CASE STUDY
Target Identification for a Consulting Firm
Industry
— Consulting
— Business Services
Duration
— 2 Months
Team
— 1 Vice President
— 1 Director
Services
— Corporate Development
Building an Acquisition Roadmap: Target Identification for a Consulting Firm
A private equity-backed consulting firm sought to grow through acquisitions but lacked a clear picture of the potential investment universe. The firm needed to identify viable acquisition targets in both existing and adjacent service lines, assess the strengths and weaknesses of each, and refine its overall M&A strategy. We built out a comprehensive target list, helped prioritize potential acquisitions, and established a strategic approach for engaging with the most promising firms.
The Execution
We worked closely with the client to develop a data-driven acquisition framework that aligned with their strategic goals:
Developed a Comprehensive Market Map – Built a broad initial list of firms within the investment universe, refining the list through stakeholder feedback and multiple iterations.
Enriched Data for Target Evaluation – Leveraged publicly available data to estimate firm size, revenue potential, and valuation ranges based on headcount and market positioning. Conducted a deep dive into each target’s service offerings to assess synergies and competitive positioning.
Refined Acquisition Criteria – Worked with the client to clarify their acquisition focus, determining whether they sought new service lines or firms with overlapping expertise to expand their customer base.
Talent & Expertise Analysis – Analyzed employee backgrounds and specializations at target firms to evaluate how they complemented the client’s workforce and identified potential gaps or strengths in high-value services.
Client Base & Market Positioning – Reviewed case studies and marketing materials from potential targets to assess client overlap and determine how acquisitions could drive cross-selling and revenue growth.
Target Ranking & Prioritization – Established a ranking system based on geographic footprint, client alignment, service compatibility, and employee size, creating a shortlist of high-priority acquisition targets.
Facilitated Initial Outreach – Provided detailed contact information for each target to support early engagement efforts, ensuring the client was prepared for the next phase of discussions.
The Results
The analysis provided comprehensive answers to buyer questions, allowing the company to navigate the sale process with confidence. Clear visibility into revenue streams, operational metrics, and marketing effectiveness helped the company demonstrate its value and future growth potential. The detailed insights facilitated a successful sale process, ensuring buyers had a full understanding of the company’s strengths and opportunities.
