The missing multiple

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The missing multiple

Contents

The missing multiple Optimizing value across the deal cycle.

06 Executive summary The missing multiple: Alignment 08 Introduction The playbook is crowded. Alignment is the edge 10 A mindset shift Ambition to action 18 What the market sees first Inconsistency signals risk. Clarity signals value

26 100 day M&A acceleration Align fast, grow faster: Nexpring case study 30 Accelerating growth Re-recruit talent. Reassure the market 36 From merger to market leader Clario case study

46 Repositioning to attract growth capital

How narrative clarity drove the multiple: Kubrick case study 50 What progressive investors are doing differently Align early. Accelerate growth 51 Alignment as a value multiplier The Value Optimization Model™. Where value leaks and how to fix it

14 Diagnosing the disconnect Pre-deal due diligence

22 Momentum

32 Realizing commercial impact The growth glue

42 Commanding the premium Elevate the narrative. Drive the multiple

through alignment Accelerating clarity and confidence

Executive summary

The missing multiple

The missing multiple: Alignment

Optimising value across the deal cycle

70 % buy-and-build integrations are more likely to meet or exceed synergies when they actively align vision, brand and culture. (McKinsey) 60 % of M&A deals fail due to cultural misalignment. (Harvard Business Review)

First 100 days: Accelerating clarity

A good or great investment?

Private equity has mastered operational value creation. But in today’s market, execution alone is not enough. Deals stall. Integration drags. Talent drifts. Customers leave. The root cause is rarely operational. It’s misalignment.

Pre-deal due diligence

Brand due diligence surfaces value creation headroom, and growth risk, early. • How clear and credible are the vision and growth story? • Is there hidden reputational risk? • Is the culture aligned to the ambition? • Is the business under-positioned relative to its market potential? Brand reveals what the numbers can’t. It’s risk mitigation beyond the balance sheet.

Alignment acts as ‘growth glue’ to accelerate clarity, confidence and market advantage

Buyers don’t just buy EBITDA. They buy an aligned growth story. Underpinned by a: • Differentiated market position • Confident leadership narrative • Strong brand and reputation • High-performing culture A growth story driven by alignment and clarity enhances buyer confidence and market valuation.

Misalignment between: • Leadership vision • Market positioning • Organizational reality

When aligned: • Teams move faster

When aligned, clarity drives market advantage, growth accelerates and multiples expand. When misaligned, value leaks – quietly, expensively and often invisibly. The firms embedding alignment early – pre-deal, during integration and ahead of exit – are the ones capturing the missing multiple. This report outlines where value leaks and how to leverage alignment for scalable value across the deal cycle.

• Decision-making sharpens • Go-to-market momentum accelerates

Most synergy or integration drag is not operational. It’s narrative. When leadership vision, market story and cultural reality aren’t aligned: • Synergies stall

• Talent disengages • Customers hesitate

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Value optimization model™ – page 51

Introduction

The missing multiple

Leveraging undervalued assets Capital is no longer abundant, fundraising is more challenging and hold periods are longer. Operational playbooks are standard and everyone claims to ‘create value’. Overlooking undervalued assets is a missed opportunity leading to under-realised returns.

The traditional playbook – improve efficiency, streamline operations, leverage tech – is running out of road, the real differentiator now lies in what many firms overlook: the undervalued assets – vision, brand and culture. These are not to be sidelined. When aligned they become hard drivers of growth, multiple expansion and premium exits. Ignore them and you could be leaving millions on the table. Leverage them and you unlock growth others can’t replicate. operational engineering but are failing to leverage more intangible drivers of valuation – strategic market positioning driven by the alignment of vision, brand and culture. These intangible factors consistently influence growth and valuation accelerating performance across the deal cycle, from due diligence through to exit. In 2025, Brand Finance, Global Intangible Finance Tracker (GIFT) TM reported the value of global intangible assets* reached an all-time $97.6 trillion high up 23% from the previous year. The missing value driver Investors excel at financial and

90 % 76 % 31 % 20 %

of S&P 500 market value is accounted for in intangibles, yet most PE playbooks under weight them. (S&P)

of analysts and financial journalists say brand strategy has an impact to P/E ratios. (Interbrand and NewtonX)

more return is generated to shareholders through brands with strong reputations than the MSCI world average* (McKinsey).

