Post-Acquisition Integration and Accounting for a Leading Private Equity Fund
Challenge
A leading private equity fund acquired and merged two businesses, including a carve-out of a larger corporation. The inorganic growth trajectory continued with the acquisition of an additional business a year later, which was consolidated into the newly formed company. The PE fund requested two years of audited financial statements for the carved-out entity as well as an audit of the combined companies. With an open CFO position, the portfolio company’s accounting function lacked the capacity to take on this large volume of work. Additionally, the company was in the process of implementing NetSuite as its new enterprise resource planning (ERP) system and experiencing internal turnover at key positions, which was hampering the project.With Riveron’s support, the portfolio company was able to navigate multiple acquisitions, audits, and the monthly close process.
How We Helped
Riveron was engaged to support the portfolio company through the financial reporting, audit preparation, and purchase and technical accounting. To fill the leadership gap of the accounting function, we stepped in as interim CFO and managed the operational accounting and month-end close process. We prepared balance sheet reconciliations for the carve-out entity and helped transition the accounting from the selling company. We also acted as a liaison between the PE fund and its new portfolio company for technical questions regarding the transaction, year-end audit, and monthly operations. To streamline and standardize key accounting processes for the company moving forward, we developed financial reporting schedules, technical memos, and other templates. In addition, we supported the company through its NetSuite implementation, including identifying areas for system optimization.
Results
With Riveron’s support, the portfolio company was able to navigate multiple acquisitions, audits, and the monthly close process. This resulted in the successful completion of the audit reports and the acceleration of the monthly close process from four to two and a half weeks. With the implementation of NetSuite, the company benefitted from improved financial reporting and automated processes, enabling the assistant controller and controller to provide more strategic support for the business.
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