Perimeter Solutions (PRM), mcap=$1.9bn, price $11.50 vs $8.00

– The industry leader in fire retardant chemicals used in forest fires.
– Previous SPAC with the all-star board.
– Industry is very attractive as fire retardant is a ‘must have’ product, entry barriers are high and the product is a small portion of the overall value chain.
– Given capital allocators involved, embedded optionality from future M&A.

Valuation: PRM trades at 10x 2023 EBITDA of $200m (compared to $121m adj EBITDA for 2021)

Exp. gain: Not specified

Full PRM write-up (free guest account required):

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