Read the Case Study
Case Study
WilliamsMarston Clears the Way with Valuations Supporting Accelerated Growth
Find out how WM simplified a $1 billion company’s valuation complexities in pursuit of rapid expansion and IPO readiness.
The Challenge
A drumbeat of concurrent acquisitions presented unforeseen complexities while the company evaluated its near-future IPO readiness.
A private company holding a pre-money valuation of over $1 billion more than doubled its value in less than a year through a string of strategic acquisitions. Poised for an initial public offering (IPO) in the near term, the company needed support in managing the rapid growth effectively.
Management faced significant hurdles in this expansion period from leveraging multiple valuation providers while searching for a trusted team to assist with valuation analyses and facilitate the IPO process. Managing concurrent acquisitions proved overwhelming, especially as it was difficult to gather the necessary information to perform the purchase price allocation analyses – with some of the acquired companies lacking usable historical financial statements and projections.
The company’s fast-paced acquisition strategy created extremely time-sensitive requests – and the data provided in these instances was often subject to repeated adjustments and delivered in cumbersome formats. Adding to these challenges, the team member at the company responsible for the valuation process changed, resulting in new management contacts unfamiliar with the valuation process.
The Solution
Strong collaboration and expert financial analysis paved the way for effective valuation outcomes.
WM’s valuation team responded to these challenges by establishing a strong, trusting relationship with the management, founded by effective communication and consistently high-quality work. The team shared the task of information collection with the company’s finance team, working directly with newly acquired companies to gather the necessary data for each purchase price allocation analysis.
WM also collaborated closely with the company’s finance team to forecast financial statements for each acquired entity, drawing on analyses of historical financials, comparable public companies and extensive experience with similar transactions. Regardless of the deadline or circumstance, WM delivered on time and promptly answered to queries, allowing the company to navigate the process smoothly.
The Result
WM continues to serve as the company’s primary valuation provider, a pivotal role as the organization grows.
As the company’s primary valuation provider, WM conducted purchase price allocation analyses for over 50 transactions in a calendar year. Subsequently, the team assisted with the company’s 409a analysis, lease rate analysis and other valuation requests, demonstrating the depth of capabilities WM can provide at all stages of growth.
THE TEAM RESPONSIBLE
Ready for clear guidance and powerful outcomes? Reach out to our Valuation Services team today.
Meet the Entire Team
Joseph McKneely
Partner – National Valuation Leader
Joseph McKneely
Partner – National Valuation Leader
Joseph brings more than 20 years of valuation advisory experience to WilliamsMarston. His extensive valuation expertise includes financial reporting matters such as mergers and acquisitions, purchase price allocations, goodwill and intangible asset impairments, complex debt and equity instruments, tax reporting matters such as 409a and intangible asset valuations as well as litigation matters, solvency and fairness opinions. His broad industry experience includes technology, retail, biotechnology and pharmaceuticals.
Prior to WilliamsMarston, Joseph was a Partner at Bay Valuation Advisors LLC (“BVA”) for 7 years. While at BVA, Joseph advised numerous clients ranging from early-stage venture backed entities to Fortune 100 companies with their complex financial and tax reporting valuation matters. Prior to BVA, Joseph was a Senior Manager in Deloitte LLP’s Transactions & Business Analytics group. While at Deloitte, he served in various capacities including leading the valuation practice for Deloitte’s Technology Venture Center where he worked with numerous early-stage companies. Prior to Deloitte, Joseph provided litigation support at PricewaterhouseCoopers LLP where he assisted companies involved in patent infringement and purchase price disputes by developing complex economic lost profits models to estimate damages.
Joseph holds a Master of Science in Finance from Texas A&M University and a Bachelor of Business Administration degree in Accounting from Texas A&M University.
Caroline Lu
Director – Valuation
Caroline Lu
Director – Valuation
Caroline brings 9 years of valuation experience to WilliamsMarston. Her valuation expertise includes financial reporting matters such as mergers and acquisitions, purchase price allocations, goodwill and intangible asset impairments, complex debt and equity instruments, stock-based compensation, tax reporting matters such as 409a and intellectual property valuations as well as litigation matters, solvency and fairness opinions. Her broad industry experience include technology, healthcare, life sciences and consumer products.
Prior to WilliamsMarston, Caroline was a Manager at Bay Valuation Advisors, LLC (“BVA”) . While at BVA, Caroline advised numerous clients ranging from early-stage venture backed entities to Fortune 100 companies with their complex valuations for financial, tax reporting and litigation matters. Prior to BVA, Caroline was in EY LLP’s Strategy and Transactions practice where she conducted valuation analyses for strategic planning, mergers and acquisitions, tax, restructuring, divestitures and joint ventures. Prior to EY, Caroline was in the merger and acquisition group at Fresenius Medical where she provided valuation consulting expertise related to acquisitions, divestitures, start-ups, and joint ventures.
Caroline is a Chartered Financial Analyst® and holds a Master of Science in Finance and Master of Real Estate Development Degree from Texas A&M University as well as a Bachelor of Science in Electronical Engineering from China JiLiang University.
BRING US YOUR CHALLENGES
Gain the insight to drive transformational outcomes. WilliamsMarston’s accounting, tax and valuation services will help you navigate your most complex challenges and see you through to success.
