Buy-side underwriting service
Send us the data room. ReFractional builds the buyer EBITDA bridge, runs price and return cases, ranks the open diligence items and drafts the IC materials. Every figure is tied to its source file or calculation, and the investment decision stays with your team.
Proceed only with customer-renewal evidence, bounded working-capital exposure and financing terms that preserve the downside return floor.
What you get
We do the underwriting work; your team keeps the judgment. The memo, model and IC materials are built from one set of inputs, so the numbers agree everywhere.
A proposed price, the conditions to proceed and the facts that would change the view. Your deal lead makes the call.
Reported, seller-adjusted and buyer-underwritten EBITDA, tied directly to price, leverage and returns.
The assumptions that move value, structure and returns most, and the evidence still needed to settle them.
How an engagement works
No software to install and nothing new to learn. You share the files the way you would with any adviser, and we send back the work.
A short call on the deal, the question you need answered and your deadline. We confirm scope, turnaround and a fixed fee before any work starts.
We sign your NDA first. Then you share the data room, or give us access to it, as you would with any adviser.
We work through the files, build the buyer case and models, and list what is missing, out of date or contradictory.
The pack passes an independent review and a final human check, then we walk your team through it. When new files arrive, we update the case and show what changed.
Inside the work
Choose a stage to see how we handle the files, assumptions, return cases and open diligence items.
01 / 05
Files are classified, versioned and linked to the figures and claims that use them. Gaps and conflicts are listed for review.
Illustrative data. Recommendations are drafts for your deal team; the investment decision stays with you.
Deliverables
Word, Excel and PowerPoint files built from one set of inputs, on your firm's templates if you share them. A change to any input flows through to every file that uses it.
The full analysis, plus a two-page summary: the case for and against, key figures and what blocks pricing.
Live Excel formulas on one input sheet, each input tied to its source, with downside, base and upside cases.
The recommendation and supporting figures in slides, ready for your committee.
What to ask the seller, lenders and advisers, ranked by what blocks pricing, plus the full risk register.
Standards
Figures cite the data-room file and page, or the calculation, they came from. Anything we could not trace is listed, not hidden.
Missing support is marked unresolved. It is never treated as zero or filled with an estimate.
Every pack goes through an independent review pass and a final human check before it reaches you.
We deliver analysis and a draft recommendation. Investment decisions stay with your team.
Who it is for
Start with one deal. Use a live one, or a closed one where you can compare our work with your own.
Turn a CIM or data room into a pursue-or-pass case.
Underwriting materials to take to capital partners.
IC-quality work without adding headcount.
Extra capacity when several deals land at once.
The platform
The software behind our work is in private early access for a small number of deal teams. Tell us about your team and how many deals you review, and we will be in touch when a place opens.
Request platform accessStart with one deal
Tell us what you are evaluating and when you need it. We will reply with scope, turnaround and a fixed fee. Please hold confidential files until we have signed an NDA.
Send a deal hello@refractional.co