So why are so many firms still not tuning into their potential?

EBITDA-multiple uplift at exit by firms that invested in brand compared to peers that did not. (Harvard Business Review)

If you're known as a high-quality platform where people are proud to work, that brand equity pays back fast.

Piotr Biezychudek, Managing Director, Partners Group (Health & Life Team)

*GIFT intangible assets include brand equity, data and intellectual capital.

Driving value

The missing multiple

A mindset shift In a challenging investment environment, multiple expansion is harder to achieve through leveraging tangible assets alone – the market is also rewarding growth narratives, clarity and brand reputation.

A strong brand creates alignment, reduces noise,

This requires a mindset shift: tech used to be seen as a back-office function. Now it’s a non-negotiable driver of growth. Brand is on the same trajectory, when aligned with vision and culture as critical components of value creation in which investors need to become fluent. In an industry where capital and operational know-how are abundant, those who leverage these undervalued assets will be winners, building businesses that buyers will pay a premium for. Is there a language barrier? There is a misconception in many boardrooms that “brand“ just means logos and taglines. In reality it is the strategic narrative of the business. Clarity aligns leadership and employees around a common vision and value proposition, while shaping market perceptions of credibility and confidence. It is the connective tissue between a well-engineered talent experience and a differentiated customer experience. Businesses that master this command higher trust, loyalty and pricing power in the market, ultimately supporting premium financial performance.

Why brand belongs in the private equity playbook Brand is the strategic story that underpins commercial traction. It clarifies vision, aligns teams, sharpens the value proposition and creates pull in the market. It enables businesses to punch above their weight, to fast-track growth and command higher multiples.

and shortens integration time, acting as a catalyst for other transformation initiatives to succeed. Olivier Lieven, Partner, Astorg

Leaving value on the table Deals falter because the story isn’t clear or cultures clash post-merger. Culture fit issues cause 50% of acquisitions to fail. Where cultures and brand are pulling in the wrong direction it confuses employees and customers, undermining market positioning and reputation to erode value that financial engineering alone can’t salvage. Conversely, when vision, brand and culture are actively aligned they connect ambition to action, ensuring strategy is clear internally and credibly projected externally. An aligned organization moves faster and more confidently, commanding higher investor confidence and higher multiples upon sale. Simply put, buyers (and LPs) are asking, “What’s the story here?” If an owner can’t tell a compelling growth story, backed by a brand that resonates in the market, there is a disconnect and risk of discount on exit.

Every deal is different. Some have strong cultures that need preserving. Others have a hidden strength that isn’t obvious until you go deeper. Brand clarity uncovers that. Ian Oxley, Founding Partner, Prospero Partners

The missing multiple

Diagnosing the disconnect

We’ve passed on deals because the brand damage was too deep to repair. It’s not just what the numbers say, it’s what people believe about the business.

Mat Lori, Managing Partner, Next Horizon Capital

Diagnosing the disconnect

The missing multiple

Pre-deal due diligence

60 % 74 % Up to

of M&A deals fail due to cultural misalignment. A stark reminder that overlooking ‘intangible’ factors carries real financial cost. (McKinsey)

Brand reveals truths that numbers can’t. While PE firms scrutinize financials, operations and tech infrastructure, they often overlook brand perception which can signal both risk and upside.

outperformance of the world market by strong well-managed brands. (McKinsey)

Savvy investors are conducting brand, culture and digital due diligence alongside financials. Why? Because these factors reveal truths that numbers can’t. They signal hidden risks or untapped upside in a target company. Brand due diligence surfaces undervalued assets, reputation and hidden execution risk before capital is deployed. It also identifies dormant equity and under-leveraged strengths that can be quickly activated post-deal. An accelerator not a roadblock Brand positioning becomes a value accelerator when integrated early as a pillar of the value creation strategy. It functions as a de-risking tool by ensuring the investment narrative aligns with market reality. Undervaluing brand can lead to paying the wrong price. For example: if a company’s customer trust has eroded due to a tarnished brand, the revenue projections will be less secure than the models predict – a risk to account for or fix.

