AI Diligence // AI infrastructure & specialty industrials # You're paying an AI multiple. We tell you if the AI demand is real. Cooling, power, thermal management, electrical, data-center fit-out. These businesses now command the richest valuations in the market — on the assumption the AI capex keeps coming. So the diligence question inverts: not is their AI real? but is the demand you're underwriting durable — and what is this worth if the capex pauses? Book a scoping call → What typically breaks ↓ The confirmatory assessment — the actual product, not a mockup. 01 // The four surfaces ## Four surfaces, read for this sector. The method doesn't change. What changes is where the risk concentrates — and in ai infrastructure & specialty industrials, it concentrates hard. Operational — why it matters The plant still has to run — but in this sector operational AI is the smallest risk on the page . The risk is the demand curve. Product — why it matters The question that decides the multiple: is this genuinely specified into AI builds, or a commodity repriced for sitting next to one? Market — why it matters Customer concentration is the whole game. Three procurement teams deciding to pause isn't a market correction — it's your revenue. Financial — why it matters Ask the uncomfortable question out loud: how much of this enterprise value is AI narrative , and what is the multiple without it? 02 // The failure modes ## What typically breaks in ai infrastructure & specialty industrials. These are the findings we look for first — ranked by how often they turn up, and what they hit when they do. Frequency reflects what we look for and how often it surfaces in this sector — not a published benchmark. Sector baselines are built from completed engagements and released only when the sample supports them. 03 // One finding, priced ## A finding is only real when it has a number. The finding Value at risk What it becomes 62% of revenue from two hyperscaler customers, with no binding multi-year capacity commitment $8.4M Earnout tied to backlog conversion · revised hold thesis Why it matters The multiple assumes a demand curve that three procurement teams control Illustrative finding · representative of this sector, not a specific client engagement. 04 // How you buy it ## Screen fast. Then go deep. Pre-LOI ### Flash Screen A go/no-go read before the diligence budget commits. ≈ 10 SME hours included - Composite score and red-flag triggers - Sector failure modes checked first - Screen memo: proceed, price, or pass Confirmatory ### Full Assessment The IC-defensible read, sized to your window. ≈ 70 SME hours included - All eight weighted domains, evidence-linked - Management and technical interviews - Findings → terms working session - IC readout and 100-day plan input Sector Healthcare services → Sector Software / SaaS → Sector Insurance & financial services → Sector Industrials & distribution → Sector Business & professional services → Sector AI infrastructure & specialty industrials → Sector Payments & fintech → ## Don't sign for AI you haven't seen. Bring us the target. We'll score the AI behind it — with the ai infrastructure & specialty industrials failure modes checked first — and hand your deal team the price, the terms, or the walk. Book a scoping call →