Headquartered in Boston, MA, Stax LLC is a leading provider of buy- and sell-side commercial due diligence, value creation, and exit planning services for private equity clients, their portfolio companies, and investment banks. The company employs more than 300 professionals across five global offices. Since its acquisition by Blue Point Capital, LLC in 2022, Stax has undergone significant strategic transformation — including the expansion of its London office and the launch of new service lines — all of which needed to be effectively showcased during the sale process.

Stout provided sell-side due diligence services to Stax in connection with its sale to Grant Thornton Advisors LLC. Our engagement included the preparation of a comprehensive quality-of-earnings (QoE) databook, written report, net working capital analyses, and net debt procedures. These deliverables were instrumental in supporting management and the investment banking team throughout the sale process.

As part of the QoE analysis, we provided key insights into the complexities of percentage-of-completion (POC) revenue recognition policies, delivering analyses that enhanced buyer confidence in the company’s reported revenue. We also evaluated and quantified costs associated with the ramp-up of a new service offering, onboarding of several newly hired Managing Directors, and other key pro forma considerations.

In addition to Financial Diligence, we provided Tax Diligence services, which were critical in evaluating foreign cash, purchase agreement mechanics, and other complex tax matters.

Working closely with Stax’s management team, we played an integral role throughout the transaction cycle, including buyer diligence discussions, purchase agreement support, working capital calculations, and closing balance sheet support. The transaction successfully closed in September 2025.