In this success story, the client was a recently acquired $1.5 billion advertising and publishing business located outside the U.S. A major private equity firm had acquired the business as a carve out from a large communications company.
After the carve out, the goal was to immediately prepare the newly acquired business for an initial public offering in a foreign public market. The private equity firm asked an E.L.I. Partner to be part of a small team of financial operations, accounting, and tax professionals to prepare post-acquisition financial statements for the client in accordance with local Generally Accepted Accounting Principles. The team was also tasked with developing such other information to ready the client for possible placement in the foreign public market.
The E.L.I. Partner as a member of the team successfully prepared post acquisition financial statements and readied the client for placement on the foreign market. Concurrent to the preparation for the public offering the private equity firm entered into private negotiations with a major competitor of the client to sell the carved out entity.
Prior to completion of the public placement, the business was successfully sold by the private equity firm for approximately $2 billion.