Conversely, there might be a respected legacy name or a passionate customer community that isn’t being leveraged – a 'blue ocean' of goodwill that a new owner can capitalize on with the right strategy. Identifying underutilized brand equity can shape a stronger post-close game plan to drive growth. This insight is invaluable: it prevents nasty surprises and highlights where a strategic brand intervention could swiftly add value post-acquisition. For instance, refreshing a tired brand to re-engage customers, or clarifying the value proposition to expand into a new market segment.

You can’t just look at the numbers. If the brand has been underinvested in, or misunderstood, you’re inheriting a perception problem. That’s a value drag unless it’s addressed.

Ian Oxley, Founding Partner, Prospero Partners

Digital due diligence

The missing multiple

What the market sees first

Standout requires knowing exactly what makes a business different. That means clarity of positioning and consistency across every touchpoint. It all matters.

Digital due diligence is an early diagnostic lens on undervalued assets.

Before finalizing investment Ask probing questions, the answers will inform not just whether to invest but how and where to invest. Market reputation What is the business known for? How is it rated against competitors? How does it create customer value? Leadership alignment How aligned is the leadership team on the vision, ambition and strategic priorities? Employee commitment How engaged are employees and how do they experience the culture – it is an enabler or a drain? Customer confidence Are they clear or confused about what the company stands for and how they create value? These diagnostics act as a magnifying glass to reveal hidden cracks and misalignments. They reveal whether a new vision, brand positioning or culture reboot could unlock growth or if the mountain is too high to climb within the fund’s timeframe.

Olly Cox, Managing partner, Foresight Group

Clarity is currency In competitive processes, clarity protects value by reducing execution risk. When a business can articulate – consistently and convincingly – who it is, why it wins and where it’s going, it signals alignment, strategic discipline and market advantage. Inconsistency is a red flag, signaling execution risk. Websites, search results, LinkedIn, Glassdoor and AI-generated summaries quietly reveal how aligned the organisation really is, and how credible its future story and market positioning are. Digital due diligence is not a standalone exercise. It is an early diagnostic lens. Used alongside brand and cultural due diligence, digital insight helps investors identify misalignment early, before it shows up later as integration drag, leadership friction, customer confusion or value leakage.

That clarity – or lack of it – almost always traces back to deeper issues of brand positioning and leadership alignment. Control the narrative When the digital footprint is outdated, fragmented or thin, the narrative undermines the investment case. If it’s coherent and deliberate, it reinforces it. This asks a simple but revealing question: if someone searched this company today, or asked AI about it, would the story they get match the one in the investment memo?

The honest truth Investors aren’t buying perfection. They’re buying conviction, direction and confidence that value creation plans can actually be delivered. A weak or inconsistent digital presence isn’t just cosmetic – it uncovers deeper issues: poor vision, weak positioning, unclear strategy and misaligned teams. Left unchecked, these become friction points post-close to undermine value creation. A strong digital footprint, on the other hand, is evidence. It’s the 24/7 proof point that the business is clear and confident in the future direction and can present a credible, future-facing story to customers, talent and ultimately the next buyer.

Consistency across vision, brand and culture requires strategic and

operational rigour. It implies the business isn’t chasing short-term wins but building longer term competitive advantage.

We absolutely care about how the company shows up in the world. We’ll go on Glassdoor and check if the story we’re being told stacks up. That’s brand in action. David Gasparro, Founder, Lonsdale Capital Partners

The missing multiple

Momentum through alignment

When people don’t know what the business stands for post deal, that’s when momentum drops. Alignment through brand gives people something to rally around, fast. Matt McCarty, Founder, McCarty Consulting

Momentum through alignment

The missing multiple

Getting culture right makes acquirers 70 % 97 % Roll-ups need more than integration – they need reinvention. A compelling NewCo brand gives the combined entity a new name, identity and ambition. It replaces fragmentation with focus and signals a bold new chapter. A strong new brand doesn’t just stitch logos together; it defines a new future. It is the signal of strategic intent, unifying disparate cultures, acting as the catalyst to accelerate to a new destination. Brandpie worked with Astorg and the NewCo leadership to launch Nexpring within 100 days of closing the deal. A bold move that signalled clarity and intent from day one. “Don’t wait until everything is perfect. Starting brand work early accelerates alignment and unlocks long-term value,” Lieven comments.

