Diligence coverage your deal size can actually carry.
A senior-led diligence engagement built for $1–10M EBITDA acquisitions. We read every document across every workstream, surface what matters, and deliver a full diligence report in days.
Nobody serves diligence at your deal size.
Independent sponsors, searchers, and PE teams running add-ons all face the same gap: the deal is too small for a traditional diligence engagement.
- Advisory engagements are priced for deals ten times this size. A full diligence stack runs six figures, more than the deal can carry.
- Broken-deal expenses stack fast. You’re paying providers before risks are surfaced, and eating the cost when the deal falls apart.
- The financials get scrutinized. Everything outside them (contracts, customers, workforce, systems) rarely gets a formal review. That’s where deals blow up post-close.
Where Fulcra Fits
Surface deal killers early
Know whether the deal survives the data room before you put QofE, legal, and the rest of the stack on the clock.
Full data room coverage
Every workstream read and flagged, including the long tail your team can’t get to. Nothing important gets missed.
A report in days
Full diligence while exclusivity still has room left, not a weeks-long wait for a thin review.
Priced for your deal size
Built for $1–10M EBITDA economics, not a six-figure stack designed for something ten times larger.
A full diligence report.
View sample reportWe analyze the entire data room across 9 workstreams and surface the strengths, the risks, the inconsistencies, and the things you need to clarify with management.
Revenue CAGR
18.4%
FY22–FY25
EBITDA margin
12.1%
-260 bps YoY
Top-1 customer
31%
CIM states 18%
Revenue growth by quarter
Customer concentration understated in the CIM
Top account is a materially larger share of revenue than the revenue summary presents; disclosed at account level in a master services agreement.
04_Contracts / MSA_Customer_047.pdf · p. 12, §4.2
Change-of-control consent required from a core vendor
Assignment clause requires written consent on transfer of control, with a 30-day termination right if consent is withheld.
04_Contracts / Vendor_Agreement_Northwind.pdf · p. 7, §11.3
Key-person dependency across delivery and pricing
One operations lead holds sign-off on pricing and the three largest delivery accounts; no documented succession or retention agreement.
06_HR / Org_Chart_2025.pdf · p. 3
Questions for management
- “Walk us through revenue by end customer for the last three years, including volume commitments under the top five agreements.”
- “Which vendor and customer contracts require consent on a change of control?”
- “What retention or succession arrangements exist for the operations lead?”
Illustrative report · synthetic data
Full data room coverage.
Insight into every area of the business. These are the workstreams we analyze.
Corporate Ownership
Financial
Revenue & Customers
Workforce & Vendors
Legal & Contracts
Tax
IT, Data & Security
Operations
Insurance
We work alongside your QofE and counsel, not instead of them. Our findings give them a running start.
Built to take the work off your plate.
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01
Kickoff
A short call to understand the deal and your investment thesis.
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02
Data room access
You grant access. That’s the last thing we need from you.
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03
Senior-led analysis
We read the entire data room across every workstream, surface the strengths, risks, inconsistencies, and open questions, with every finding cited from the data room.
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04
Report readout
You receive a full diligence report with a walkthrough of what we found and what to press management on.
Senior-led, every engagement.
Fulcra engagements are directed by senior diligence operators who’ve run this work at top-tier advisory practices. Technology lets us read every document in the data room, coverage no small-deal team could staff by hand, but the judgment, the review, and the findings that reach you are led by people who’ve sat in your seat. Every finding is grounded in a source document, not a black box.
From diligence experts.
“70% of acquisitions fail. And it rarely has to do with the financial part. The finances are just under the microscope. What ends up breaking is people, process, technology: things they did not take into consideration. That’s where Fulcra fits.”
Real diligence, before you commit.
Tell us about the deal. We’ll take it from there.