Independent research on the U.S. markets, Baptista Research

Baptista Research

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. 

We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

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<li>Ferguson Enterprises has moved to deepen its industrial exposure through a definitive agreement to acquire FWI Holdings, the parent of FloWorks, for $1.6 billion from Wynnchurch Capital.</li>
<li>Announced on July 13, 2026, the transaction would add a flow-control distributor with approximately $1 billion of 2025 revenue, more than 60 locations across the United States and Canada, and exposure to chemicals, refining, power generation, semiconductors, pharmaceuticals, and data centers.</li>
<li>Ferguson expects the purchase to close in the third quarter of 2026 and estimates about $45 million of revenue and cost synergies, implying an acquisition multiple near 10 times last-twelve-month adjusted EBITDA after expected synergies.</li>
</ul>


Ferguson Enterprises has moved to deepen its industrial exposure through a definitive agreement to acquire FWI Holdings, the parent of FloWorks, for $1.6 billion from Wynnchurch Capital.
Announced on July 13, 2026, the transaction would add a flow-control distributor with approximately $1 billion of 2025 revenue, more than 60 locations across the United States and Canada, and exposure to chemicals, refining, power generation, semiconductors, pharmaceuticals, and data centers.
Ferguson expects the purchase to close in the third quarter of 2026 and estimates about $45 million of revenue and cost synergies, implying an acquisition multiple near 10 times last-twelve-month adjusted EBITDA after expected synergies.


Ferguson’s $1.6 Billion FloWorks Buyout Could Reshape Industrial Distribution!