Separating two technology and defence businesses, strengthening their standalone capability and preparing them for successful sale.
The gap
A private-equity acquisition brought together two specialist businesses with different markets, risk profiles and potential buyers. To realise value, they needed to be separated from shared arrangements and made capable of operating—and being assessed—as credible standalone organisations.
The separation extended well beyond accounting. Finance, ERP, manufacturing, sales, HR and commercial capability had to support each business independently, while management information and governance had to withstand buyer scrutiny.
Why it mattered
Unresolved dependencies, unclear accountability or weak financial visibility can reduce buyer confidence and transaction value. The owners needed two businesses whose performance, assets, liabilities, contracts and operational arrangements could be understood clearly and transferred without avoidable disruption.
What we did
David Roberts led the financial separation, governance and transaction-readiness work, connecting the practical carve-out programme with the value-realisation objective.
- Established standalone financial visibility and clear accountability for each business.
- Supported the separation of ERP, manufacturing, sales, HR and commercial capabilities.
- Strengthened reporting, governance and performance control.
- Identified and resolved dependencies that could affect continuity or buyer confidence.
- Supported due diligence, transaction preparation and engagement with prospective acquirers.
- Kept operational separation and value protection aligned throughout the programme.
The outcome
The businesses achieved the clarity and operational independence required to support two successful transactions. The telecoms business was sold for $160 million and the defence programmes business for $120 million—a combined transaction value of $280 million, following an original acquisition for £140 million.
What it demonstrates
A carve-out creates value only when separation is translated into a business that can operate, report and transfer with confidence. Effective financial leadership combines control and detail with a clear understanding of the buyer proposition and ultimate value objective.
- Private-equity value creation
- Carve-out and standalone readiness
- Transaction and due-diligence support
- Governance and performance control
- Exit and buyer readiness