Engagements.

Sales had grown 14% in two years and the margin had fallen by more than a point. The board thought it was steel. It was mostly price.

The order book was full and the five-year plan had a €38 million plant in it. The capacity turned out to be in the building already.

Terms were agreed in principle at €142 million. Five weeks later our client bought the company for €116 million, with the three people who mattered signed up first.