First 100 days: Accelerating clarity

more likely to meet or exceed cost synergies and up to 70% more likely to meet or exceed revenue synergies in buy-and-build integrations. (McKinsey, 2025)

In the post-close scramble, brand is your fastest alignment tool.

of highly engaged employees who feel like owners expect to stay for a year, vs 47% without ownership sentiment, based on eight KKR portfolio companies. (KKR, Apr 2024)

Post-deal priorities are typically aligning processes, integrating organizations and reassuring customers. Brand is critical during this phase, especially in complex carve-outs and buy-and-build platforms. In these scenarios, misalignment erodes projected synergies. Early alignment protects value. A clear vision and brand narrative aligns leadership, unites employees and reassures customers by signalling a confident new direction to the market. Clarity reduces integration drag and accelerates traction. Brand creates cohesion where confusion risks taking root. It’s not about a new logo; it’s about giving the business a shared sense of vision and ambition. In the first 100 days, brand acts as an accelerant that aligns people and priorities fast.

Why? Because leaders who can articulate a clear compelling vision and brand positioning in the market project clarity and confidence, instead of confusion and uncertainty. Employees are asking, “Who are we now?”, “Where are we going?”. Customers are asking, "Who are you now?", "What does this mean for my business?", "Do I have continuity and where does this add value?" – a clear vision and brand positioning answers those questions, focusing stakeholders on the future and the value the deal delivers. Don’t wait even if it feels risky Conventional wisdom might say to hold off thinking about brand until after you’ve handled operational fixes. But many investors counter that early action sets the vision that guides those other changes. Aligning vision, brand and culture reduces friction and focuses the organization on the customer and external market dynamics.

You need to do it early to get the full value. We repositioned a fragmented portfolio into a market leader by shaping a new brand vision.

Olivier Lieven, Partner, Astorg

Case study: Nexpring

The missing multiple

100 day M&A acceleration Case Study highlight – Nexpring Redefining the future of the assisted reproductive technology market.

• Reduced confidence externally: customers, partners and talent would struggle to understand ‘who we are now’ and ‘where we are going’. The decisive shift Astorg and Brandpie approached brand as strategic infrastructure. Within 100 days of close, we defined a new purpose and ambition, a unifying brand positioning and a fresh new name, Nexpring Health, with a clear vision and market positioning: “Redefining the future of ART.” All coming together in a newly built and designed website to elevate the new company with key stakeholders. Instead of leaning into the category norm which was emotionally led, consumer-facing fertility branding, Nexpring Health was positioned as a MedTech challenger, speaking directly to embryologists, clinicians and fertility clinics, the professionals working with their products and

Astorg was building a global leader in assisted reproductive technology (ART) through multiple corporate carve- outs and a take-private strategy. The opportunity was to create a platform identity, elevating the businesses whose assets had previously never been focused on ART, to project a global business and brand. The acquired businesses brought deep technical credibility, but they also brought different identities and cultures. The combined entity needed a single narrative to unify employees, reassure customers and signal strategic intent to the market. What was at risk Without decisive early alignment, the integration risk was not operational, it was strategic: • Sower integration runway: different cultures pulling in different directions with no shared ambition to mobilize people. • Missed market advantage: in this

equipment, shaping outcomes every day. This shifted the narrative from emotion to expertise, projecting a professional business and brand by, and for, ART professionals. The brand was built from the inside out, grounded in research with key opinion leaders, customers and leadership across the acquired businesses. The value unlocked This early strategic clarity created immediate value across the platform: • A single identity and direction: one voice in the market, replacing fragmentation with focus. • Faster cohesion across three cultures: a shared ambition that helped unify employees and build pride from the start. • Clearer commercial advantage: a differentiated positioning in a category where competitors looked and sounded the same. • Strategic clarity for growth: the positioning created a stronger lens for portfolio strategy, segmentation and competitive understanding.

