What exactly do you deliver?

Deal materials, built by hand. Institutional-grade financial models (LBO, M&A, DCF valuation, project finance, real estate, infra), investment-committee memos and independent reviews of models you already have. AI systems, built into your stack. The second practice: workflows that run the same work inside your own infrastructure, starting with data-room screening: every answer cited to source and verified by hand.

Who do you work with?

Funds, family offices, independent sponsors and founders. Anyone who needs numbers that hold up in front of an IC, an LP or a board.

Why rhaymi instead of a big firm?

Same institutional standard, without a big firm's lead times, layers or rigid scope. Direct access to $2B+ of live-deal expertise, fast turnaround, and work that flexes to exactly what you need.

Can you review or fix a model I already have?

Yes. Independent model reviews are a core service. I pressure-test your logic, find what breaks, and hand back a defensible, audit-ready version with every change documented.

How do we get started?

A short brief and whatever you have: a CIM, financials, a data room, even a rough sketch. We scope it on a 30-minute call and lock the deliverable, timeline and fixed fee before any work begins.

How long does it take?

Usually a few days to a week, depending on the scope and how urgent it is. The exact timeline is fixed up front, before any work begins.

Is it confidential? Can you white-label?

Yes. Works can run under NDAs, and deliverables can be white-labeled to your template so it ships as your own.

Do you train AI models on our data?

No. Never. Nothing you share is used to train any model. Systems can run in your own cloud, every engagement works under NDA, and your documents stay yours.

Fixed fee per engagement, agreed before any work starts. No hourly surprises. Revisions are included until the model ties and the committee's satisfied.

Work that survives a committee

The model that runs the numbers, the memo that makes the case, and the independent review that pressure-tests both.

Request a call

The model that runs the numbers

Fully linked, every driver visible, built to be interrogated. Delivered as a live working file, in your template, with every assumption sourced.

The memo that makes the case

Your template, every claim referenced back to the model. The document a committee reads, not a deck that decorates.

The review that pressure-tests both

Every change found, fixed and documented. A redline you can hand to the committee, not a verbal “looks fine”.

Project_Alpine_LBO_v7.xlsm

Transaction summary

Enterprise value	$1,850.0
Equity value	$620.0
Total debt	$1,230.0
Cash	$20.0
Net debt	$1,210.0
Entry EV / EBITDA	10.2×
Net debt / EBITDA	6.7×
IRR	24.3%
MOIC	2.5×

Revenue & EBITDA · $M

Year	2025A	2026E	2027E	2028E	2029E
Revenue	245	268	294	324	356
% growth	—	9.4%	9.7%	10.2%	9.9%
EBITDA	72	83	94	108	124
% margin	29.4%	31.0%	32.0%	33.3%	34.8%

Leverage profile · Net debt / EBITDA

Sources & uses

Senior debt	$890.0
Subordinated debt	$340.0
Equity	$620.0
Total sources	$1,850.0
Purchase price	$1,830.0
Fees & expenses	$20.0
Total uses	$1,850.0

Returns summary

IRR	24.3%
MOIC	2.5×
Equity multiple	2.5×
Payback	4.2y

Sensitivity · IRR %

Exit Entry	9.0×	9.5×	10.0×	10.5×
10.0×	21.8	19.6	17.5	15.6
11.0×	28.4	26.0	24.3	22.1
12.0×	34.1	31.6	29.2	27.0

DashboardAssumptionsP&LBalance SheetCash FlowDebt ScheduleReturns

Levered equity cash flow

Three cases through hold · equity above water by Year 3

BaseDownsideUpside

Returns summary

5y hold · refi Yr 3

UnlevLev

17.0%

24.3%

IRR

2.1×

2.6×

MOIC

Payback3.1y

Exit EV$370M

Valuation summary

Implied value per share

Implied rangeOfferLast close

Last close · $41.20 Offer · $54.00

Analyst price targets

$42.00$58.00

Comparable companies

$40.50$52.00

Precedent transactions

$46.00$60.50

Discounted cash flow

$48.50$64.00

52-week trading range

$34.20$47.80

$30$40$50$60$70

Executive summary

The opportunity at a glance

We are acquiring a high-quality, market-leading software business with durable growth, strong margins and multiple levers to accelerate value creation. The investment offers an attractive risk-adjusted return profile with clear downside protection.

