CASE STUDIES
Company Split – private equity backed business
Situation
- Client had experienced rapid growth through organic growth and acquisition, and had developed in two distinct directions.
- Private equity partner and client leadership team, were looking to split into two distinct companies, in order to accommodate further growth and acquisitions
- Client had skilled resource in all the necessary functional areas, but didn’t necessarily have the resource and bandwidth required to perform the split alongside business as usual
- For many people in the business, it was the first time they had been involved in a carveout or business split
Approach
- Worked very closely with the client leadership team to plan and execute all separation activities
- Set up a steering board made up of key executives from client and private equity partner to own and manage the separation
- Worked on the ground with the business teams to prepare detailed functional workplans for multiple workstreams
- A detailed 10 week cross functional project plan was put together, with input from each of the workstreams
- Plan was tracked and followed right through to cutover and successful execution
- Steering board were kept involved and engaged through weekly project board updates
Outcome
- The company was successfully split into two companies
- Project was delivered in 10 weeks, to schedule and under budget
- Key executives were kept aware of issues and involved throughout the separation process
- Smooth cutover and execution with minimal operational issues
Transition – Global Lubricants business
Situation
- Brought in to manage the transition of a global aviation lubricants business to a speciality chemicals company (deal value including inventory circa $350m)
- Business consisted of a manufacturing plant and a technology plant in the US, staff spread across 20 countries, a sales portfolio of 400 customers, inventory in 39 warehouses and contracts with key raw material suppliers
- Tightly integrated business with shared back office, supply chain and customer service processes
Approach
- Quickly established a relationship with acquirer based on common interest. Set up common cross functional teams and a shadow structure to allow ease of working and plan development between functions
- Developed transition and separation plan to extract the business which was tightly integrated to parent company
- Led a team of cross functional experts incorporating PMO, Finance, IT, HR, Tax, Supply Chain, Manufacturing, Products Stewardship, Legal and HSSE
- Worked collaboratively with buyers to ensure that all conditions precedent were met, that all contractual commitments were fulfilled to enable a clean and successful close and minimise the possibility of future claims
Outcome
- Complex transition completed in 120 days with no business interruptions
- Not a single customer disrupted
- A clean break and no claims
Integration – Oil and gas
Situation
- The deal involved the integration of a circa $100m regional fuels busines into a global market player with minimal presence in that region
- The company had been so focussed on divestments that it didn’t really have an off the shelf acquisition integration process
Approach
- Interviewed the leaders of the business to fully understand and challenge deal sources of value, and align on integration goals. Captured findings in a new world vision document
- Set up a cross functional team to develop comprehensive and cohesive plans. This empowered key stakeholders to contribute and feel part of the overall integration objectives.
- Worked with stakeholders to build a 100 day integration plan
- Set up Integration Management Office and steering board to monitor progress of project against plan, and track attainment of synergies
Outcome
- Transition completed in 100 days after which the team was disbanded and integration became part of business as usual
- Key executives were kept aware of issues and involved throughout the integration process
- Total clarity on integration plan and on tracking against achievement of synergies
- Greater confidence of delivery, involvement of stakeholders, early interventions possible
Divestment – Two UK Terminals and a share in UK Oil Pipeline
Situation
- A complex package of divestments including the sale of two fully owned oil terminals, sale of a joint venture stake in an oil terminal and sale of equity in the UK Oil Pipeline
- Interaction with two buyers and two new operators
- Complex management of change, hazardous working environments, tier one COMAH site
Approach
- Set up data room and led vendor due diligence process, Q&As and management presentations
- Set up a cross functional team of experts incorporating IT, Finance, Tax, HR, Legal, Terminal Operations, Procurement, Supply and HSSE
- Worked collaboratively with buyers and new operators, setting up joint reporting, call cadence and running weekly steering meetings
- Led kick off workshops, cutover planning, joint governance and go liver readiness
- Set up management of change process to ensure all changeover and business continuity risks were well managed
Outcome
- A clean break achieved at day zero
- No incidents
- New business model effected and supply secured
TESTIMONIALS
“It was impressive how Roy Mitropoulos quickly gained an understanding of what was required on our restructuring project. The process he uses to manage the project is both robust and understandable. The way they worked with our internal resource was seamless. The project was completed on time and within budget"
CLIENT / FINANCE DIRECTOR
“I have worked with Roy in the delivery of a number of M&A projects, which have shown his strength as a deep project management professional. Roy managed a complex divestment transaction which involved multiple counterparties, and kept the transition team focussed throughout a number of delays outside his control. He managed to come into the organisation and very quickly understood the scope, built consensus for the terms of reference and engaged the organisation in delivery. He has strong people skills, and ability to communicate issues and progress clearly at all levels of the organisation. This led to a smooth transition with no issues either on the day or immediately afterwards"
UK SUPPLY DIRECTOR
“Roy worked with me for around 18 months as the Project Manager for the sale of the LPG business in Poland. This was part of a global sale of BP's LPG business across Europe. Roy is an experienced project manager and put these skills to good effect in preparing for the sale and then in driving the transition through to legal completion. The transition although delayed due to external factors beyond his control, was one of the smoothest in the sale process with no major incidents pre or post completion. This is testimony to Roys planning and execution skills. Roy also exhibited strong people skills in bringing the local organisation through a complex sale process."
DIVESTMENT PROGRAMME DIRECTOR