CW
Deals

Project Thistle

Premium pet treats · Branded food & beverage · Pennsylvania

2 items in Review Queue
  1. Teaser
  2. NDA
  3. CIM review
  4. IC review
  5. IOI
  6. Management meetings
  7. LOI
  8. Diligence

Revenue

$51M

EBITDA

$8.8M

Margin

17.3%

Ownership

Founder-owned

Owner

Rachel Osei

IOI due

21 Oct 2026

Deal-breaker screen

Not screened yet.

Banker

Bluewater Corporate Finance

Hannah Leigh · hleigh@bluewatercf.example

Source inbox · rachel.osei@ · received 1 Sep 2026

Documents

  • Thistle CIM.pdf
  • Thistle revised FY26 forecast.xlsx

Process timeline

  1. 1 SepTeaser
  2. 9 SepNDA signed
  3. 28 SepIC approved IOI
  4. 6 OctRevised financials received

Decision history

  1. 28 SepSubmit IOI · IC