About
Built by a private equity investor and former investment banking analyst.
Lean investment teams often face the same bottleneck: more live deal work than the team can absorb. FirmLedge exists to provide senior deal analysis and diligence capacity without requiring a full-time hire, a full consulting team, or an open-ended retainer.
Founder
Andrew Gallagher
Andrew Gallagher
Founder, FirmLedge
Andrew is a private equity investor and former investment banking analyst who has spent his career on the analytical side of deals: screening opportunities, building and reviewing models, running financial and commercial diligence, and preparing the materials that buyers, lenders, and investment committees rely on to make decisions.
- Former Senior Associate at a lower-middle-market private equity firm
- Former Industrials Investment Banking Analyst at Wells Fargo Securities
- Former M&A advisory analyst at a top-10 U.S. accounting firm
- Former Portfolio & Research Analyst at Nephila Advisors, then the largest insurance-linked securities manager
- Creator of UpLevered, a practitioner desk reference for middle-market private equity
Transaction & analytical experience
A practitioner record across buy-side and sell-side.
| 7 | Closed transactions |
|---|---|
| 3 | Buy-side PE acquisitions |
| 4 | Sell-side M&A / carve-outs |
| $350MM+ | Aggregate closed transaction value |
| 200+ | Opportunities screened / evaluated (EVs up to ~$250MM) |
| 20+ | LOIs supported |
| $B+ | Take-private & strategic M&A analysis (multibillion-dollar EVs) |
Figures reflect transactions and processes Andrew has worked on across prior roles, in aggregate.
Representative workstreams
What FirmLedge produces.
- Acquisition models & LBO analysis
- Returns, debt schedules, scenarios, and model pressure-testing.
- Borrowing-base & lender support
- Borrowing-base models, covenant analysis, and lender materials.
- Net working capital & closing true-ups
- Peg support, true-up review, and cash-conversion analysis.
- Revenue, margin, customer & vendor analysis
- Concentration, mix, and margin diagnostics that surface risk.
- KPI dashboards & value-creation planning
- Operating analytics and post-close initiative tracking.
- IC, board, lender & management materials
- Decision-ready exhibits and recurring reporting packages.
How FirmLedge works
Scoped, senior, and clear.
Engagements are scoped before work begins. Work is fixed-fee (quoted upfront with a defined scope, delivery date, and fee), based on client-provided information and stated assumptions, and focused on practical analytical support rather than regulated transaction services. Every deliverable is built and reviewed personally by Andrew, not handed to a junior bench or left to unreviewed AI output.
Sector exposure map
Where Andrew has evaluated, diligenced, or modeled companies.
Andrew's sector exposure spans closed transactions, LOI-stage diligence, late-stage workstreams, thematic research, buyer / target universe work, and screened opportunities. The map below shows breadth at the industry level.
Sector exposure includes a mix of closed transactions, LOI-stage or late-stage diligence, thematic research, market mapping, and screened opportunities. Not every listed area reflects the same depth of transaction involvement. Standing carve-outs: FIG (banks, insurance), energy and commodities, and project-finance infrastructure, where specialist model types apply.
Industrials & Distribution
Specialty distribution
Seafood and specialty food, healthcare distribution, industrial distribution, electrical distribution, MRO, chemicals, grain and meat, electronics / networking / data center, fasteners.
Industrial filtration and manufacturing-adjacent
Industrial filtration, steel and commodity-linked distributors, niche industrial products.
Distribution diligence themes
Inventory, working capital, vendor concentration, customer mix, pricing, freight, margin bridges, cyclicality.
Building Products, Construction Materials & Home Services
Building products and materials
Construction materials, aggregates, windows, doors, outdoor products, lumber distributors, steel distributors.
Residential and field services
HVAC, mechanical contractors, electrical services, roofing, basement waterproofing, mold removal, environmental services, outdoor and garden services.
Diligence themes
Service mix, project-to-service conversion, backlog, technician utilization, WIP / billing, deposits, commodity exposure, seasonality.
Tech-Enabled, Human Capital & Business Services
Tech-enabled services
MSPs, managed IT, staffing technology, employment screening, credit reporting / bureau services, vehicle registration and licensing services.
Business services
Staffing solutions, employment services and benefits, BPO / procurement, inspection services, supply chain services.
Diligence themes
Recurring revenue, retention, contract quality, billed users / seats, utilization, labor model, service levels, gross margin, customer concentration.
Healthcare & Specialty Services
Healthcare distribution
Value-add medical equipment distribution, healthcare products and services.
Specialty healthcare services
Fertility services and related healthcare-adjacent models.
Diligence themes
Referral dynamics, capacity, utilization, reimbursement or payor considerations where relevant, compliance-aware diligence, margin structure.
Transportation, Franchise & Consumer Services
Transportation and logistics
Truck brokerage, transportation services, freight services.
Franchise and consumer services
Trampoline parks, fitness chains, repeatable local service concepts.
Diligence themes
Unit economics, location-level performance, labor model, demand durability, customer acquisition, operating consistency.
This map is not intended to imply equal depth in every niche. It reflects areas Andrew has evaluated, modeled, researched, or diligenced across prior roles.
Need senior analytical capacity on a live deal?
Send a short, non-confidential note with the situation and timeline, and we'll take it from there.