» Case Studies
- Buy-side due diligence
for middle market
private equity firm
- Buy-side due diligence
for middle market
private equity firm
- Sell-side accounting
services for middle
market private equity
firm
- Sell-side accounting
services for large
multi-national company
- Post-transaction
services for middle
market private equity
firm
- Financial reporting
and transparency
services for large
public company
- Buy-side due diligence
for middle market
private equity firm
- Buy-side due diligence
for middle market
private equity firm
- Sell-side accounting
services for middle
market private equity
firm
- Sell-side accounting
services for large
multi-national company
- Post-transaction
services for middle
market private equity
firm
- Financial reporting
and transparency
services for large
public company

Sell-side accounting services for middle market private equity firm
Business issue
Our private equity client has strong relationships with its private and institutional investors and quickly obtains capital on a deal-by-deal basis for acquisitions and recapitalizations. This particular client focuses its investment efforts on opportunities such as bankruptcies, turnarounds, and other challenging situations (e.g., labor issues, environmental challenges, carve-outs, etc.). Typically, the firm buys companies in industrial, heavy manufacturing, and related service industries and believes it can generate high returns on invested capital by buying distressed assets, partnering with experienced operators, and building large businesses through reinvestment of intellectual and equity capital for both organic and acquisition growth.
Our client began with an agreement to purchase several homebuilding products distribution centers from a large multi-national conglomerate and a plan to sell the newly formed business through a public transaction. The deal leader contacted Riveron to assist with the acquisition, carve-out, and initial public offering preparation.
Riveron approach
We started our engagement by providing financial due diligence and analysis in evaluating the assets targeted for acquisition. Evaluation of the assets proved challenging because no stand alone financial records were maintained for the distribution centers either individually or as a group. However, we were able to assist our client by evaluating the quality of assets and margins of the business and modeling pro forma business expenses of the go forward entity. Ultimately, we assisted our client in recreating financial statements for these previously unaudited operations, successfully led the business through a stand-alone financial statement audit by a Big 4 public accounting firm, and prepared all other necessary documentation needed for an S-1 filing.
Benefit to our client
Given our experience with carve-outs, financial statement audit preparation, and initial public offerings, we were able to assist our client with a multitude of steps toward the S-1 filing. By completing a project that was deemed impossible due to the challenging business circumstances, unavailability of stand-alone records, and aggressive timelines, we were commended by our client and earned a long-term, loyal business relationship.
