M&A program management in the exit phase

A large-cap healthcare service provider owned by a private equity investor was on the verge of a critical exit phase. But one problem emerged: potential buyers – both private equity funds and strategic investors – were only interested in selective business areas. The exit therefore had to be processed in parallel over several transactions – a highly complex undertaking under time pressure. An experienced M&A program manager was appointed to operationally steer this process, reporting directly to the Group CFO. His task: to minimize risks, coordinate transactions and make the exit “bulletproof” – despite the fragmented buyer interests.

The exit process was characterized by complex, parallel requirements: The group had to be divided into several saleable units, while at the same time addressing different investor profiles with widely varying information needs. The management of numerous M&A workstreams – from finance, tax and legal to commercial and operations – required not only the highest precision, but also extreme resilience: time pressure, extensive due diligence requirements and the complete validity of all figures across all transactions put the team under pressure. In addition, there was the orchestration of internal teams as well as external advisors – from investment banks to tax and legal advisors – who had to work together seamlessly. Stress resistance, clear prioritization and a tireless pace were non-negotiable in order to complete the process successfully and on time.

In order to successfully implement the complex multi-exit scenario, the team relied on clear strategic levers: A central M&A program management system acted as a single point of truth and ensured the transparency and consistency of all processes. All M&A workstreams were managed in a structured manner with defined deliverables and deadlines, while an investor-specific information model was developed – tailor-made for PE and strategic buyers. A strict gatekeeping process guaranteed the validity of all figures and documents, while the proactive management of internal departments ensured fast, reliable input. Close coordination with the Group CFO ultimately enabled quick decisions at top management level – and thus successful implementation under time pressure.

In order to implement the exit on time and precisely, the company worked with the highest frequency and operational discipline: The overall responsibility for three parallel transactions included the seamless management of all M&A activities – from the coordination of internal and external stakeholders to the establishment of a central reporting and tracking system that mapped status, risks and open points in real time. Investor and due diligence requests were answered quickly, accurately, and consistently, while ensuring the validity, consistency, and robustness of all financial and business data. Active monitoring of the internal organization and consistent tracking of all to-dos through to completion guaranteed that no detail was left to chance.