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FTSE 100 M&A

We were engaged to manage pre-and post-deal phases of FTSE 100 Mergers & Acquisitions transactions to support the growth plans of one of its divisions.


The Approach

Mid-way through the pre-deal phase, the client team had a low response rate to their due diligence questions. This is common, especially when there’s a mismatch in size between the parties for the transaction, and often multiple intermediaries. In the space of 2 weeks, we’d driven up the respone rate to the DD questions and requests for information from less than 50% to more than 90%, boosting confidence that this was a deal worth doing.

  • Started out with The Reality Check® to review needs, strategy & approach.
  • Identified a number of issues and enablers, including the low response rates for due diligence
  • Co-ordinated the various teams, totalling 100+ people, to ensure that everyone had the information they needed, rapid decisions and minimal obstacles in their way. Every member of the client team was doing this as a side-of-desk activity, so their time was at a premium.

Getting the foundations right set the tone for the integration work, with bold plans to ramp up revenue generation and broaden the value-add to clients.

We went on to be engaged in a number of follow-on M&A activities for this client.

The Outcome

Renegotiation saved 40% on the consideration, whilst also requiring the counterparty to provide systems and warranty support to soften the cutover and reduce risks to customers and transitioning colleagues.

Further Mergers, Acquisitions and Post-Acquisition Integration experience spans a range of sectors and client sizes, from lower mid-market Private Equity to FTSE 100 and Multi-National, and includes end-to-end delivery, recovery of challenged Programmes and putting in M&A platforms.

Our approach to M&A activity is very similar to our broader ranging Private Equity Change experience. We invest time with the leadership, management and wider organisations of the businesses to agree outcomes and develop strategies and plans which protect the value of acquired assets whilst also delivering revenue, service and cost benefits. We also cover the ground that would have been covered had we been engaged to provide Change due diligence support, so that we can identify any potential risks and issues, and act on them.

It’s the way that we work that also appeals to clients. Whether we’re supporting a carve out, change due diligence or post-acquisition integration, we work collaboratively with the team and always look to transfer knowledge, skills, expertise and confidence so that we can leave behind a legacy in the form of an M&A platform. Why? Simply because we believe that in the 21st Century, being able to change a business is as crucial as being able to run a business. Mergers and acquisitions are such a key part of many investment cases that we want our clients to be able to repeat what we’ve done with them, only contacting us for new requests rather than a repeat of what we have already done for them.

We have a tookit which client teams like, which allows cross-functional teams in Private Equity Portfolio Businesses to easily contribute and to visualise their activities in easy to use dashboards. Why should busy people spend time searching for information when we can bring it to them?


  • Provided confidence for $500m+ of M&A investment
  • Enhanced & de-risked integration

“Excellent job”

We help with mergers, acquisitions, carve outs, post-acquisition integration as part of a buy and build strategy for Private Equity backed Portfolio Businesses. Does Operational Change feature in your due diligence? Should it? If due diligence doesn’t include the operational elements of the business, then what’s your confidence level about the costs and complexity involved in delivering the investment case? The devil is always in the detail, and that’s why our collaborative approach with cross-functional teams allows for a thorough review of the elements which are most likely to cause costs to spiral and value to be eroded.

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