Brandpie enabled us to reposition a fragmented portfolio into a market leader by shaping a new name and brand vision. It works because it stands for the destination, so you increase pressure on the difference.

Olivier Lieven, Partner, Astorg

category clear market leader differentiation would be diluted before it was established.

Case study: Nexpring

The missing multiple

From

The brand positioning gave us so much more - it enabled us to segment our business and understand competitors to stand out in a crowded market.

Wil Boren, CEO, Nexpring

Momentum through alignment

Accelerating growth When vision, brand and culture are aligned, the narrative is clear, execution accelerates and growth compounds.

Customers want reassurance and continuity, employees want clarity and confidence, especially amid change. Establishing or refreshing the company’s vision, positioning and values helps to re-recruit stakeholders under the new ownership. It reduces uncertainty and rumour, replacing them with a clear narrative and direction. “Here’s who we are now, here’s where we’re headed, and here’s why it matters,” said Wil Boren, CEO, Nexpring. That clarity can shorten the integration phase dramatically. Boren observed that because they defined a compelling brand narrative early, “it shortened the integration runway by months.”

Set the direction Clarify vision, positioning and values early – it re-recruits the organization under new ownership and reassures customers of continuity of service and supply. Align fast Use brand as an rallying cry, not a cosmetic exercise, aligning leaders, inspiring employees and resonating with customers. Replace rumour with a clear message: who we are, where we’re going, why it matters. Shorten integration A compelling narrative can cut months off the integration runway, mobilizing employees to drive Kill uncertainty, build confidence

commitment and action. Accelerate growth

We were four times the size of some competitors but looked basic. Our brand was holding us back. When brand is strong, it accelerates everything.

A clear, confident and relevant positioning reassures existing, and attracts new customers to drive loyalty and growth.

Andrew Fundell, CEO, GC Partners

The missing multiple

Realizing commercial impact

There are businesses sitting on untapped value because no one’s ever articulated their proposition properly. That’s not marketing, it's value realisation.

Mat Lori, Managing Partner, Next Horizon Capital

The missing multiple

Employee experience/Customer experience cohesion effect

The growth glue A strong brand and values framework ensures that as decisions multiply, they do so consistently.

Brand becomes the glue that holds your growth ambition together – it’s what people inside and outside latch onto.

Dave Edwards, Portfolio CMO, CXO and Strategic Adviser

Growth stalls when companies lose clarity A clear brand narrative keeps the value proposition sharp and drives relevance in increasingly competitive markets. It supports marketing efficiency, reinforces cultural identity during scale and helps attract and retain top-tier talent. A coherent brand strategy builds cumulative impact: every interaction reinforces the same promise in the minds of customers, drives commercial maturity – particularly around pricing power – and enables the business to punch above its weight in competitive markets. When the external perception matches the true capability of the business, customers are more willing to pay a premium, expand their commitments and view the company as a category leader. Building the future Growth isn’t just organic, it also comes through acquisitions. These moments of transformation are where brand strategy truly shows its power. When building a platform through acquisition, you’re not just integrating systems and finances; you’re integrating cultures, teams, and customer perceptions.

A compelling brand narrative builds pride and premium in the market. It helps companies attract the talent that accelerates transformation. It also reduces attrition, enhancing operational continuity and reducing hiring costs. Distinction commands a premium Scaling often means entering new markets or facing larger competitors. A sharp market and brand positioning can be the difference between being drowned out versus punching above your weight. If your portfolio company’s brand embodies the vision, it can carve out a distinct space even against larger incumbents, commanding price premiums and stronger loyalty. Consumers and B2B clients choose brands they trust and identify with. Studies show companies with strong brand equity can charge more and grow faster, due to loyalty and word-of-mouth effects. In practice, this might mean your company becomes the acquirer (not the target) because it's the business with the visionary story, strong brand and engaged workforce fueling customer acquisition, innovation and growth.

