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Acme CapitalPrivate credit · Funds III–IV
Overview
Portfolio
Rates & hedging
Documents
Reports
Acme Intelligencepowered by Hebbia
Acme Engineering · v4.2
Rates & hedging
AnalysisFed +25 bpsAll funds
Search companies, agreements…
All funds
New analysis
Portfolio companies150
Floating-rate first lien$6.1B
Unhedged exposure$1.4B30 borrowers
Extra borrower interest+$3.5M / yrpaid by borrowers at +25 bps
Unhedged exposure by maturity
Floating-rate first lien, $M
$1.4B30 borrowers · most in 2029
Hedge coverage
Borrowers with floating-rate debt
79%116 of 146 hedged
Hedged116
Unhedged30
Unhedged floating-rate debt
+25 bps scenario
68 sources cited by Hebbia| Company | Unhedged floating-rate debt | Pricing | Hedge status | Extra borrower interest / yr | Evidence |
|---|---|---|---|---|---|
| Northwind Logistics | $92M · RCF + TL | SOFR + 475 | No hedge required | +$0.23M | §6.14 · p.58 |
| Castille Energy | $78M · RCF + TL + DDTL | SOFR + 500 | Swap expired Mar 2026 | +$0.20M | Compliance · p.4 |
| Halden Co | $71M · TL + DDTL | SOFR + 550 | No hedge required | +$0.18M | §6.12 · p.61 |
| Brightline Dental | $64M · RCF + TL | SOFR + 525 | Not in compliance package | +$0.16M | Compliance · p.6 |
| Quarry Peak Materials | $58M · TL | SOFR + 475 | No hedge required | +$0.15M | §7.03 · p.44 |
| Solace Senior Living | $57M · RCF + TL | SOFR + 575 | Cap expired Jun 2026 | +$0.14M | Compliance · p.3 |
| + 24 more unhedged borrowers | $976M | SOFR + 425–650 | Various | +$2.44M | View all |
Northgate PartnersHealthcare M&A · Coverage
Overview
Mandates
Comps
Buyers
Data room
Northgate Intelligencepowered by Hebbia
Northgate Engineering · v4.2
Precedent transactions
Project AtlasSell-sideHealthcare services
Search targets, filings…
Project Atlas
New analysis
Transactions screened214
Precedents selected18
Median EV / EBITDA14.2×LTM, at announcement
Implied enterprise value$1.9–2.3Bon $148M LTM EBITDA
EV / EBITDA at announcement
Healthcare services, 2022–2026
Selected precedentsScreened out
Buyer mix
Selected precedents
Financial sponsors61%
Strategics39%
Healthcare services precedents
LTM multiples
54 sources cited by Hebbia| Target | Acquirer | Announced | Enterprise value | EV / EBITDA | Source |
|---|---|---|---|---|---|
| Brightline Dental | Kestrel Capital | Mar 2026 | $1.2B | 15.1× | Merger agreement · p.4 |
| Meridian Health | Harbor Lane | Nov 2025 | $2.6B | 13.8× | Press release · p.1 |
| Ardent Pharma Services | Ridgeway | Aug 2025 | $1.7B | 16.0× | Proxy · p.38 |
| Solace Senior Living | Granite Peak | May 2025 | $890M | 12.4× | 8-K · p.2 |
| Vantage Clinics | Summit Bay | Jan 2025 | $1.1B | 14.6× | Merger agreement · p.6 |
| Copperline Health | Blue Heron | Oct 2024 | $640M | 11.9× | Fairness opinion · p.12 |
| + 12 more precedents | Various | 2022–2024 | $0.4–3.1B | 13.6× median | View all |
Kestrel CapitalBuyout · Fund VI
Overview
Pipeline
Diligence
Data room
IC memos
Kestrel Intelligencepowered by Hebbia
Kestrel Engineering · v4.2
Customer contracts
Project FalconCommercial diligenceData room
Search the data room…
Project Falcon
New analysis
Contracts reviewed412
Annual contract value$286M
Change-of-control exposure$41M9 customers
Renewing in 12 months23%of contract value
Contract value renewing, by quarter
Top 50 customers, $M
Change of controlStandard terms
Largest customers
Share of annual contract value
Contracts with change-of-control terms
Top 50 customers
96 sources cited by Hebbia| Customer | Annual value | Term ends | Clause | Consent | Evidence |
