The project covered two stages; a concentrated piece of preliminary work providing our evaluation of the market and DVB’s position and potential within it with only limited access to in-house or other data, and subsequently full due diligence of the target.
The vendors gave early access to high-level sales and distribution data for a key named account and provided summary financials. This allowed us to benchmark their performance in terms of in-market rate of sale performance Vs other players in their category and Vs relevant premium, niche players in adjacent categories, given our extensive commercial DD experience in these areas. We were also able to benchmark their direct and indirect cost base versus businesses of a similar shape and scale.
Both of these findings provided sufficient reassurance for our client to proceed to full Due Diligence on an exclusive basis.
Food Strategy Associates undertook commercial and operational due diligence which included a review of scan and panel data, interviews with key customer, a critique of the business plan and resourcing challenges, an assessment of the manufacturing facilities and a risk audit of the site. In addition, we commissioned qualitative consumer research on the brand to confirm its strength and appeal.
Benoit Broch, Director – Livingbridge:
“FSAs produced first-class work in the commercial and operational due diligence of Thomas J Fudge’s. A combination of their sector focus, Executive experience, and knowing how to answer the key questions allowed us to form a comprehensive investment judgment, and know what we were investing in. Their value-add went beyond pure due diligence0020and towards informing future plans”