
---

**(A) Deal Overview**

- **Purpose:** Capture essential identifying and tracking information for the deal. Allows for quick filtering, context setting, and internal discussion initiation.
- **Worksheet Fields:**
    - `Target Company Name:`  
        
    - `Industry/Sector:`  
        
    - `Geography (HQ & Key Operations):`  
        
    - `Deal Source:` - _Provides context on process competitiveness._  
        
    - `Transaction Type:` - _Frames the strategic rationale and diligence focus._  
        
    - `Date CIM Received:` [Enter Date]
    - `Date Reviewed:` [Enter Date]
    - `Reviewer(s):` [Enter Name(s)]
    - `CIM Page Count:` [Enter Number] _(Indicates level of detail provided)_
    - `Stated Reason for Sale (if provided):`  
        

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**(B) Business Description**

- **Purpose:** Quickly understand the company's core activities, primary offerings, value proposition, and key customer/supplier dynamics. This forms the foundation for subsequent market and competitive assessments.
- **Worksheet Fields:**
    - `Core Operations Summary (3-5 sentences):`  
        
    - `Key Products/Services & Revenue Mix (Est. % if available):`  
        
    - `Unique Value Proposition (UVP) / Why Customers Buy:` - _Crucial for assessing defensibility and pricing power._  
        
    - `Customer Base Overview:`
        - `Key Customer Segments/Types:`  
            
        - `Customer Concentration Risk (Top 5 and/or Top 10 Customers as % Revenue - if stated/inferable):` - _A critical risk factor in middle-market deals._  
            
        - `Typical Contract Length / Recurring Revenue % (if applicable):`  
            
    - `Key Supplier Overview (if critical & mentioned):`
        - `Dependence/Concentration Risk:`  
            

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**(C) Market & Industry Analysis**

- **Purpose:** Evaluate the attractiveness of the company's operating environment, including market size, growth trajectory, key trends, competitive intensity, and the company's relative position.
- **Worksheet Fields:**
    - `Estimated Market Size (TAM/SAM - if provided):`  
        
    - `Estimated Market Growth Rate (% CAGR - Historical & Projected):` - _Relative growth is a key diagnostic indicator._  
        
    - `Key Industry Trends & Drivers (Tailwinds/Headwinds):` - _Understanding _why_ the market is growing/shrinking is crucial for sustainability assessment._  
        
    - `Competitive Landscape:`
        - `Key Competitors Identified:`  
            
        - `Target's Stated Market Position/Rank:`  
            
        - `Basis of Competition:`  
            
    - `Barriers to Entry / Competitive Moat (Stated/Inferred):` - _Assess the sustainability of the company's position._  
        

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**(D) Financial Summary**

- **Purpose:** Provide a concise overview of historical financial performance, profitability trends, margins, capital structure, and cash flow characteristics. This section is pivotal for the initial go/no-go decision based on scale, profitability, and preliminary assessment of LBO feasibility.
- **Worksheet Fields:**
    - **Table: Key Historical Financials**
        - _This table facilitates rapid assessment of financial scale, profitability trends, and margin stability over recent years, addressing core PE screening needs. It distills key quantitative data from potentially lengthy CIM financials for trend analysis and comparison. Analyzing trends over 3+ years is vital , and comparing Revenue growth to EBITDA growth highlights operating leverage or margin pressures._  
            

|Metric|FY-3 (or earliest avail.)|FY-2|FY-1|LTM (Last Twelve Months)|
|---|---|---|---|---|
|Revenue|[Enter Number]|[Enter Number]|[Enter Number]|[Enter Number]|
|_Revenue Growth (%)_|_N/A_|[Enter %]|[Enter %]|[Enter %]|
|Gross Profit (if avail.)|[Enter Number]|[Enter Number]|[Enter Number]|[Enter Number]|
|_Gross Margin (%)_|[Enter %]|[Enter %]|[Enter %]|[Enter %]|
|EBITDA (Note Adjustments)|[Enter Number]|[Enter Number]|[Enter Number]|[Enter Number]|
|_EBITDA Margin (%)_|[Enter %]|[Enter %]|[Enter %]|[Enter %]|
||||||

 

```
*   `Key Financial Notes & Observations:`
    *   `Quality of Earnings/Adjustments (Initial Impression):` _[11]_
    *   `Revenue Growth Drivers (Stated):` _[25, 13]_
    *   `Margin Stability/Trend Analysis:` _[4, 20, 15]_
    *   `Capital Expenditures (Approx. LTM % of Revenue):` [Enter % - Note if Maintenance vs. Growth CapEx breakdown is provided. How does it compare to D&A?] _[4, 15, 17]_
    *   `Working Capital Intensity (Impression):` _[4, 15, 17]_
    *   `Free Cash Flow (FCF) Proxy Quality (Impression):` _[4, 20, 31]_ - *Assessing the interplay between growth, margins, CapEx, and WC is critical to understanding true cash generation for LBOs, which may differ from the CIM's narrative.*

```

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**(E) Management Team Overview**

- **Purpose:** Form an initial assessment of the leadership team's quality, depth, relevant experience, and potential continuity post-transaction. Management capability is often a decisive factor in middle-market investments.  
    
- **Worksheet Fields:**
    - `Key Leaders Identified (CEO, CFO, COO, Head of Sales, etc.):`  
        
    - `Initial Assessment of Quality/Experience (Based on Bios):` - _Critically evaluate CIM bios, looking for tangible achievements and potential gaps the PE firm might need to fill._  
        
    - `Management's Stated Post-Transaction Role/Intentions (if mentioned):` - _Key indicator of alignment and potential key person risk._  
        
    - `Organizational Structure Overview (Impression):`  
        

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**(F) Preliminary Investment Thesis**

- **Purpose:** Synthesize the review findings into an initial, concise articulation of the potential investment's merits, key risks, and the specific ways the PE firm could create value. This step forces a clear articulation of the rationale for proceeding or passing.
- **Worksheet Fields:**
    - `Key Attractions / Strengths (Why Invest?):`  
        
    - `Potential Risks / Concerns (Why Not Invest?):`  
        
    - `Initial Value Creation Levers (How PE Adds Value):` _-  assess if the general PE playbook and types of businesses attractive to PE align with the key risks and opportunities identified._  
        
    - `Alignment with Fund Strategy` *(BPCP is focused on companies in 5+MM EBITDA range in consumer and industrial end markets. M&A, increased technology & data usage, supply chain and human capital optimization are key value-levers. Also a preference companies which are founder / family-owned and within driving distance of Cleveland and Charlotte. ):*
        

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**(G) Key Questions & Next Steps**

- **Purpose:** Document critical outstanding questions prompted by the CIM review and define the immediate next actions required in the deal evaluation process. This ensures accountability and directs subsequent diligence efforts.
- **Worksheet Fields:**
    - `Critical Questions Arising from CIM Review:` - _Specific questions indicate a deeper review than generic ones._  
        
    - `Key Missing Information / Areas for Diligence Focus:`  
        
    - `Preliminary Recommendation:`
    - `Rationale for Recommendation (Brief):`
    - `Proposed Next Steps:`