M&A Transaction Advisory Your Divestiture / Carve Out Specialist
Helping Our Clients Find M&A Success
About Us
Our Experience
Successful carve-outs are won or lost in execution.
We work with private equity firms and corporate clients to transform complex transactions into fully operational standalone businesses.
With over 25 years of experience supporting more than 135 transactions representing $117B in enterprise value, we specialize in the operational side of M&A—where strategy meets execution.
Our experience includes two decades at General Electric leading global divestitures, followed by advising private equity sponsors such as Advent, American Industrial Partners, Lone Star, and Gemspring on complex carve-outs and stand-ups.
We help buyers and sellers navigate the most challenging elements of a transaction:
- Separation strategy and Day-1 readiness
- Operating model design for carve-out businesses
- Transition Service Agreement (TSA) negotiation and exit planning
- Stand-up of IT, finance, HR, and operational capabilities
- Post-close integration and transformation
Our focus is simple: move businesses from deal close to operational independence quickly, efficiently, and with minimal disruption to performance.
Focused Clients and Our Approach
Through decades of experience supporting complex M&A transactions, we focus on three primary client situations where execution is critical to realizing deal value.
Corporations Preparing to Carve Out a Business or Product Line
When a company decides to divest a business unit or product portfolio, preparation and planning are essential to maximizing transaction value and ensuring a smooth separation.
We help corporate sellers assess the operational and technical complexities of the carve-out, identify gaps early, and develop a structured separation strategy. Our work includes evaluating operational dependencies, defining the future operating model, developing separation roadmaps, and preparing the organization for a successful transaction and post-close transition.
Our goal is to help sellers enter the market with a well-prepared asset that can transition smoothly to a new owner.
Private Equity and Corporate Buyers Acquiring a Carve-Out
Carve-out acquisitions present unique operational challenges. Buyers must quickly stand up a business that may have historically relied on the seller for key functions such as IT, finance, HR, supply chain, and infrastructure.
We support buyers in developing the Day 1 and standalone operating model, defining Transition Service Agreement (TSA) requirements, and building the execution plan required to move from closing to full operational independence.
Our experience helps portfolio companies accelerate the transition to a fully functional standalone business while minimizing disruption to ongoing operations.
Buyers Integrating a Standalone Acquisition
For buyers acquiring an existing standalone company, successful integration is critical to achieving the expected value of the transaction.
We assist leadership teams in assessing the target organization, identifying operational synergies, and building structured integration plans across key business functions. Our approach focuses on aligning systems, processes, and teams to ensure the integration is executed efficiently and delivers measurable value.
By combining strategic planning with hands-on execution support, we help organizations integrate acquisitions with minimal disruption and maximum value creation.
Why Us?
Typical Carve-Out Challenges We Solve
Carve-outs often involve complex operational dependencies that must be carefully untangled to create a fully independent business.
We help organizations address challenges such as:
IT & ERP Separation
Separating enterprise systems and infrastructure from the parent organization while maintaining operational continuity.
Transition Service Agreements
Defining the right TSA scope, negotiating service terms, and executing a structured TSA exit plan.
Operating Model Design
Designing the future-state organization and processes required for a standalone business.
Finance Function Stand-Up
Establishing accounting, treasury, reporting, and financial controls for an independent company.
Vendor & Contract Separation
Transitioning supplier agreements, licenses, and commercial relationships from the parent organization.
Leadership Alignment
Ensuring executive teams have the governance structure and execution plan required to deliver a successful transition.