Case Study · Project Basin

Eight acquisitions. Two years. $200M+ in equity value created.

By instituting an effective M&A program, Project Basin acquired eight companies across North America in just two years, refining a proven playbook at each phase of the acquisition process to close transactions quickly.

The program delivered new capabilities and verticals, expanded the company's total addressable market into high-growth areas, added 320 people, and established operational redundancy across nine locations.

  • Acquisitions Closed8
  • Aggregate Purchase Price$74.7M
  • Acquired EBITDA$14.9M
  • Avg. Acquisition Multiple5.0×
  • Basin Exit Multiple18.0×
  • Arbitrage Margin13.0×
Value Creation

The M&A program contributed to Basin's increase in exit multiple from 10× to 18× EV / EBITDA.

Given the difference in valuation multiples between Basin and the target companies, a target generating $1M in EBITDA created approximately $13M in value to Basin shareholders.

$200–225M
Estimated equity value generated from arbitrage alone — exclusive of the multiple expansion contribution.

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