The buyer's lens.
I reviewed hundreds of A/E firms from the buy side. I know exactly what gets a firm rejected and what commands a premium. That lens is the methodology.
For owner-led A/E firms
Your A/E firm is worth more than a commodity multiple.Here's how you close the gap.
A buy-side methodology, refined across dozens of engagements, applied to owner-led A/E firms over $2M EBITDA. We diagnose where you stand on the multiple curve, plan the repositioning moves, and execute the ones that matter. No success fees. No conflict of interest.
The spectrum
A/E firms exist along a spectrum of valuation multiples within their verticals. A Multiple Strategy moves them up that spectrum — and potentially repositions them into a higher-value spectrum (for example, MEP generalist to data-center specialist).
- McKinsey alumni
- Former COO/CEO, diversified investment holding firm
- 18 years
-
Sample A/E firm, public-data only
Multiple bridge — illustrative
5.0x
+2.5–4.5x
−0.5–1.5x
6.5–8.5x
Platform benchmark
Expansion levers
Value-at-risk
Adjusted multiple
Built without contactComplimentary Analysis
We built this analysis for an A/E firm without ever speaking to them.
Twenty minutes of public-data analysis. A peer-reviewed methodology. A defensible multiple range with named levers and quantified haircuts.
Imagine what we'd find when you let us look inside.
Why this practice exists
Three positions a generalist advisor cannot occupy.
No success fee, ever.
Investment bankers get paid in advance and when the deal closes, at any price. Deal flow over premium. We get paid for analysis and execution, fixed-fee, methodology-driven. Our incentive is your premium, not the deal.
Methodology, not market pricing.
Generalist M&A advisors quote what the market will pay today. We quote what your firm could be worth and the path to get there. Different work, different outcome.
The methodology arc
Five steps. Each one earns the next.
Not a price menu. A sequence of decisions, where every tier is optional and every fee is fixed before work begins.
- 01Complimentary
Complimentary OSINT
What you get
A buy-side valuation range built from public data, with named levers.
Decision unlocked
Whether the gap between today and could-be is worth pursuing.
- 02From $15,000
Confidential Valuation
What you get
Internal-data-grounded multiple, defensible to a strategic buyer or PE platform.
Decision unlocked
Your true starting point, with no surprises later.
- 03Bundled w/ Tier 02
Strategy & Initiative Portfolio
What you get
Multiple-enhancing levers for A/E firms: utilization rate, backlog mix, PM ratio, vertical specialization, recurring revenue from commissioning and lifecycle services.
Decision unlocked
Where to invest your next 24 months.
- 04from $55,000
Implementation Plan + PMO
What you get
A 26-week execution roadmap with weekly governance tailored to A/E firm operations.
Decision unlocked
Confidence the plan will actually run.
- 05By scope
Outsourced Delivery
What you get
Specific initiatives executed by us.
Decision unlocked
Capacity to move on the levers you can't run yourself.
Fees are fixed at engagement. No success fees, no contingencies, no back-end participation in your eventual transaction.
Market intel
The A/E consolidation wave is here.
Last year, 552 firms changed hands. PE deal volume jumped 43% in four years. Strategic consolidators like IMEG are running at seven acquisitions in 2026 alone. International buyers from France and the Middle East are entering the US through acquisition. And this isn't just financial engineering. It's the largest infrastructure buildout in a generation: data center construction doubling year over year, IIJA funds flowing, AI demand creating structural tailwinds for MEP and civil firms.
But this isn't a single wave. It's the end of one and the beginning of another. The A/E consolidation cycle mirrors what happened in managed services a decade earlier. Wave 1 (2015 to 2022) was the Aggregation Era: PE platforms formed, multiples ran hot at 6 to 10x for platforms and 4 to 6x for tuck-ins, and almost any firm with decent EBITDA found a buyer. We're at the tail end of Wave 2 (2023 to 2026), the Consolidation Crunch: platforms turned selective, generalist multiples compressed 15 to 20 percent from peak, and middle-market firms without a clear differentiator started getting passed over. Wave 3 (2027 to 2030) will be Bifurcation, the defining split. Vertically specialized firms with recurring revenue, lifecycle services, and low owner dependency will command 12 to 22x. Generalists hanging on to "we do everything" will face 3 to 5x or no buyer at all.
The MSP playbook is instructive. The firms that exited at 10 to 12x+ in 2020 through 2022 weren't necessarily the biggest. They were the ones that had spent 3 to 5 years de-risking: standardizing delivery, building a second layer of leadership, shifting to managed services contracts. The ones that waited for "the right time" found themselves on the wrong side of the multiple cliff.
The founder
Delivered by Jon Rothbart. Powered by an analysis engine.
Jon spent over 2 decades as an executive of Afrocentric, a diversified investment holding firm, and as a strategy consultant. Over this time, he reviewed several hundred private companies for acquisition. Most were rejected. The reasons were patterned and repeatable — and the patterns became the spine of a methodology for the owners on the other side of the table.
Multiple Forge is a practice dedicated to one question: how do owner-led services businesses become the kind of platform a strategic buyer pays a premium for? The buy-side lens is industry-agnostic; the methodology has been refined for A/E firms.
The team-of-six analysis pyramid has been replaced by a methodology engine. Jon directs every engagement personally. The engine produces the artifacts — faster, cheaper, at McKinsey-grade quality.