The Situation
As a founder-led business scaled from roughly $33 million of revenue and $7 million of EBITDA into an enterprise approaching $180 million of revenue and $40 million of adjusted EBITDA, the decisions changed with it: acquisitions, financing, capital structure, shareholder liquidity, growth priorities and eventually major strategic alternatives.
Each decision affected the options available for the next one.
What We Did
Over a multiyear relationship, Stephen advised the company and its leadership across acquisitions, refinancings, dividend recapitalizations and strategic decisions, helping management evaluate not simply whether individual transactions could be completed but how each decision fit the owners' longer-term objectives.
As the company matured, the relationship evolved beyond individual transactions. The company retained Cenergy for ongoing strategic counsel — giving leadership direct access to Stephen as a sounding board on consequential issues as they arise.
The Outcome
- The business scaled by roughly 600% to approximately $180 million of revenue and $40 million of EBITDA, completing acquisitions and providing substantial shareholder liquidity along the way without requiring outside equity dilution.
Why It Matters
The value of an advisor changes when you don't have to explain the last ten decisions before discussing the next one.
Individual decisions compound. So does the value of having context across them.
