← All engagements
Illustrative engagements are composite examples showing how we approach this type of work. They do not describe a specific client.
Abstract
A bottom-up view of demand and competitive intensity in a fragmented services category.
A mid-market private equity fund
The question
The investment thesis depended on a category growth story that was persuasive at the national level but uncertain in the target’s actual operating markets.
Our approach
We rebuilt the market from customer demand, local supply, and addressable spending rather than relying on a single top-down estimate. Interviews tested purchasing triggers and switching friction.
Methods
- Method
- Bottom-up TAM modeling
- Method
- Expert interviews
- Method
- Competitive mapping
- Method
- Scenario sensitivity
Outcome
The fund received a geographically specific view of demand, clear thesis risks, and priority questions for management diligence.