns, and more
Carriage develops a deep understanding of the company and industry through analysis of the materials and market research to create a detailed LBO model complete with several thoughtful scenarios and core assumptions such as entry and exit multiple, leverage read, debt pricing and growth projections
Accelerate Growth in Commercial Copper Fitting Markets
Significant Commercial Copper Fitting Opportunity
CopperTech HVAC Fitting Market Share (FY24A)
78%
10%
Commercial vs. Residential Copper Fittings 2021 – 2029
($ in millions)
2021
2022
2023
2024
2025
2026
2027
2028
2029
Manufacturing Strategy to Capture Commercial Growth
Well-Positioned for Manufacturing Excellence
Production Capacity Expansion
Ability to expand production capacity by 40% through new CNC machining equipment and automated assembly lines to meet growing commercial HVAC demand
Supply Chain & Distribution Networks
Strengthen partnerships with major distributors and establish direct relationships with commercial contractors to reduce lead times and improve market penetration
Quality Certifications and Standards
Obtain ASME B16.22 and NSF-61 certifications to meet commercial building standards and expand into municipal water system applications
New Product Development and Innovation
Develop next-generation press fittings with enhanced corrosion resistance and introduce smart fittings with IoT sensors for commercial building monitoring systems
Make no sacrifices - Retain full control over your preferred methodology and formatting across both Excel workflows and presentations
Access Carriage directly through our Microsoft Office add-in or simply share files via email and receive a response back with completed work. Want to make a change? Respond with comments to receive updated materials
To:
lbo@carriagemodels.com
Subject:
New Deal – Project Stagecoach
Project Stagecoach – CIM.pdf (2.4 MB)
Build an LBO using the following assumptions:
- 9.0x entry/exit multiple
- 9% revenue CAGR
- 0.5% EBITDA margin expansion per year
- 4.0x leverage at S + 475
"Carriage Models is an extremely impressive tool that streamlines the financial modeling process. The platform is intuitive, quick, and produces accurate models that align perfectly with our internal standards. It definitely saves significant time and effort—I'd highly recommend giving it a try."
Associate at Middle Market Private Equity Firm
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