Readying a private company to become public
Superior CFO services to achieve public company accounting capabilities
Private equity investors and senior management of an oilfield services company defined a strategic roadmap for creating a publicly traded diversified energy services company. A critical step in the roadmap was to perform a strategic transaction to bring a profitable, privately held company into a pre-revenue public shell. They came to Aventine Hill Partners advisory services group for assistance.
We provided a CFO Advisor to lead a public company readiness assessment utilizing experts in each Aventine Hill practice area. Interviews and direct observations were performed to identify gaps between public company requirements and the current accounting policies, processes, controls, & systems capabilities. Cost-effective improvement plans were defined for each gap.
To implement the improvement plans, our CFO Advisor provided interim support to the CEO and CFO who did not have public company experience.
- Accounting policies, procedures, and controls were updated and training provided to both leadership and staff personnel. This included supporting international requirements as the company was expanding outside the U.S.
- Due diligence requirements were defined for multiple acquisition and merger scenarios that were mapped to occur over multiple quarters.
- Consolidations of U.S. and foreign entities were performed giving management better visibility across all operations.
- Financial and key performance metrics reporting to support Board oversight were defined.
- The month-end close process was restructured and a formal schedule of tasks created that allowed for completing the close faster.
- Audit preparation was performed to assure readiness for the external audit of the operations that previously were unaudited.
- Human resources policies and procedures were implemented to improve role clarity among personnel and mitigate potential personnel risks.
Thanks to the assistance of Aventine Hill Partners, this company successfully completed its transition to public company reporting and implemented the accounting capabilities it required to operate as a public company. Importantly, the changes were implemented so that the company is more efficient now with its public requirements than before as a private company.
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- CFO Advisory services
- M&A Transaction Support
- Accounting and Finance capabilities
- Risk and Compliance capabilities