More time for strategy

Ronin Equity Partners is an operationally oriented private equity firm headquartered in New York.   Ronin is focused on Consumer, Industrial & Business Services, as well as the Technology & Media sectors with equity investments of up to $500M and transaction sizes up to $1B.  It leans heavily into investments with a focus on back-office efficiencies with minimal customer impact.

Ronin was leading the deal team on a new opportunity. Through a previous transaction, they saw the quality and value Maven could bring with its due diligence expertise. They were impressed with the work on the prior project and wanted to work with Maven on the new deal.   Adding to the team’s confidence, a former Bain partner was serving as a Ronin advisor and understood Maven’s approach and the value it would bring to the project.

The due diligence project encompassed two targets in the commercial refrigeration space that would complement one another.

The project was a typical due diligence project.  Maven evaluated market dynamics, the competitive landscape, customer profiles, as well as industry-specific considerations such as regulatory and supply chain. The timing of this project made it unique.  Traditional due diligence is applied toward the end of the deal cycle to ensure the investor has not overlooked anything crucial. Due diligence is intended to pressure test the assumptions made during the negotiation, and it provides confidence to close the deal.

For this due diligence, Ronin engaged with Maven early in the cycle.  The Maven due diligence framework remained the same, but the information uncovered gave the deal team time to think strategically about the transaction and to have the next steps considered prior to closing.