M A V E R I C K
Private and Confidential
Project Aegis . Sell-side M&A . Phase 1 . Apr to Jul 2025
Go-to-market waterfall
80 buyers targeted across 8 stages from initial approach through to 1 accepted offer. Buyer types: Strategic and Long Term Investor.
80
Targeted
16
NDA signed
10
Mgmt meetings
6
Offers received
1
Offer accepted
Percentages show each stage as a share of the 80-buyer universe
100%
34%
20%
19%
15%
13%
8%
1%
80
Stage 011. Declinedview list
27
Stage 022. Targetedview list
16
Stage 033. Sent NDAview list
15
Stage 044. Reviewing IMview list
12
Stage 055. Advanced Discussionsview list
10
Stage 066. Management Meetingview list
6
Stage 077. Received Offerview list
1
Stage 088. Offer Acceptedview detail
53
Declined
Early stage; pre-NDA
Why buyers passed
Strategic fit: 30
Products: 8
Timing: 4
Commercial: 3
Other: 8
view list
5
Declined post-IM review
Reached stage 4 or 5; passed after review
Kingspan Group ; Sana Partners ; Savila Investments ; Soprema Group ; W&R Barnett
view detail
Preparation
Mar 2025
Teaser and data room
Outreach
Apr 2025
80 buyers contacted
NDA and IM
Apr to May 2025
16 NDAs; 15 reviewing IM
Mgmt meetings
May to Jun 2025
10 meetings held
Offers
Jun to Jul 2025
6 received
Accepted
Jul 2025
Garland Industries
Strategic
Long term investor
Project Aegis . Sell-side M&A . Phase 2 . Feb to Jun 2026
Go-to-market waterfall
98 buyers targeted across 8 stages. 10 revisits from Phase 1 included. Process active; 7 offers received.
98
Targeted
13
NDA signed
1
Mgmt meeting
7
Offers received
1
Offer accepted
10 revisited targets from Phase 1 included in this universe
Percentages show each stage as a share of the 98-buyer universe
100%
46%
13%
10%
10%
1%
7%
1%
98
Stage 011. Declinedview list
45
Stage 022. Targetedview list
13
Stage 033. Sent NDAview list
10
Stage 044. Reviewing IMview list
10
Stage 055. Advanced Discussionsview list
1
Stage 066. Management Meetingview detail
7
Stage 077. Received Offerview list
1
Stage 088. Offer Acceptedview detail
53
Declined
Early stage; pre-NDA
Why buyers passed
Fit: 32
Products: 6
Timing: 6
Location: 6
Commercial: 3
view list
6
Declined post-IM review
Reached stage 3 to 5; passed after review
Brickability Group ; CorpAcq Group ; Kee Safety ; Mativ Holdings ; Revolution ; Soprema Group
view detail
Relaunch
Feb 2026
Expanded universe; 10 revisits
Outreach
Feb to Mar 2026
98 buyers contacted
NDA and IM
Mar to Apr 2026
13 NDAs; 10 reviewing
Discussions
Apr 2026
10 in advanced discussions
Offers
May to Jun 2026
7 offers received
Accepted
Jun 2026
Garland Industries
Strategic
Financial / PE
Revisit from Phase 1
Project Aegis . Sell-side M&A . Full process . Apr 2025 to Jun 2026
Consolidated buyer outreach
178 total approaches across Phase 1 and Phase 2; same 8-stage framework throughout. 2 offers accepted.
178
Total approaches
P180 P298
29
NDA signed
P116 P213
11
Mgmt meetings
P110 P21
13
Offers received
P16 P27
Percentages show each stage as a share of the 178-buyer combined universe
100%
40%
16%
14%
12%
6%
7%
1%
178
Stage 011. Declinedview list
72
Stage 022. Targetedview list
29
Stage 033. Sent NDAview list
25
Stage 044. Reviewing IMview list
22
Stage 055. Advanced Discussionsview list
11
Stage 066. Management Meetingview list
13
Stage 077. Received Offerview list
2
Stage 088. Offer Acceptedview detail
106
Declined; both phases
60% of all 178 approaches
Combined decline reasons
Fit: 62
Products: 14
Timing: 10
Location: 6
Commercial: 6
view list
11
Declined post-IM review
Across both phases
P1 Kingspan ; Sana Partners ; Savila ; Soprema ; W&R Barnett    P2 Brickability ; CorpAcq ; Kee Safety ; Mativ ; Revolution ; Soprema
view detail
Phase 1 volume
Phase 2 volume
Offers accepted