Meridian Industrial Holdings

Control Buyout Thesis

Crestbourne Capital Partners Fund IV · IC Presentation · Q3 2025
$280M
EBITDA
7.2x
Entry Multiple
28%
Target Net IRR
Market Dislocation
20%
Discount to sector median EV/EBITDA
Three sector peers acquired at 8.5–9.1x in the past 18 months; Meridian clears at 7.2x on depressed near-term margins.

Company Snapshot

REVENUE
$1.04B
EBITDA
$280M
MARGIN
26.9%
NET LEVERAGE
1.8x
Columbus, Ohio-based precision-components manufacturer supplying tier-1 aerospace and defense OEMs including Vantara Aerospace and Holcomb Defense Systems.

EBITDA Bridge: $280M → $365M

$280M Base EBITDA +$18M Procurement +$22M Pricing +$14M SG&A +$31M Organic Growth $365M Pro-forma EBITDA

Operational Playbook

MONTH 1-6
Quick Wins
Owner: CFO
+$18M EBITDA impact
MONTH 7-18
Core Restructure
Owner: COO
+$36M EBITDA impact
MONTH 19-36
Growth Push
Owner: CEO
+$31M EBITDA impact
MONTH 37-48
Exit Prep
Owner: Board
Harvest phase

Comparable Transactions

Company Entry Multiple Realized MOIC Hold Period
Hartwell Precision 8.8x 3.1x 52 months
Apex Fluid Systems 9.1x 2.8x 47 months
Torque Manufacturing 8.5x 3.4x 56 months
Broadfield Components 7.9x 2.9x 49 months
Sentinel Castings 8.2x 3.0x 51 months
Meridian (projected) 7.2x 3.3x 48 months

Management Alignment

Dana Forsyth
Chief Executive Officer
12% rollover equity
Marcus Teel
Chief Financial Officer
8% rollover equity
Priya Okafor
Chief Operating Officer
6% rollover equity
"We've operated through two cycles. We know exactly which bolts to turn."
— Dana Forsyth, CEO
MIP Hurdles
2.0x MOIC → 100% vest
2.5x MOIC → 125% accelerator
3.0x MOIC → 150% accelerator

Capital Structure

Sources
Equity (Crestbourne)
$95M
Co-invest
$38M
Senior Debt
$285M
Mezzanine
$60M
Total Sources
$478M
Uses
Equity Purchase
$430M
Fees & OID
$32M
Capex Reserve
$16M
Total Uses
$478M
Equity 28% Debt 72%

Scenario Returns

The Ask

Approve $95M equity commitment — Meridian buyout at 7.2x

IC VOTE DATE
September 12, 2025
CLOSING TARGET
November 30, 2025