Case Study
WilliamsMarston Clears the Way following a $2.4 Billion Acquisition
Discover how WM supported a publicly traded industrial products company that completed an acquisition of entities spun off from a Fortune 100 company.
The Challenge
A $2.4 billion acquisition presented difficulties for a publicly traded industrial products company, highlighting the need for expertise around SEC filing rules and requirements for significant transactions.
Following the acquisition of multiple entities spun off from a Fortune 100 company, the publicly traded company found the complexity strained their internal accounting resources.
The size and complexity of the acquisition left the company without clarity as to how to properly account for the transaction, specifically around who the accounting acquirer was and how to comply with complex SEC filing rules and requirements for significant acquisitions. While the company maintained a strong operational controllership team, they lacked the technical expertise needed to manage the complexities of a large multinational public company. The team also found themselves stretched thin managing day-to-day operations while dealing with significant and complex transactions.
The Solution
WM’s technical accounting experts stepped in to assist with the appropriate reporting for the transaction and related matters.
WM assisted with determining which party was the accounting acquirer. From there, the team helped with key accounting considerations under ASC 805 Business Combinations and navigated numerous other issues related to the merger, such as share-based compensation, foreign currency accounting, income tax accounting and internal controls over financial reporting.
WM became a preferred advisor, meeting with management quarterly to review recent transactions and discuss the related accounting and reporting treatment. Additional projects WM advised on included the termination of cross-currency interest rate swaps and the reporting related to a significant business disposition. The Company has relied on WM to provide technical guidance and SEC reporting support during the quarterly and year-end close process, as well as regular income tax accounting assistance.
The Result
WM’s expertise cleared the way during the company’s transformative acquisition period and established WM as a trusted partner.
The deep expertise and support provided during this transformative acquisition positioned WM to be the preferred advisor for complex accounting, reporting and tax matters for the multinational public company with over $2 billion of annual revenue.
THE TEAM RESPONSIBLE
Ready for clear guidance and powerful outcomes? Reach out to the team today.
Meet the Entire Team
Mark LaMonte
Partner – Accounting Advisory
Mark brings over 30 years of accounting, reporting and executive management experience to WilliamsMarston. He has broad technical accounting and financial reporting expertise developed during his thirteen-year tenure at a Big 4 accounting firm, including two years in the firm’s national office, and sixteen years in senior leadership roles for a leading credit rating agency. He is a recognized thought leader and trusted advisor to accounting standard setting organizations and regulators on numerous initiatives to better align financial reporting with the needs of investors. He is also a frequent speaker at high-profile conferences on financial reporting and capital markets issues. At WilliamsMarston, Mark advises companies on revenue recognition, debt and equity financings, IPO readiness, SEC reporting, International Financial Reporting Standards, and other complex transactions.
Prior to WilliamsMarston, Mark was a Managing Director in the Credit Strategy and Standards Group at Moody’s Investors Service and served as the Chief Credit Officer for the Global Financial Institutions rating group. During his time at Moody’s, Mark also led a team of analysts with specialized expertise in accounting and financial reporting, corporate governance and complex financing structures. He was also the author of and contributor to market leading credit research, often focusing on the implications of accounting, reporting and regulatory developments. While at Moody’s, Mark was a liaison with the FASB, IASB, SEC and PCAOB on numerous capital markets and reporting issues affecting investors.
Mark began his career at KPMG LLP and during his thirteen-year tenure with the firm, Mark spent two years in the Department of Professional Practice (DPP) where he provided technical accounting advice to client service teams in the areas of business combinations, income taxes, derivatives and hedging, and revenue recognition. He also contributed to KPMG’s publications on IFRS, derivative and hedge accounting and foreign currency translation. Prior to DPP, Mark was the lead Senior Manager on several high-profile audit clients including The Gillette Company and Pepsi-Cola International.
Mark was a member of the FASB’s Financial Accounting Standards Advisory Council (FASAC) from 2016 to 2020 and was also a member of the Emerging Issues Task Force (EITF) from 2008 to 2019. He is a Certified Public Accountant in the State of New York and holds a Bachelor of Business Administration Degree with a concentration in Accounting from Siena College where he graduated with honors.
Jay Taylor
Director – Accounting Advisory
Jay brings nine years of accounting and financial reporting experience to WilliamsMarston. Since joining WilliamsMarston, Jay has supported clients in the life sciences, biotechnology, software, manufacturing, and technology industries. He has experience advising clients on a variety of technical accounting matters including consolidations, business combinations, discontinued operations, stock-based compensation, debt and equity financings, revenue recognition and lease accounting. He has supported clients throughout their external audit and monthly close processes, in addition to providing interim SEC reporting services. He has also advised clients on IPO readiness, audit readiness and business process improvement.
Prior to WilliamsMarston, Jay was a Manager in the Audit practice of RSM US LLP in Boston. While at RSM, his clients included private and public companies within the technology, software, and life sciences industries where he provided assurance services pertaining to US GAAP and SEC reporting matters.
Jay is a Certified Public Accountant in the Commonwealth of Massachusetts and holds a Master of Science in Accounting as well as a Bachelor of Science with a concentration in Accounting from Boston College.
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.