Evidence, attached

UK & European lower-mid-market PE

Every number in the deal, traceable to its source.

Deal OS turns data-room evidence into a current record for screening, NBO and IC. Open any claim and see the exact source behind it.

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Westgate Dental Group · current evidence record synthetic

Westgate Dental Group

UK dental rollup · evidence record

verified

Revenue

£14.2m

Adj. EBITDA

£2.7m

Recurring

72%

IC draft · key financials

citation open

FY25 adjusted EBITDA is £2.7m, representing a 19% margin.

westgate-qofe.xlsx · Adjustments cell B7

Adjusted EBITDA FY2025 (GBP m) | 2.7

01 · Claim £2.7m EBITDA

02 · Citation westgate-qofe.xlsx

03 · Cell Adjustments · B7

Exact match
Claim resolves to one source cell.

citation passed

X westgate-qofe.xlsx

Quality of Earnings · 5 sheets

Home InsertPage LayoutFormulasDataReview

BI£%↶↷

B7 fx 2.7

ABCDE

1Adjusted EBITDA bridge (FY2025)

2Bridge itemValue

3 Reported EBITDA FY2025 (GBP m) 2.40

4 Owner remuneration normalisation add-back (GBP m) 0.18

5 One-off practice integration costs add-back (GBP m) 0.09

6 Non-recurring legal settlement add-back (GBP m) 0.03

7 Adjusted EBITDA FY2025 (GBP m) 2.70

＋ Reported P&L Adjustments Adjusted EBITDA Concentration KPIs

Ready · B7 selectedSum: 2.70 · Count: 1 · Zoom 100%

01 · Claim£2.7m EBITDA 02 · Citationwestgate-qofe.xlsx 03 · SourceAdjustments · B7

The current record

The answer improves. The history stays.

New evidence can replace the working answer. It cannot make the old answer, its source or the reason for change disappear.

One claim · two revisions · complete history

Contracted revenue · renewal profile

Current record

verified current

NHS activity is on rolling GDS contracts. Private members renew monthly on Denplan.

The fuller answer becomes current without deleting the first.

Source: Management call · p.3
Recorded: 14 Mar · 11:08
Revision: 02 of 02

Source excerpt · one conversation “Renewal terms are mixed: NHS activity is on rolling GDS contracts, and private members renew monthly on Denplan plans.”

Nothing overwritten

From evidence to decision

One record. Three moments that matter.

Screen the opportunity, frame an offer and prepare the IC pack without rebuilding the evidence base each time.

Foundry Systems · decision workspace current record

Deals›Foundry Systems›Screen

evidence current

Foundry sits just below the line.

Enough evidence to judge. Two return-discipline thresholds fail and one core metric remains unevidenced.

Borderline · review

Recommendation Proceed to diligence

Hard gates5 / 5sector, geo, size

Thresholds2 failrecurring + concentration

Evidence gaps1 coreNRR unevidenced

Mandate criteria 12 evaluated · evidence attached

Criterion	Target	Mandate	Result	Evidence
Market growth	9% CAGR	≥ 5%	Pass	Foundry CIM · Market
Recurring revenue	66%	≥ 70%	Fail	Foundry CIM · KPIs
Top-5 concentration	49%	≤ 40%	Fail	Foundry CIM · Customers
EBITDA margin	20%	≥ 15%	Pass	Foundry CIM · Financials
Net revenue retention	—	≥ 100%	Gap	Request cohort schedule
Equity ticket	£20.3m	£10–60m	Pass	Target profile

Deals›Foundry Systems›NBO

citation gate passed

A £59.2m–£70.3m indicative range.

Base case at 9.0x, discounted to the direct comp for concentration and replatforming risk.

Partner sign-off

Enterprise value

Low / base / high, tied to verified EBITDA

3 source inputs

£59.2m8.0x · low

£66.6m9.0x · base

£70.3m9.5x · high

Reference EBITDA£7.4mFY25 · target profile

Direct comp9.5xBeacon Managed IT

Risk adjustment−0.5xjudgement · labelled

Proposed consideration

Risk travels into the structure

Indicative

75% upfront15%10%

Upfront cashInstitutional equity at completion.

EarnoutRetention + EBITDA gated.

RolloverManagement alignment.

Deals›Foundry Systems›IC pack

all claims traceable

Proceed to diligence, not a clean approve.

On-mandate for sector and size. Two return-discipline breaches and an unexplained EBITDA bridge remain.

7 sign-offs open

IC postureConditional proceed

Revenue£37.0mFY25

Adj. EBITDA£6.9munbridged

Margin18.6%implied

Recurring66%floor 70%

Top 549%ceiling 40%

Investment thesis

Founder-grown US MSP with a credible platform thesis, active four-target bolt-on pipeline and a regulatory-permission moat.

✓

Standalone platformBuy-and-build case with 4 named targets.

✓

9% market CAGRClears the firm’s 5% growth floor.

Value creation must close the gapRecurring mix and concentration are below bar.

Beacon Managed IT9.5x

Direct promoted comp · £57.0m EV · closed

Risk register4 material insights

Material

Commercial concentration

Top five = 49%; three accounts renew annually.

insight

Material

Adjusted EBITDA bridge

£6.9m sits below the 20% headline implication.

insight

Open

Founder key-person risk

CFO succession plan does not cover the founder.

insight

Open

Modernisation capex

Nine years since rewrite; remediation cost unquantified.

insight

Sign-off checklist · next three

Reconcile £6.9m EBITDA to the 20% headline

Evidence a path from 66% to the 70% recurring floor

Review change-of-control terms for top-five accounts

Selected claim

“Top-five customers account for 49% of revenue; three renew annually.”

Attached sourceFoundry CIM · Customers

Top 5 share | 49%
Renewal | 3 annual / 2 multi-year

A reasoned recommendation, with broken thresholds, evidence gaps and the proof behind every score.

Fit the process

A decision layer, not another place to move the deal.

Deal OS sits between the data room and the work product. The documents stay where they are. The evidence becomes usable.

No migration project

Keep the data room, CRM and model. Deal OS connects the evidence already in the process to the decisions that follow.

No hidden judgement

Citations, conflicts, verification state and revision history stay visible on the working surface.

No cross-deal leakage

Open deals stay separate. Only approved closed-deal metrics can cross into firm-wide comparable data.

Data room + calls + QoE

Current evidence record

Screen + NBO + IC

Live product proof

Pick a claim. Follow it all the way back.

Explore Westgate from source files to mandate screen and cited IC draft.

Open live demo

Synthetic demo · no client or confidential data

Source → claim → decision