Stout provided buy-side financial services for a lender funding a refinance and acquisition. The business operated in the United States, Europe, and Asia, and was a manufacturer of personal protective equipment for fire and chemical, biological, radiological, and nuclear along with production of other uniform and training products.

The Stout Financial Due Diligence team performed quality-of-earnings analysis on the acquirer and the target simultaneously during the diligence period. The Stout team also assisted in the analysis of revenue streams, including the percentage-of-completion method of accounting on large contracts, the impact of the discontinuation of a government contract, self-insurance reserves, cash versus accrual accounting, and other key analyses. The work performed resulted in key findings for the client.