Business case
Our client, a private equity fund, was interested in investing in a start-up that had developed plant-based meat products and marketed them in France.
The start-up was raising funds in order to build its own factory, and the business plan performance was based on assumptions that could not be challenged through comparison with historical figures as the factory had not yet been built. Our added value was to opine on the level of margins forecast by the target thanks to a comparison with a non-listed company operating in the same industry.
We performed buy-side due diligence on the target company based on data provided by the target to ensure that (i) the financial statements were consistent with the start-up’s equity story and (ii) the current trading performance was in line with the business plan.