The pipeline has reached 220 sourced deals — with six now in active pursuit, concentrated in mission-critical infrastructure and recurring-revenue services.
Where the pipeline stands
Since the search began, we've screened 220 targets against ICP's buy-box criteria. The funnel below shows discipline at work: most don't clear the bar on first pass — that's expected and by design — but the shape reflects thesis validation in the field.
| Stage | Deals | Share |
|---|---|---|
| Sourced | 220 | 100% |
| Passed | 176 | 80% |
| Watching | 38 | 17% |
| Pursuing | 6 | 3% |
The 38 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.
Six live pursuits — and why they matter
Our current active pursuits span fire protection, backflow prevention, home care administration, and property management — all in high-conviction industries from the search buy box. These deals represent the thesis playing out exactly as underwritten: recurring revenue, regulatory moats, and founder transitions at scale.
- **Fire Protection & Sprinkler Contractor — Mid-Atlantic** — certified systems integrator, strong owner economics; early-stage diligence conversations underway.
- **Backflow Prevention & Testing Operator — South Florida** — municipal compliance mandate, two-company consolidation play; building financial picture.
- **Residential Property Management — Long Island, NY** — under contract, management team in place; LOI discussions progressing.
- **Non-Medical Home Care Agency — Pennsylvania** — Medicare/Medicaid mix, recurring revenue base; Diligence folder active.
- **Commercial Kitchen Exhaust Cleaning — Carolinas** — high-cash-flow business, recurring contracts; initial screening complete.
- **Disaster Restoration Platform — Mid-Atlantic** — insurance partnerships, geographic expansion runway; sourcing conversations live.
We'll share specifics on each as terms and diligence progress. Names are withheld at this stage while conversations are live.
Broker & sourcing relationships
**15** active brokerage relationships. Beyond direct sourcing, we've built active relationships with 15 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 the past quarter, 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 six active pursuits, any new industries opening up, upcoming search-fund network activity, etc. This section is intentionally left for you to write before sending.]* **How you can help:** if you come across an owner-operator considering a sale — especially in compliance-driven, recurring-revenue services — an introduction would be very welcome. --- Thank you, as always, for your continued support and confidence in the search. **Justin Mott** Founder & Managing Partner, Indput Capital Partners jmott@indput.com *This update is prepared for Indput Capital Partners' limited partners and is confidential. Figures reflect internal deal-tracking as of September 30, 2026, and are not audited financial statements.*