Supporting the Sale Process for a Physician Group
Challenge
A gastroenterology group founded by former Mayo Clinic physicians spun off from a larger network to become an independent company. To support the new business, the company needed to build standalone back-office functions, including accounting and finance. Concurrent to the functional build out, the company’s owners were pursuing a sale of the business and engaged an investment bank to assist with it. Due to the gaps created by the recent separation, the company needed to prepare its financial information to support the sale of the business.With accurate financials, the company was successfully sold to an established private equity firm.
How we helped
Riveron was engaged to compile the company’s books and records and conduct a quality of earnings analysis for use in the sale process. As a result of the spin-off, there were specific challenges that had to be overcome, including consolidating multiple instances of QuickBooks with dissimilar charts of accounts and deciphering historical data without context from the former accounting team. Additionally, the company’s cash-based accounting had to be converted to an accrual basis, which necessitated detailed quality of revenue analyses using data from four separate practice management systems. Working across parties, including the company and its tax accountants, we generated fully consolidated, accrual-based financials that were provided to potential investors groups. As the sale process continued, we assisted with reviewing the sales purchase agreement and negotiations over closing net working capital.
Results
With accurate financials, the company was successfully sold to an established private equity firm. The additional capital enabled the business to expand its network, advance its services and technology, and make an even stronger impact on underserved areas where patients need this type of expert care.
Ready to connect?
We partner with our clients and their stakeholders to elevate performance and expand possibilities across the transaction and business lifecycle. Contact us to learn more.
Ready to explore related solutions?
More Insights
Implementing an AI-Enabled Intelligent Manufacturing Solution for a Tier-1 Automotive Supplier
An automotive supplier worked with Riveron IMS experts to create a predictive solution that connected process data using artificial intelligence and increased productivity by approximately 100 parts per day.
Transforming Retail Finance with OneStream During $9B Catalyst Brands Formation
As JCPenney evolved into Catalyst Brands, a $9B+ retail platform spanning six iconic brands, finance operations were unified on OneStream to enable automated consolidation, enhanced reporting visibility, and a scalable foundation for continued transformation.
Elevating a Cryptocurrency Company’s Finance Function by Completing a $372M De-SPAC
Riveron guided a cryptocurrency financial services company through a $372M de-SPAC IPO, delivering SEC-compliant reporting, complex valuations, and audit readiness—transforming a never-audited business into a public company in nine months.
Delivering AI-Powered Contract Intelligence
A large-scale infrastructure construction company behind some of the country’s most complex infrastructure projects like data centers, airports, and more, is no stranger to high-stakes contracts with razor-thin margins for error.
4 NetSuite Add-Ons Help Businesses Connect to Salesforce, Manage Bulk Orders, Automate Reclassifications, or Handle Approvals via Email
Organizations using NetSuite can extend the value of their ERP investment through solutions that streamline integrations, automate finance and operational processes, and improve scalability.
