The pipeline has crossed 64 sourced deals — and three are now in active pursuit, all in our highest-conviction industry.

Where the pipeline stands

We've now screened 64 targets against ICP's buy-box criteria since the search began. Most don't clear the bar on first pass — that's expected and by design — but the shape of the funnel below is the clearest signal yet that the thesis is finding real, fundable targets in the field.

The 25 on our Watch list stay warm for re-engagement if pricing or facts change — nothing here is a dead end, just not yet an active pursuit.

Three live pursuits — and why they matter

All three of our current active pursuits are independently owned backflow-prevention & testing businesses in the greater Chicago area — certified operators serving municipal cross-connection-control mandates, the #1-ranked industry in our search buy box. That concentration isn't a coincidence: it's the thesis playing out exactly as underwritten.

We'll share specifics on each as terms and diligence progress. Names are withheld at this stage while conversations are live.

Broker & sourcing relationships

Beyond direct sourcing, we've built active relationships with nine business-brokerage firms who bring us off-market and lightly-marketed opportunities before they reach the open listing sites. Several of these relationships opened in just the past few weeks, and we expect them to be a growing share of dealflow as they mature.

What's next

[Justin — a couple of sentences here on the next 30 days: expected diligence milestones on the three backflow pursuits, any new industries opening up, upcoming search-fund network activity, etc. This section is intentionally left for you to write before sending.]

Thank you, as always, for your continued support and confidence in the search.

Justin E. Mott

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