Read the Case Study
Case Study
WilliamsMarston Clears the Way for Private Equity Firm’s Successful Exit
Learn how WM enabled a private equity firm’s successful exit through the close of a large acquisition for a $250 million portfolio company while integrating prior acquisitions and supporting the annual audit.
The Challenge
Integrating multiple acquisitions and closing the largest deal to date was exacerbated by limited resources and audit deadlines.
Largely immersed in day-to-day operations, the company’s finance team faced limited resources and the expertise required to simultaneously manage the cross-functional impacts of integrating multiple acquisitions.
The pending acquisition was the largest deal the company’s finance team had seen – contingent on debt refinancing, which required the successful satisfaction of lender due diligence. The company’s priority was proving its multiple acquisitions’ success by achieving significant synergies, including cost reductions in SG&A, eliminating redundancies, streamlining processes and implementing best practices throughout the integrated organization. All of this faced a competing deadline – the company’s existing debt covenants required audited financial statements within 90 days of year-end.
The Solution
Interim leadership guided financial diligence, post-merger integration and compliance.
With many challenges hindering success, WM stepped in as the interim Director of Corporate Development to drive the initiatives forward. Essential training, guidance and oversight of all aspects of the financial due diligence initiatives was provided from the start. WM managed the company’s external advisors, including accounting, tax, legal and strategic due diligence teams, in tandem with supporting the private equity firm in lender due diligence and debt refinancing negotiations.
WM prioritized expediting the external audit to meet the debt covenant requirements by preparing numerous technical memos. The team also focused on enhancing the FP&A function for more robust management reporting and reviewed the year-end close processes to bolster the internal finance team’s readiness to report and for future audits.
WM coordinated post-merger integration efforts for multiple acquisitions, including managing external advisors to achieve operational synergies and other cost savings. As a culmination of the engagement, WM played a key role in the sell-side due diligence of the newly combined company.
The Result
WM’s leadership not only filled the gap, but provided transformational outcomes for both the portfolio company and the private equity sponsor.
The company completed its debt refinancing and large acquisition and issued its audited financial statements on schedule. Within a short time, the company was acquired by a strategic buyer, enabling a successful exit for the private equity sponsor.
THE TEAM RESPONSIBLE
Ready for clear guidance and partnership? Reach out to our Private Equity Services team today.
See the Entire Team
Jonathan T. Marston
Managing Partner
Jonathan T. Marston
Managing Partner
Jon brings over 20 years of accounting, tax, valuation advisory and executive management experience to WilliamsMarston. Jon’s primary practice areas include mergers and acquisitions, technical accounting and process improvement. He has also served in various interim capacities at the CFO, Director of Corporate Development and Corporate Controller level. His clients include several large private equity firms, private equity-backed companies, and public companies with revenues ranging from $200M to $10B.
Prior to WilliamsMarston, Jon was a Director in PricewaterhouseCoopers LLP’s Transaction Services Advisory practice. While at PwC, Jon provided due diligence, technical accounting, and financial and strategic advice to clients in connection with mergers and acquisitions ranging from $5M to over $20B.
Throughout his career, Jon has advised SEC registrants, foreign public companies, private companies, private equity and VC firms. He has advised management and investors on issues pertaining to US GAAP, IFRS, SEC reporting, financial and operational performance, quality of earnings, revenue recognition, stock-based compensation, initial public offerings, and Sarbanes-Oxley compliance. Jon has significant experience with acquisitions, divestitures, carve-outs, purchase agreements and purchase price adjustment mechanisms. His broad industry experience includes software, technology, telecommunications, health industries, industrial products and consumer retail sectors in the US, Europe, Africa and Asia.
Jon holds a Bachelor of Science in Business Administration degree from Boston College with a concentration in Accounting.
Greg McKenzie
Partner – Advisory
Greg McKenzie
Partner – Advisory
Greg brings 35 years of executive leadership experience to WilliamsMarston. Since joining WilliamsMarston, Greg has advised clients on a variety of operational challenges including a cross-functional operational review to deliver sustainable process improvement for a multi-billion-dollar telecommunications organization, post-merger carve-out and integration planning for a global software company and a financial effectiveness design and delivery project for a multi-location manufacturing group. He has advised clients regarding finance transformation, post-merger integration, process optimization, ERP integration, IPO readiness, audit readiness, organizational design and geo-location selection, and control and compliance reviews. Additionally, he has served as the interim CFO for a number of clients as well as an interim Chief Transformation Officer. Greg’s industry experience includes automotive, medical device, telecommunications, advertising and research and development, private equity and high-tech manufacturing.
Prior to joining WilliamsMarston, Greg was a Vice President with Alcatel-Lucent within both the Software and Professional Services and Global Delivery Divisions. While at Alcatel-Lucent he coordinated and managed multiple strategic programs substantially impacting the way the business operated. These programs included driving significant global efficiency programs through organizational redesign and the adoption of Lean and Six-Sigma techniques.
Prior to Alcatel-Lucent, Greg held senior roles within a number of prominent technology organizations, specializing in strategic planning, execution and organizational change. His broad experience includes initial public offerings, due diligence and post-merger integration. He has also held management positions across several operational functions. Greg began his career at Deloitte, Haskins + Sells London audit practice focusing on technology and media-based industries. Greg is a qualified Accounting Technician in the UK and holds a Foundation Degree in Accounting from Oxford Brookes 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.
