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OUR APPROACH

The right capital begins with the right questions.

Editorial photograph of infrastructure construction, illustrating capital-intensive businesses
We begin with the economics of the business and the objectives of the transaction. From there, we evaluate financing capacity, structure alternatives, engage appropriate capital sources, and guide execution with discipline.
Editorial photograph of infrastructure construction, illustrating capital-intensive businesses
OUR STARTING POINT

Understand the business before structuring the financing.

Every transaction has a story, but financing must ultimately be supported by economic reality. We examine the quality and durability of cash flow, the assets supporting the business, working capital requirements, and the obligations that capital will create.
We then connect that analysis to the client’s objectives: growth, acquisition, liquidity, refinancing, ownership transition, or another consequential decision. Only then do we begin comparing financing alternatives.
01

Sustainable Cash Flow

Understand recurring earnings, cash conversion, debt service capacity, and downside resilience.
02

Collateral & Asset Quality

Assess receivables, inventory, equipment, and other assets that may support financing.
03

Working Capital

Account for liquidity needs, seasonal cycles, and the cash required to operate after closing.
04

Transaction Economics

Evaluate purchase price, sources and uses, existing obligations, seller participation, and structural risk.
CAPITAL STRUCTURE DESIGN

Financing is a structure not a single source.

We consider how different forms of capital interact, what they cost, how they are repaid, and how they affect the enterprise. The objective is a structure the business can reasonably support.

Senior Cash-Flow Debt

Assess term debt capacity against recurring cash flow and appropriate coverage.

Asset-Based Lending

Consider borrowing against eligible receivables, inventory, or other working capital assets.

Equipment Financing

Evaluate asset-backed funding for qualifying machinery, vehicles, or specialized equipment.

Private Credit

Assess nonbank credit alternatives where flexibility or transaction complexity warrants.

Junior & Seller Capital

Consider subordinated debt or seller participation where suitable and commercially feasible.

Equity & Structured Capital

Evaluate ownership dilution, preferred economics, and risk-sharing when debt alone is insufficient.
Illustrative editorial photograph of business planning and financial analysis
OUR UNDERWRITING DISCIPLINE

The structure must work after closing.

Illustrative editorial photograph of business planning and financial analysis
We stress-test financing alternatives against operating cash needs, debt service, maturity profiles, covenant requirements, and downside scenarios. A capital stack is only attractive if the underlying business can live with it.
Our role is advisory. Aparti Capital does not directly lend through its advisory services, and proposed financing remains subject to the underwriting, terms, and approval of third-party providers.
WHERE WE APPLY THE FRAMEWORK

Different transactions. Consistent discipline.

The facts change from one financing situation to another. Our analytical standards do not.

Business Acquisitions

Assess acquisition economics, collateral, buyer capitalization, and an executable sources-and-uses plan.

Recapitalizations

Evaluate refinancing options, shareholder liquidity, and the consequences of a revised capital structure.

Growth & Expansion

Match funding requirements and repayment obligations to the business’s growth profile.

Ownership Transitions

Consider seller financing, management participation, and continuity of the enterprise.

Complex Financing

Identify viable structures for nonstandard assets, tight timelines, or challenging credit situations.
OUR PROCESS

From first assessment to financing execution.

A disciplined process improves the quality of decisions and gives capital providers a clearer basis for evaluating the opportunity.
01

Assess

Review financials, transaction objectives, key risks, and initial financing feasibility.
02

Structure

Build and compare capital structures, debt capacity, repayment profiles, and sources and uses.
03

Prepare

Develop financing materials and organize information needed for credible lender review.
04

Source & Negotiate

Engage appropriate third-party capital sources, evaluate terms, and negotiate commercial considerations.
05

Execute

Coordinate diligence, documentation, and closing with lenders, counsel, and other transaction advisors.
PERSPECTIVES & INSIGHTS

A deeper understanding of capital.

Our research examines debt capacity, acquisition structures, and financing decisions affecting lower middle market businesses.
Industrial manufacturing floor and production machinery
CAPITAL STRUCTURES

How Much Debt Can a Business Support?

A framework for evaluating sustainable debt capacity and financing risk.
ACQUISITION FINANCING

How to Finance a Business Acquisition

Understanding the sources of capital and structural trade-offs in acquisition financing.
RECAPITALIZATIONS

When Should a Business Consider Recapitalization?

Questions to evaluate when liquidity, ownership, or financing requirements change.
DISCUSS YOUR TRANSACTION

Start with the business and the decision.

Share the transaction context and financing objectives. We can discuss how a structured advisory process might help.