Take-Private and M&A Pitchbooks
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DCGO Five Year Take-Private (March 2025)
DCGO Five Year Take-Private (March 2025)
DocGo Take-Private.pdfValue creation from increasing full-time to subcontracted worker ratio, directly reducing the cost of revenue as a % of sales, and tuck-in acquisitions that expand the geographic mix to service larger contacts. Long-term SG&A and cost of revenue decrease as a % of sales, accumulated contracts, and revenue growth from acquisitions would lead to a buyout from MegaCo (Amazon acquires One Medical 2022).
(Revised Note: share price and earnings expectations significantly dropped due to Trump's unexpected tax cut and reduced Medicaid funding, causing pressure on insurance companies)
ESTA Five Year Take-Private (June 2025)
ESTA Five Year Take-Private (June 2025)
Transaction highlights revenue expansion of $166mm in 2024 to $543.7mm USD in 2029, and purchase vs exit TEV/Rev contraction of 9.1x (15% premium included) in 2025 to 6x in 2029.
America sales expansion, product development (GEM, Preservé, etc), and positive post-approval study results guide a 26% IRR upon restructuring to a mezzanine dominated capital structure.
Revolver facilitates LFCF losses from 2025 to 2027, and LFCF is positive in 2029 after the revolver balance is reduced to $0. This investment seems default-worthy, yet offers an attractive 25.9% IRR with secondary market exit opportunity for LP's beyond 2029.
ESTA Write Up
ESTA Model
DCGO Model
MTCH Acquires BMBL (January 2025)
MTCH Acquires BMBL (January 2025)
MTCH BMBL Pitchbook.pdfPresented transaction rationale, accretion analysis, and deal structure to support Match Group's potential acquisition of Bumble. Purchasing 51% of BMBL is a potential key lever for MTCH's growth in a 'deregulated' M&A period.
The pro forma EPS model supports valuation and synergies—qualitative factors of BMBL's poor management and hiring practices, and Blackstone offloading shares continue exhibiting a great take-private opportunity for MTCH.
(Revised Note: BMBL trades at a lower valuation and the same thesis is more attractive)
DVN Acquires MUR (November 2024)
DVN Acquires MUR (November 2024)
DVN MUR Pitchbook.pdfPresented value creation, accretion analysis, and deal structure for all-American onshore oil and gas producer Devon Energy's potential acquisition of primarily offshore oil producer Murphy Oil.
Five-year accretion is achieved from organic growth and MUR's international exploration sites, allowing DVN to scale production and achieve dominance in North America. Additionally, synergies from midstream integration, SG&A and capex efficiencies, and cross-selling opportunities.
(Revised Note: 2025 political tensions and priced in downturn makes this transaction cheaper and more attractive with global uncertainty after closure of the Strait of Hormuz)
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