The Power of Strategic Partnerships
The Opportunity:
A newly formed private equity owned holding company acquires a portfolio of local energy producing systems located in ten states in the US. The company sponsors seek to accumulate additional energy related assets to achieve its long term financial strategy.
Prior to its initial acquisition, the company maintained minimal administrative overhead due to uncertainties related to the deal. Conversely, management needed to establish a complete back-office infrastructure to absorb the operations the very next day after the deal closed.
Management partnered with Innovar Partners, a fast growing independent consulting firm, to match the upcoming challenge of integrating a relatively large acquisition from the ground up.
Engagement Scope:
In conjunction with the client, Innovar Partners developed a strategic work plan to address multi-faceted challenges facing any new business. Working from the strategic plan, Innovar Partners leveraged its well seasoned employee base to organize a cohesive team of professionals. The key tasks of the engagement included:
- Overall supervision and project management of the strategic work plan and deliverables
- Act as the project single point of contact
- Assisted with management’s implementation of a major ERP system
- Continuing functional support and troubleshooting for accounting software, including implementation of new functionality, systems processes and procedures
- Assisted with management’s selection of industry specific customer billing software
- Transition of operational accounting from the Seller
- Development and implementation of improved accounting processes and procedures
- Preparation of consolidated financial statements for 30+ entities
- Support of the financial budgeting and forecasting process
- Preparation of pertinent accounting research recommendations for management disclosures
- Support of management’s preparation of their initial annual financial report to be examined by the company’s external auditors
- Coordination of 3rd party appraiser work efforts to deliver an independent valuation
- Assisted in organizational planning, job specifications, and interviewing candidates for permanent financial positions
- Transition of accounting and reporting responsibilities to newly hired permanent employees
Results:
Innovar Partners effectively worked with the client’s management team to successfully integrate the newly acquired entities while exceeding expectations of internal andexternal stakeholders. Innovar Partners utilized the strategic work plan to manage frequent milestones and deadlines while providing management visibility into the progress toward completion. In addition, Innovar Partners demonstrated flexibility to accept additional unplanned requests from the client again by leveraging its well seasoned employee base to locate the ideal skill sets for the tasks.
Proven Innovar Partners Differentiators:
Cross-Functional Integration – the engagement required balance of goals and
objectives from multiple functional areas and stakeholders. Innovar Partners strategic
project management approach enabled a successful outcome.
Cost Effective – Innovar Partners fees were significantly less than traditional advisory
firms while providing a more experienced team.
Financial & Operational Experience – IThe ability to blend strong project
management along with deep accounting operational and financial reporting experience
delivered results meeting the client’s goals.
Client Quotes
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