Signaling the destination The strategic move to create the NewCo sets a clear end-state vision: this is who we are going to be. Overnight it sheds the baggage of legacy identities (often tied to the sellers or pre-merger cultures) and replaces them with a forward-looking positioning and image. Internally, the vision and brand becomes the growth glue that keeps ambitions coherent as the company scales. New talent joins, teams expand and complexity increases. Without a unifying vision, aligned brand and value system, misalignment increases and growth stalls.

Unify fast Clarify the vision and brand positioning to inspire and mobilize talent. Hire for culture Make values part of recruitment so new talent strengthens, not weakens, your culture. A decision lens Let vision and brand positioning guide decisions. Empower teams to act in line with them as a growth multiplier. Track the signals Monitor NPS, awareness and engagement. As the story builds, elevate what resonates to accelerate performance.

The talent magnetism effect One of the fastest ways to slow growth is to lose or fail to attract great talent. In high-growth environments, talent constraints

quickly become structural constraints. Brand plays a decisive role in attracting new talent, who previously would not have considered the business as great place to work.

Case study: Clario

The missing multiple

From merger to market leader Case Study highlight – Clario

From legacy brands to a unified growth platform.

Clario was formed through the merger of ERT and Bioclinica – two established, respected brands in clinical trial technology. Both had strong heritage, loyal customer bases and deep capabilities. The leadership team had a bold ambition: to create a new, integrated, technology-led, scientific expert partner for clinical trials. But the external perceptions and internal reality was holding this back. • Customers defaulting to legacy loyalties rather than embrace an integrated proposition • Talent remaining emotionally anchored to “ERT” or “Bioclinica” rather than commit to a new future • The market viewing the merger as consolidation, not transformation • Growth ambitions being diluted by market confusion What was at risk Without a clear, compelling unifying story:

As one leader reflected: “If we’d just changed the identity and the name without changing the culture, it would have failed.” This wasn’t about cosmetics. It was about credibility and commerciality. The decisive shift Rather than absorb one brand into the other, or maintain a house of legacy brands, together with Brandpie the decision was made to draw a clear line under the history and create a new brand, a new narrative and send a new signal to the market. Clario was positioned not as a merger of two companies, but as a forward- looking platform built for the future of clinical research. The work focused on: • Clarifying the strategic ambition • Aligning leadership around a unified story • Defining what truly differentiated the combined capability • Signalling meaningful change, internally and externally

The new brand positioning “Power of Certainty" elevated customer value and became the visible expression of a deeper transformation already underway: innovation in products, process improvements, commercial focus and cultural integration. As one executive described it, the brand acted as a “force multiplier.” It didn’t replace operational change, it amplified it. • A unified platform positioned for scale • Internal alignment across previously separate organizations • Clear market positioning as a global clinical trial technology leader • Increased confidence from customers, talent and investors • Successful integration of two complex businesses under a single entity The value unlocked The result was more than visual coherence.

Since the merger Clario has successfully grown to become the leading provider of endpoint data solutions for clinical trials, and in 2025 was acquired by Thermo Fisher Scientific, the world leader in serving science, from a shareholder group led by Astorg and Nordic Capital, Novo Holding and Cinven for: $ 9.4 bn

Case study: Clario

The missing multiple

From

Clario's rebrand let us reposition away from legacy baggage, toward science and innovation. It signalled where we were heading, not where we came from to accelerate value creation.

Joe Eazor, Former President & CEO, Clario

Having a brand that reflects who we are and where we are going is paying large dividends with employees

and in the market. Joe Eazor, Former President & CEO, Clario

The missing multiple

Commanding the premium

Brand equity is a strategic asset. It influences valuation and buyer confidence. It gives the acquirer a clearer,

more credible narrative – something buyers are implicitly paying for. Tim Smeaton, Co Founder & CEO, Kubrick

Commanding the premium

The missing multiple

A good or great investment? All the hard work comes to fruition at exit, whether it’s a strategic sale or an IPO. This is where the question: “Are you leaving money on the table?” becomes most pertinent.

Clarity drives multiples. Confusion discounts them.

Companies that quickly establish a clear vision, aligned brand and culture integrate faster and more smoothly, which means synergies are realized sooner and fewer deals derail. It creates alignment, reduces noise and shortens integration time.

