# Merger Strategy & Upside Modeling for Production Supply Venture

**March 10, 2026 at 10:15 AM** · 63m 42s · Participants: James Adcock, JD Busfield, Sean Griffin

### Bottom Line
The group is advancing a merger of production supply/trailer rental businesses (Avon, Coyote, TR) and will engage investment bank American Discovery Capital (ADC) to validate the structure and accelerate the deal. The financial upside case projects significant EBITDA growth through acquisitions, live event expansion, and new client capture.

### Key Takeaways
- **Deal Structure & Advisory:** The group will engage ADC to provide third-party validation and accelerate the merger process, with a preference for Hudson retaining a small, non-operational equity stake.
- **Financial Upside Modeling:** Three primary growth levers were modeled: acquiring TR, expanding live events geographically, and securing exclusive deals with production companies/studios, projecting up to $26M EBITDA by 2030.
- **Operational Alignment:** The teams aligned on utilization metrics and pricing assumptions, with adjustments made to live event rates and utilization to reflect market realities.
- **Leadership & Next Steps:** Sean's potential involvement in the NewCo is seen as critical, and immediate next steps include obtaining CBAs, cost synergy details, and a detailed asset list.

### Action Items
- [ ] Provide Collective Bargaining Agreements (CBAs) and detailed cost takeout/synergy analysis to bolster the deal's operational credibility. — @Sean `high`
- [ ] Finalize and share a proposed sales org structure and headcount plan for the combined entity. — @Sean `high`
- [ ] Provide a detailed asset list and carrying values for the contributed businesses. — @Sean `high`
- [ ] Formally engage ADC and determine any conflict issues, aiming to secure their advisory role. — @James Adcock `high`
- [ ] Circulate an updated financial model incorporating the discussed adjustments for review. — @JD Bsufield `medium`

### Topics
Merger Strategy, Investment Bank Engagement, Financial Modeling & Upside, Deal Structure & Equity, Operational Synergies, Leadership Transition

**Sentiment:** positive

---
*Generated by Call Assistant on 2026-04-09 10:10*