2026-11-02 12:44:17
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Chapter 338
Daniel had spent most of the morning studying Falkenberg's debt agreements.By the time Adrian joined the conference, the company's financing structure had been divided into three separate creditor positions.“Sixteen million euros with a regional commercial bank,” Daniel began. “Fourteen million with a private credit fund, and another eight million through an industrial development lender.”Adrian examined the figures.“Which one wants out?”“The private credit fund. Their investment is approaching the end of its intended holding period, and they're apparently more interested in recovering their capital than extending the relationship.”“Apparently?”“We haven't spoken with them directly. That's the indication from Falkenberg's advisers.”Adrian nodded.“An investor wanting to leave doesn't automatically mean they're willing to lose money.”“Agreed,” Daniel replied. “But it means they may be willing to discuss an exit.”“And the others?”“The commercial bank would prefer to preserve
Chapter 337
The confidentiality agreement was signed the following morning.By eight-thirty, Falkenberg Industrial Energy had opened a secure data room containing its audited financial statements, debt agreements, equipment records, and preliminary expansion plans.Daniel's investment team had already begun reviewing the documents when Adrian joined the conference.“Tell me what we've learned,” Adrian said.Daniel brought the financial statements onto the main display.“The preliminary figures were reasonably accurate. Revenue is approximately eighty-four million euros, and adjusted EBITDA is nine-point-six million. But the actual cash-flow picture is considerably tighter.”“How tight?”“Three-point-five million in annual cash interest, roughly two-point-eight million in maintenance capital expenditures, and approximately eight hundred thousand in cash taxes.”Elena studied the figures.“That leaves about two-and-a-half million before working-capital changes and principal repayments.”“Correct,”
Chapter 336
“Give me the numbers without the sales pitch,” Adrian said.Daniel smiled from the conference display.“That's considerably less entertaining.”“It'll be more entertaining if they're good.”Elena settled into the chair beside Adrian as Daniel opened the preliminary valuation model for Falkenberg Industrial Energy.The mutual confidentiality agreement was still being finalized, so the figures remained provisional. Nevertheless, Daniel had assembled enough information to establish a reasonable starting point.“Falkenberg reported eighty-four million euros in annual revenue and adjusted EBITDA of nine-point-six million,” Daniel began. “Using illustrative multiples between five and seven times EBITDA gives us a preliminary enterprise-value range of forty-eight million to sixty-seven-point-two million euros.”Three columns appeared on the screen.At five times EBITDA, enter
Chapter 335
The preliminary meeting with Falkenberg Industrial Energy was scheduled for late morning.Adrian had spent the previous hour reviewing the company's financial summary with Daniel and Elena. The opportunity interested him, but several unanswered questions prevented him from forming a reliable valuation.Eighty-four million euros in annual revenue. Approximately nine-point-six million in adjusted EBITDA. Thirty-eight million in gross debt.Those figures suggested a viable industrial services business carrying a substantial financial burden.They did not establish what the company was worth.“Have we received anything beyond the initial financial summary?” Adrian asked.Daniel shook his head from the conference display.“Not yet. Management agreed to an introductory discussion, not full disclosure. We'll need a confidentiality agreement before they open their books.”“Then we focus on understanding the business,” Adrian replied. “No purchase price. No promises about refinancing.”Elena r
Chapter 334
The financial report on the main screen represented something Adrian hadn't been able to focus on for far too long.An actual business opportunity.Not another security breach, concealed intermediary, or mysterious system disturbance. A company with employees, contracts, equipment, customers, and financial problems that could be measured.Daniel expanded the preliminary financial summary.“Falkenberg Industrial Energy GmbH,” he began. “Established German industrial-energy services company. Approximately four hundred and twenty employees. They maintain industrial electrical systems, power-distribution equipment, and energy infrastructure for manufacturing and commercial clients.”Adrian studied the figures.“Revenue?”“Eighty-four million euros annually. Adjusted EBITDA of approximately nine-point-six million.”“Debt?”“Thirty-eight million gross. Four million cash. Net debt around thirty-four million.”Adrian leaned forward.“Interest expense?”“Approximately three-point-five million
Chapter 333
Matthias Verren had not yet received the disclosure request, but Adrian already expected resistance.The secure suite had settled into a steady working rhythm. The immediate security threat was contained, critical operations had moved onto the replacement network, and the contaminated vendor chain remained under observation.For the first time in hours, Adrian could concentrate on the larger problem.Vostok's influence extended far beyond a handful of compromised contractors.It reached into the companies Integrity hoped to bring into its European expansion.“Rebecca,” Adrian said, looking toward the conference display. “Is the request ready?”“Ready, yes. Guaranteed to make Verren unhappy? Also yes.”Daniel chuckled from his screen.Rebecca continued, “I've limited it to communications and financial relationships relevant to the entities under review. We cannot demand his entire professional correspondence simply because we dislike his associations.”“I'm not interested in his privat
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