Faster integration

Numbers don’t close deals – narratives do In a competitive sale process, investors aren’t just buying historical performance, they’re buying confidence in future growth. A differentiated and trusted brand removes uncertainty, accelerates diligence, reassures buyers and justifies the premium. A strategic asset that protects and enhances valuation and strengthens the equity story. It allows sellers to package the business with clarity and ambition, positioning it as an asset ready for its next phase of growth. When executed well, brand doesn't just accompany the equity story – it is the story, converting alignment into buyer confidence and premium valuation. The power of aligning vision, brand and culture coalesces into one crucial deliverable: the equity story. It's the story that de-risks the deal. Buyers don't just want numbers , they want a growth story they can sell to their board.

Don't explain the past A common mistake at exit is having to spend time addressing past issues or inconsistencies, which can spook buyers. Unresolved narrative baggage reduces buyer interest and value. Final impression (Exit) Ultimately, a clearly defined and well positioned company gives the impression of a “plug-and-play” growth platform to buyers. It’s not just a collection of assets waiting to be rebranded by the next owner; it’s a fully formed entity with a credible, compelling narrative in the market. That’s attractive. This often justifies a premium valuation – buyers will pay more for something that is ready to scale further with minimal integration work on their part. In short, a great brand story at exit can add an extra turn or two to your EBITDA multiple – truly the difference between leaving money on the table and taking it with you.

By leveraging vision, brand and values collectively, it enables leaders to align around one coherent story that drives consistent talent messaging and behaviours. When leadership and teams are pulling in the same direction it reduces friction, execution risk and accelerates value that isn’t on the balance sheet but shows up in performance and results.

Engaged talent

You don’t want to be explaining the past at exit. You want a future-facing story that buyers can believe in instantly.

A relevant brand that resonates with customers drives stronger top-line growth through market cut through, pricing power and customer loyalty. Firms that align vision, brand and culture outperform peers by significant margins (studies suggest up to 2x profitability in aligned organizations). (Forrester Research)

Accelerated growth

Gary Mullan, Managing Partner, Montreux Capital

The market pays more for companies “future-proofed” with strong customer relationships, a differentiated brand positioning and a motivated organization. Culminating in an equity story that commands a higher multiple. Why settle for a 7x EBITDA exit when, with a compelling story, you might get 9x or 10x?

Premium exit

Case study: Kubrick

The missing multiple

Repositioning to attract growth capital Case Study highlight – Kubrick

Putting brand ahead of the business to accelerate growth.

Kubrick had grown rapidly as a specialist data business, building a strong reputation for developing high-calibre talent and deploying them into enterprise clients. But success had outpaced the brand. The business had expanded into new sectors and broadened its capabilities, yet its market positioning still reflected an earlier-stage, fast-growth challenger. Leadership recognised that if Kubrick was to expand into the US, compete for larger enterprise mandates, attract senior talent and sustain premium growth the brand needed to signal the business it was becoming, not the one it had been.

What was at risk Without repositioning:

• Kubrick risked being perceived as a niche training provider rather than a strategic data partner • Enterprise buyers could underestimate the depth and breadth of capability • Senior hires might overlook the business in favor of more established competitors • Growth could plateau as perception lagged behind reality As founder Tim Smeaton put it: “We had grown so fast our business had outgrown our brand” The decisive shift Partnering with Brandpie, the leadership team redefined the strategic narrative. The work focused on: • Clarifying Kubrick’s role in solving complex data challenges • Elevating the narrative from talent supply to strategic transformation partner • Aligning leadership around a sharper articulation of ambition • Creating a new brand identity and website that reflected maturity, credibility and scale

The repositioning reframed Kubrick as a high-impact, enterprise-ready partner operating at the forefront of data and AI transformation. The value unlocked The impact was immediate and measurable: • Stronger credibility in enterprise conversations • Clearer differentiation in a crowded consultancy market • Enhanced talent magnetism in a fiercely competitive hiring landscape • Greater internal alignment around strategic direction • Investment readiness through improved perception and narrative clarity The new brand and positioning gave Kubrick a mandate to compete at a higher level, to drive expansion.

+ 72 % YoY revenue growth post repositioning launch. + 43 % YoY increase in EBITDA post repositioning launch.

