Search
Close this search box.
Search
Close this search box.

Business case

Disposal support provided to italian security group

Context

A Milan-based company providing integrated security and surveillance services for businesses and private citizens required an independent business review (IBR). The company had been market leader in Italy and had revenues in the hundreds of millions of euros divided amongst armed and unarmed guarding services, patrolling services, cash-in-transit services and others. However, changes to Italy’s legal framework, increased competition and the negative economic environment following the financial crash led to a decrease in operating margin for the company, which subsequently encountered a difficult financial situation. In this context, Accuracy performed the IBR and assisted in the implementation of a recovery plan. Shortly afterwards, Accuracy performed sell-side due diligence on the company and provided support in the selling process.

Key Takeaway

Accuracy succeeded in expanding our initial scope of work, an IBR, to sell-side due diligence and M&A process support. Our close cooperation with the other advisers, including tax and legal firms, as well as brainstorming with our client during the entire M&A process, was highly appreciated.

Accuracy Role

Our work was structured in two phases: (i) preparation of the sell-side due diligence report and a management presentation for each of the three bidders and (ii) data room management, Q&A organisation and additional management presentations for new bidders. In particular during the first phase, we focused on defining the transaction perimeter and built carve-out financials with top management. As the company faced cash-flow issues, the disposal process and the preparation of financial projections was not an easy exercise for the company’s management, and Accuracy was able to add real value in this respect.

Share