The number of parties involved in the successful acquisition of a company can be mind-boggling. It is simplified when you have relationships that you can depend on - partners whose work is "vintage," or characterized by enduring excellence. Brandlin & Associates is honored to be the "provider of choice" for Vintage Fund Management, LLC in the area of financial due diligence, both for pre-funding due diligence and portfolio reviews.

Vintage, which recently announced the final closing of its $150 million debut fund, has engaged Brandlin to review companies in industries ranging from manufacturers of aircraft parts to Channel M, a provider of in-store marketing programs. A favorable by-product of the financial due diligence conducted for many engagements has been recommendations for proactive changes to operations. A sampling of Brandlin's findings and recommendations follows.

• Determined that EBITDA was higher than anticipated and the purchase price was more favorable than expected.


• Analyzed and determined proper knowledge and use of accounting systems by management for reporting purposes.


• Analyzed detailed costs and expenses associated with an integration plan and recommended an adjusted, realistic budget and time frame for execution.


• Recommended that tax counsel/specialists be engaged to ensure deferred tax assets and NOLs are retained and not jeopardized as a result of the acquisition.


• Normalized EBITDA in a business combination, particularly as it related to the elimination of corporate charges and offsets relating to replacement expenses.


• Noted numerous related party transactions and agreements that were not documented. Recommended that they be documented as part and concurrent with the acquisition agreement.


• Discovered that key accounting personnel left the company and the current financial team was not familiar with the software utilities and processes.

Vintage Fund Management, LLC, based in Los Angeles, seeks to invest $5 to $15 million in established middle market businesses. Target companies typically generate revenues ranging from $20 to $200 million and operating cash flow in excess of $2 million. The firm provides flexible junior capital solutions to established middle market business owners facing transitional situations such as internal or acquisitive growth, management sponsored buyouts, majority or minority recapitalizations, or balance sheet restructuring.

Brandlin & Associates is an exclusive provider of investigative accounting, financial consulting and strategic consulting services. We pride ourselves on offering superior technical expertise, years of practical experience and unparalleled service to decipher financial and operational performance metrics. As a result, our clients are able to make informed decisions in a timely manner.

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