Integrating A Carve-Out With Limited TSA Support
The Situation
A leading supplier in the promotion products industry, known for offering the most comprehensive assortment with the widest variety of decoration methods, was looking to scale and sustain growth through acquisition. Accordion was engaged to lead the integration management office (IMO) of a carved-out business and assist in developing the functional workplans for operations, supply chain, HR, and IT. Accordion was also tasked to lead the finance & accounting integration management office, given the Company’s need for a rapid integration planning/execution strategy due to a limited TSA duration and to allow for future acquisitions within the same calendar year while limiting business disruption.
Services
Merger Integration Planning & Execution
Project Management Oversight
Finance Function Assessment & Design
The Execution
Integration Management Office (IMO) Leadership:
- Led the executive team and functional leads to create and execute detailed integration plans and report on the activities necessary for a timely, cost-efficient integration.
- Managed the integration, identified risks and issues, developed and implemented processes, drove issue resolution, and created a successful integration environment encompassing cross-functional plans centered around operations, supply chain, F&A, operations, HR, and IT.
- Executed the plan to move and consolidate manufacturing operations Day 1 due to the nature of a limited TSA and need to achieve certain synergy targets immediately post-close.
Finance & Accounting (F&A) Integration Management Leadership:
- Led the integration of the finance & accounting function and teams, preparing for business continuity and support several subfunctions (AP, Credit/AR, Accounting, FP&A, Tax, external reporting, and financial systems).
- Actively planned and stood up AP operations for the newly acquired business to account for limited TSA duration for these activities.
- Developed one-time cost and synergy tracking methodology/tools to capture actual vs. estimates.
- Led the integration planning and supported the execution of month-end close and reporting to meet management, lender, and board/PE sponsor tight requirements.
- Supported the integration of banking operations and methodology for integrating both 13-week cashflows to meet lender’s stringent requirements.
The Results
Working shoulder-to-shoulder with functional leads, Accordion enabled the Company to achieve their goal of a quick and seamless integration to allow for a platform that would set the stage for several future acquisitions without any major business interruptions. Our team also led the exit planning and execution of the TSA.