Financial due diligence for a logistics acquisition
Anonymised private equity-backed buyer (Nigerian target)
Published February 6, 2026
A buyer engaged us to perform financial due diligence on a regional haulage target with mixed owned and leased fleets. Vendor due diligence had presented aggressive EBITDA adjustments for owner expenses and one-off maintenance items.
We normalised earnings, tested fuel rebate arrangements, validated fleet utilisation data, and stress-tested working capital for seasonality around festive demand. Completion accounts mechanics were agreed upfront to reduce post-close disputes.
Our report highlighted three deal risks—underfunded maintenance, contingent litigation, and a related-party lease—allowing the buyer to negotiate price chips and escrow holdbacks. Post-close, we supported the first 100-day integration reporting pack.
Measurable outcomes
- Purchase price adjusted downward by 8% based on identified normalisations
- ₦35m escrow holdback agreed for maintenance and tax exposures
- Completion accounts signed within 30 days of closing
- Integrated reporting template delivered for day-100 management review