Executing a Carve-out and Back Office Stand Up for a Mid-Market Apparel Company
Challenge
A middle market private equity firm acquired a specialty sports apparel company from a large multinational corporation. The new entity needed to extricate itself from its legacy parent systems and stand up its own financial and operational infrastructure prior to its pending full-service transition services agreement (TSA) cancellation. Since the infrastructure from the parent company was more complex than the standalone entity required, simplified processes and new system architecture were needed, as well as organizational changes to the finance and operations teams, on an accelerated timeline.How we helped
Riveron was engaged to help carve out the new entity from its parent company’s systems, processes, and back office within a six-month window before the TSA expired. The effort included partnering with the apparel company and PE fund to create an overarching roadmap and plan, develop customized accounting processes, stand up a new back office, and select and implement a fit-for-purpose ERP solution. Riveron also initiated a project management office to provide oversight across the five independent workstreams and the third-party logistics provider in order to meet the looming transition deadline.
Results
Leveraging Riveron’s deep expertise in carve-outs and finance transformation, our client was able to execute a large-scale program and become an operationally independent entity under a compressed timeframe. The company also benefitted from new, tailored processes that fit the unique demands of the business, as opposed to the complexities of the company’s prior multinational parent. Additionally, the simplified system architecture reduced the distinct finance and accounting systems from 23 to seven, and with the redefined organization and roles, the accounting team was able to operate more effectively and focus on areas of specialization rather than supporting multiple operational areas. The company’s customers also benefitted from the new infrastructure as it enabled the company to provide more direct and personalized data-driven customer service.
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