A field exam that repriced a deal by $34M, four days before signing

Aldermoor was eleven days from signing on a third-party logistics operator with $220M of customer-owned and owned inventory across six sites.

We counted four of the six sites in five days, reconciled to the perpetual ledger, and traced the variance to consigned goods being booked as owned at two facilities.

Rather than kill the process we rebuilt the borrowing base with the consignment carve-out made explicit, which let the lender stay in.

Purchase price reduced by $34M and the facility resized. The deal closed nine days late, and the same carve-out is now standard in the sponsor's template.