Challenge 

When the opportunity arose for a PE sponsor to sell its energy transformation SaaS and consulting portfolio company, it quickly realized it lacked the bandwidth to project manage the process alongside normal operations. 

Few employees had previous experience with sell-side due diligence, and the PortCo CFO needed additional support on adjacent projects, including sales and use tax filings, delayed audits, and ad hoc finance requests. 

To successfully navigate and complete all of these initiatives on time, experienced deal support was imperative. 

How We Helped 

CrossCountry Consulting’s integrated audit, accounting, and transactions experts embarked on an ambitious and multifaceted effort to: 

  • Project manage audit requests and serve as the lead point of contact with auditors. 
  • Prepare audit-ready supporting files. 
  • Establish a Deal PMO to project manage sell-side diligence in the leadup to a sale. 
  • Serve as lead point of contact for the portfolio company’s internal employees, the Quality of Earnings (QoE) provider, investment bankers, and lawyers throughout the process. 
  • Organize request lists and collate responses to bidder questions. 
  • Ensure all parties adhered to scheduled deadlines. 

“After successfully managing the audit and deal close, we were invited back to support the entire company through a key transition with a new PE sponsor, proving our ability to build trust and become a true partner across all levels of the organization, not just the Office of the CFO.” – Matt Beauchamp, Associate Director, Private Equity at CrossCountry Consulting and project lead. 

Results 

With an integrated approach to the company’s evolving needs, sponsor and PortCo leaders were able to remain responsive to market conditions and rapidly capitalize on transaction opportunities without disrupting business as usual. 

CrossCountry helped deliver: 

  • 4-month reduction in audit completion time compared to the previous year. Auditors and company leadership both expressed the audit process was far smoother and more efficient than in the past. 
  • Integration of a bolt-on to the accounting and finance function, which helped enable month-end close procedures that align to the company’s needs. This acquisition also helped convert some cash accounting to accrual basis accounting and assisted with the company’s first audit. 
  • On-time sale of the company on the sponsor’s desired timeline. 

By quickly realizing value in many areas of the business, the company was brought to market on a strategic, coordinated roadmap. This approach generated change momentum and deal acceleration that would’ve been difficult to achieve otherwise, while also serving as a playbook for future transformation and transaction initiatives. The company continues to make significant progress and investment in the nation’s transition to clean energy.