|---|---|---|---|---|---|
| Northwind Logistics | $9.4M | Jun 2027 | Terminates on change of control | Required | MSA §14.2 · p.31 |
| Castille Energy | $7.1M | Dec 2026 | Consent to assign | Required | MSA §18.1 · p.44 |
| Halden Co | $5.8M | Mar 2028 | Terminates on change of control | Required | Amendment 2 · p.3 |
| Tessera Payments | $4.2M | Jan 2027 | Consent to assign | Required | MSA §12.4 · p.27 |
| Larkspur Foods | $4.6M | Sep 2026 | Price reopener | Notice | Order form · p.6 |
| Orion Foods | $3.9M | Apr 2027 | Terminates on change of control | Required | MSA §9.3 · p.19 |
| + 3 more customers | $5.8M | 2026–2028 | Various | Various | View all |
Solstice CapitalGlobal equities · Industrials
Overview
Coverage
Earnings
Models
Notes
Solstice Intelligencepowered by Hebbia
Solstice Engineering · v4.2
Guidance changes
Q3 2026 earningsIndustrials coverage
Search calls, filings…
Industrials
New analysis
Calls read64
Companies covered58
Guidance raised11vs. 7 last quarter
Guidance cut63 citing input costs
Net guidance revisions
Raised minus cut, cumulative through Q3 season
+511 raised · 6 cut
Revenue guidance change
Midpoint vs prior quarter
FY26 guidance changes
Q3 2026 calls
64 sources cited by Hebbia| Company | Metric | Prior | Revised | Change | Evidence |
|---|---|---|---|---|---|
| Quarry Peak Materials | Revenue | $4.1–4.3B | $4.3–4.5B | Raised | Q3 call · p.7 |
| Copperline Services | EBITDA margin | 18–19% | 16.5–17.5% | Cut | Q3 call · p.4 |
| Fairway Auto Group | EPS | $5.10–5.40 | $5.40–5.60 | Raised | Q3 call · p.9 |
| Bluewater Marine | Revenue | $2.2–2.3B | $2.0–2.1B | Cut | Q3 call · p.3 |
| Prism Holdings | Free cash flow | $310M | $350M | Raised | 8-K · p.2 |
| Keel & Harbor | Capex | $180M | $220M | Raised | Q3 call · p.11 |
| + 11 more changes | Various | 7 raised · 4 cut | View all |
Alder & FinchFinance practice · Lender side
Overview
Matters
Review
Clauses
Documents
Alder & Finch Intelligencepowered by Hebbia
Alder & Finch Engineering · v4.2
Clause review
Matter 24-118RefinancingCredit agreement review
Search matters, clauses…
Matter 24-118
New analysis
Agreements reviewed38
Clauses extracted1,412
Off-precedent terms27across 11 agreements
Open issues9for partner review
Terms off precedent, by agreement
Darker is further from the firm’s position
MinorMaterialOff-market
Open issues by risk
For partner review
9across 6 borrowers
High4
Medium3
Low2
Terms that differ from the firm’s precedent
Lender-side playbook
112 sources cited by Hebbia| Borrower | Clause | Precedent | This agreement | Risk | Evidence |
|---|---|---|---|---|---|
| Northwind Logistics | Hedging covenant | Required | Not required | High | §6.14 · p.58 |
| Halden Co | Incremental cap | 1.0× EBITDA | Unlimited, 50 bps MFN | High | §2.14 · p.39 |
| Summit Ridge Software | Restricted payments | Builder basket | Uncapped | High | §7.06 · p.62 |
| Meridian Health | Equity cure | 2 in 4 quarters | 3 in 4 quarters | Medium | §8.03 · p.71 |
| Vantage Labs | Asset sale sweep | 100% | 50% | Medium | §2.05 · p.33 |
| Tessera Payments | Change of control | 35% | 50% | Low | §1.01 · p.12 |
| + 21 more terms | Various | Various | View all |
Acme Credit Portfolio Monitoring
Built in-house, or a white-labeled Hebbia front-end.
POST /v1/analysesNorthgate Deal Room
Built on Hebbia’s API, inside the bank’s own walls.
POST /v1/analysesKestrel Diligence Hub
The deal team’s own tool. Hebbia reads the data room behind it.
POST /v1/analysesSolstice Research Portal
The team’s own portal, answering from every call and filing.