Target

Vertical SaaS platform

Sector

Software

North America

Enterprise value

$1,250M

Revenue (LTM)

$312M

EBITDA margin

28%

Transaction

Buyout

Investment size

$450M equity

Q3 2025

Investment thesis

Why we are investing

Durable organic growth

Strong product-market fit and secular tailwinds.

Attractive unit economics

High gross margins and efficient go-to-market.

Scalable platform

Multiple vectors for expansion and automation.

Proven management team

Experienced leaders with a track record of execution.

Capital structure

Pro forma at close

$1,250M

Enterprise value

Senior Term Loan B$650M52%

Unitranche / Mezz$150M12%

Equity$450M36%

Key metrics (at close)

Net debt / EBITDA5.2×

Interest coverage3.4×

Cash interest rate8.2%

Equity check size$450M

Key risks

Top risks and mitigants

Macro slowdown impacting growth

Mitigated by recurring revenue and a diversified base.

Competition and pricing pressure

Mitigated by product differentiation and switching costs.

Execution on value creation plan

Mitigated by an experienced team and a clear plan.

Talent retention

Mitigated by incentives and a culture of ownership.

Refinancing risk

Mitigated by strong cash flow and conservative leverage.

Executive summary of findings

What it means

8 high-priority issues

Could materially impact valuation, returns or the decision.

$29.4M total value impact

Aggregate impact to enterprise value from the recommended changes.

Model logic is sound

Robust structure with clear assumptions and logical flow.

Transparency is good

Inputs and calculations are well-documented and easy to follow.

Findings by severity

Breakdown of issues · 30 total

Redline: key changes & corrections

Track record of all material adjustments

Sheet	Item / description	Issue	Original	Revised	Delta	Impact	Priority
Revenue	FY26 growth rate	Growth > market without support	22.0%	15.0%	(7.0%)	($12.4M)	High
Revenue	Churn rate	Below historical range	3.0%	5.0%	2.0%	($4.7M)	High
COGS	Gross margin	Inconsistent with unit economics	82.0%	78.5%	(3.5%)	($6.1M)	High
Opex	S&M % of revenue	Below peer benchmark	8.0%	10.5%	2.5%	($3.2M)	Med
Tax	Effective tax rate	Static rate not supportable	21.0%	24.5%	3.5%	($1.8M)	Med
Debt	Interest rate	Below market for leverage level	5.0%	6.5%	1.5%	($1.2M)	Med
Capex	Maintenance capex	Not tied to revenue growth	$10.0M	$14.0M	$4.0M	($4.0M)	Low
WC	DSO	Days below historical	30	38	8	($1.0M)	Low

Audit checklist

Key areas reviewed

Structure & logicPass

Inputs & assumptionsFail

Calculations & linksPass

Financials & outputsReview

Formatting & usabilityPass

Consistency & integrityReview

Nothing ships unchecked

Model, memo and review are built by the same hands. Every number traces to a source, every claim survives the room it’s read in, and a person signs off before it reaches you. Here’s how that work actually runs.

How an engagement runs

Brief & scope

Send whatever you have: a CIM, financials, a data room, even a rough sketch. A 30-minute call locks the deliverable, the timeline and the fixed fee before any work begins.

The deliverables

Model, memo and review, built by hand in days, not weeks. You see progress as it happens and get questions only when they matter.

The finish

Revisions within the agreed scope are part of the fee, not an extra. The model, the memo and the review are reworked until the numbers tie and the deliverable is committee-ready.

Bring the next deal

A 30-minute call to scope it: deliverable, timeline and fixed fee locked before any work begins. No obligation.