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Introducing “The Winning LOI” [Vol. 1, Issue 1]


We are thrilled to be launching The Winning LOI, a new twice-monthly publication from Axial. The Winning LOI shines a light on the winning bids of Axial-sourced transactions, with a focus on the key member data, deal multiple, and key deal terms, including earnout structure, debt financing, and deal-specific diligence requirements. 

Consistent with all of our publications, all data is fully anonymized to protect the confidentiality of Axial members and transactions. 

If this was forwarded to you, you can sign up by clicking here; if you have feedback or ideas for how to improve The Winning LOI, please email: [email protected]

Issue 1 of The Winning LOI reviews a provider of commercial and residential electrical contracting services in the Southeast US. This business went to market in Q2 of 2021, and the business was generating between $21 – 21.5M in revenue and between $3- 3.5M in EBITDA (TTM) at that time.

The Deal
Deal TypeChange of Control
Revenue Range (TTM)$21M - $21.5M
EBITDA Range (TTM)$3.25M - $3.5M
EBITDA Margin Range15% - 18%
Key IndustriesCommercial & Residential Electrical
In-Market DateQ2 2021

Axial Deal Data
# of Pursuits*22
Deal Pursuit Rate*15.6%
Total Days in Market337 Days
Winning Pursuit to Deal Closed310 Days

Total Enterprise Value Range$13M - $13.5M
EBITDA Multiple Range (2021) 3.5x - 4x
Exclusivity90 Days
➡️ Cash81% of TEV
➡️ Seller Note
➡️ Earnout

Axial Sell-Side Member Data
Member TypeM&A Advisory Firm
Total Deals Marketed on Axial46
Average Annual Deals Marketed6
Average Revenue of Deals$5,683,781
Average EBITDA of Deals$1,500,615

Axial Buyside Member Data
Member TypeIndependent Sponsor
Number of Acquisitions3
Buyside Pursuit Rate*8.1%
Buyer Responsiveness Rate*99%

Disclosure: Data presented in the Winning LOI publication has been anonymized to protect the identity of the interested parties. Data is provided to Axial by Axial members in accordance with the Axial Member Terms of Service. Axial does not and cannot fully verify the accuracy of the presented information.


*Buyside Recommendations: Axial sell-side members receive a matching set of buyside members for every deal they manage via Axial. A buyside recommendation refers to a specific buyside Axial member who matches a particular deal.

*Recipient: A recipient is a buyside member who has been granted access by an Axial sell-side member to review a particular deal.

*Pursuit: Axial buyside members express initial interest in a deal by clicking “Pursue”, after which they can access and sign the NDA.

*Deal Pursuit Rate: The deal “Pursuit Rate” is defined as the number of times a particular deal is pursued by unique buyside members (i.e. the buyer shows explicit interest in exploring the deal) divided by the total number of buy-side firms invited to evaluate the deal

*Buyside Pursuit Rate: The buy-side “Pursuit Rate” is defined as the number of deals pursued by a particular buyer throughout an entire Axial membership term, divided by the total number of deals sourced during the same timeframe.

*Buyside Responsiveness Rate: The buyside “Responsiveness Rate” is defined as the rate at which a member responds to teaser shares within 5 days. The calculation initiates when a member has a minimum of 10 teasers and is calculated based on the member’s last 100 teasers received

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