POST /v1/analysesAlder & Finch Matter Workspace
The firm’s own review tool, with Hebbia doing the reading.
POST /v1/analysesHebbia Platform
- Reading 150 credit agreements
- 146 borrowers with floating-rate debt
- Checking Q2 compliance packages for hedges
- 30 unhedged · $1.4B exposed
- +25 bps: +$3.5M a year in borrower interest
- Reading 214 merger agreements and filings
- 18 precedents match the screen
- Pulling LTM EBITDA at announcement
- Median 14.2× · range 11.9–16.0×
- Implied value: $1.9–2.3B
- Reading 412 customer contracts
- 38 with assignment or change-of-control terms
- Matching amendments to master agreements
- 9 customers · $41M of value at risk
- Flagged for the IC memo, with citations
- Reading 64 Q3 earnings calls
- Matching guidance to the prior quarter
- 11 raised · 6 cut
- Input costs cited in 3 of the cuts
- Every change linked to the transcript
- Reading 38 credit agreements and amendments
- Extracting 1,412 clauses
- Comparing them with the firm’s precedent
- 27 terms off precedent · 9 open issues
- Each one cited to the page
Acme Data Repository
Hosted on Snowflake, deployed in the client’s
private Snowflake instance.
150 credit agreements · Q2 compliance packagesNorthgate Data Repository
Filings, CIMs and fairness opinions,
in the bank’s private environment.
214 transactions · 1,300 filingsKestrel Data Repository
The virtual data room, synced into
the fund’s private cloud.
412 contracts · 1,904 amendmentsSolstice Data Repository
Transcripts, filings and broker research,
in the firm’s private environment.
64 transcripts · 230 filingsAlder & Finch Data Repository
The document management system, indexed
in the firm’s private environment.
38 agreements · 112 amendmentsBuild your own. Start analyses from your backend and stream results and citations into any app your engineers build.
Bring it to ChatGPT and Claude. Connect Hebbia as a tool, and answers come back cited to your firm’s documents.
Use Hebbia where you already work with our Excel, Powerpoint, and Word plug-ins.
Acme CapitalPrivate credit · Funds III–IV
Overview
Portfolio
Rates & hedging
Documents
Reports
Acme Intelligencepowered by Hebbia
Acme Engineering · v4.2
Rates & hedging
AnalysisFed +25 bpsAll funds
Search companies, agreements…
All funds
New analysis
Portfolio companies150
Floating-rate first lien$6.1B
Unhedged exposure$1.4B30 borrowers
Extra borrower interest+$3.5M / yrpaid by borrowers at +25 bps
Unhedged exposure by maturity
Floating-rate first lien, $M
$1.4B30 borrowers · most in 2029
Hedge coverage
Borrowers with floating-rate debt
79%116 of 146 hedged
Hedged116
Unhedged30
Unhedged floating-rate debt
+25 bps scenario
68 sources cited by Hebbia| Company | Unhedged floating-rate debt | Pricing | Hedge status | Extra borrower interest / yr | Evidence |
|---|---|---|---|---|---|
| Northwind Logistics | $92M · RCF + TL | SOFR + 475 | No hedge required | +$0.23M | §6.14 · p.58 |
| Castille Energy | $78M · RCF + TL + DDTL | SOFR + 500 | Swap expired Mar 2026 | +$0.20M | Compliance · p.4 |
| Halden Co | $71M · TL + DDTL | SOFR + 550 | No hedge required | +$0.18M | §6.12 · p.61 |
| Brightline Dental | $64M · RCF + TL | SOFR + 525 | Not in compliance package | +$0.16M | Compliance · p.6 |
| Quarry Peak Materials | $58M · TL | SOFR + 475 | No hedge required | +$0.15M | §7.03 · p.44 |
| Solace Senior Living | $57M · RCF + TL | SOFR + 575 | Cap expired Jun 2026 | +$0.14M | Compliance · p.3 |
| + 24 more unhedged borrowers | $976M | SOFR + 425–650 | Various | +$2.44M | View all |
Verified sourceNorthwind Logistics · Amended & Restated Credit Agreement
§6.14 Interest Rate Protection · p.58 · no hedge in the Q2 2026 compliance package
“…the Term Loans shall bear interest at Term SOFR + 475 bps per annum, and the Borrower shall not be required to enter into or maintain any Hedge Agreement…”
Cited in 3 placesOpen in Hebbia ↗
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