Case study: Kubrick

The missing multiple

We got a higher multiple because we had a clear story and a strong brand. It gave the buyer confidence they were buying a platform, not just a set of numbers.

Tim Smeaton, CEO, Kubrick

Executive Briefing London | New York | Oslo | Singapore

What progressive investors are doing differently

The missing multiple Brandpie's exclusive briefings examine where value leaks from the model and how to reclaim it.

Designed for Private Equity partners and operating teams navigating pivotal moments – acquisitions, integrations, leadership transitions and exit preparation – these private sessions explore how clarity of vision, differentiated market positioning and cultural alignment become tangible drivers of enterprise value.

Across our conversations with private equity partners, CEOs and advisors, the pattern is clear. The more progressive investors are embedding this thinking earlier, before integration issues surface, before growth stalls, before exit preparation begins, to outperform those that don’t.

The question for private equity isn’t how aligning vision, brand and culture creates value. It’s how much value are you prepared to leave on the table?

They leverage clarity and alignment to:

Those that ignore it pay the price in slower integration, diluted positioning, leadership friction and value leakage that never appears in the model but always appears in the outcome. In a market defined by longer hold periods, tougher competition and more discerning buyers, execution alone is no longer enough. The firms that outperform are not just better operators. They are clearer, more aligned, more confident. Clarity and cohesion build competitive advantage – the missing multiple giving businesses the confidence to scale and buyers the confidence to pay more.

• De-risk deals before problems show up in the numbers • Mobilise leadership and talent around a shared vision • Build customer confidence and commitment with a compelling brand and market story • Accelerate post-deal integration and buy-and-build strategies • Strengthen exit narratives • Command higher-quality interest and premium multiples

Sally Bye Managing Partner, Brandpie

A confidential, peer-level discussion focused on protecting and enhancing the multiple. To arrange your exclusive briefing, please get in touch. sally.bye@brandpie.com

Vision clarity

Market conidence

Leadership alignment

Customer advocacy

The Value Optimization Model assesses where leadership ambition, market positioning and organizational reality are aligned and where the gaps are. Scale faster. Integrate smarter. Exit stronger.

Clarity Alignment Momentum

Pricing power

Brand strength

When misaligned, value leaks.

The model diagnoses where misalignment is causing drag, identifying hidden value erosion and creating an actionable plan to scale faster, integrate smarter and exit stronger.

Talent attraction and retention

Cultural cohesion

Accelerated growth

Talent engagement

With thanks to our contributors

Dan Adler Partner, Apiary Capital LLP

Mat Lori Managing Partner, Next Horizon Capital Grant Marcks Partner, The Riverside Company Matt McCarty Founder, McCarty Consulting Gary Mullan Managing Partner, Montreux Capital

Meet the executive briefing team

Piotr Biezychudek Managing Director, Partners Group (Health & Life team)

Sally Bye Managing Partner sally.bye @brandpie.com

Wil Boren CEO, Nexpring

Will Bosanko CEO, EMEIA will.bosanko @brandpie.com

Tom Britton CEO & Consultant, Healthcare Helen Chiang Senior Managing Director Michael Dodds Managing Director, Healthcare Investment Banking, Jefferies

Ian Oxley Founding Partner, Prospero Partners

MaryLee Sachs CEO, Americas marylee.sachs @brandpie.com

Bruce Perkins Healthcare executive, Board chairperson & member, C-suite advisor

Phil Donne Operating Partner, InvestEco David Edwards Portfolio CMO, CXO and Strategic Advisor

Colin Anderson CEO, Asia colin.anderson @brandpie.com

Larry Ross Senior Partner, WittKieffer

Monique Berntsen Head of Nordics monique.berntsen @brandpie.com

Tim Smeaton Co-founder & CEO, Kubrick Joachim Ter Haar Managing Partner, Skriptor, Europe Bridget Walsh Managing Partner, EY

Andrew Fundell CEO, GC Partners

David Gasparro Founder, Lonsdale Capital Partners

Paul Campbell Managing Partner, Digital paul.campbell @brandpie.com

Olivier Lieven Partner, Astorg

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