Circumstances:
A Partner of B-management has acted as adviser to a British Private Equity Fund, supported by an Interim Manager, during five months.
The Interim Manager, a chartered accountant by training, brought an operating experience in finance, accounting, legal and handled, over his career, more than twenty corporate finance transactions.
Assignment objectives:
The purpose of the assignment was to support the sale of a group of clinics located in Europe and to help the new acquirer, based in Asia, to integrate smoothly and efficiently this new acquisition.
Management approach & Results:
The assignment of the Interim Manager was divided into three steps.
1. He worked closely with the financial and accounting team of the sold company in order to make sure that all the documents, usually expected during a due diligence period, will be available and understandable. It also included various legal documentations, as the health industry is regulated by local Governments. Each clinic had to be documented about licenses, X-ray equipments monitoring and human resources files regarding doctors and nurses. The Interim Manager was in charge of the management of an Electronic data room.
2. During the disposal process, three potential acquirers were selected by the seller. Each came with a specific set of requirements. The Interim Manager was in charge of both monitoring the questions and being sure that the proper explanations were given to the acquirers by the right staff, while the operating team was able to run the company and deliver management presentations to the acquirers, only when needed. Due to the various profiles and expectations from potential acquirers, the Interim Manager was supporting the preparation and rehearsals of such presentations, making sure that adequate and significant answer were provided.
3. Once the final acquirer was selected and the deal signed, the Interim Manager staid with the company for an additional period of two months, at the request of the new shareholder. He worked on the transition, making sure that each of the key managers in each location understood properly the new shareholders’ expectations and agreed with the core hypothesis underlying the business plan.